Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Government is taking to help improve access to alternative banking and payment options for (a) the elderly, (b) people with disabilities and (c) people with visual impairments.

The Government wants to ensure that people, including those with characteristics of vulnerability, have appropriate access to banking services, which includes payment services. The Government works closely together with regulators and stakeholders from the public, private and third sectors.

The way consumers interact with their banking is changing, with more consumers opting for the convenience, speed and security of digital services. In 2020, 83% of UK adults used contactless payments, 72% used online banking and 54% used mobile banking, according to UK Finance. In addition to bank branch services, alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches across the UK.

UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers. The FCA’s Handbook requires firms to identify customers who exhibit characteristics of vulnerability, and to deal with such customers appropriately. In February 2021, the FCA also published guidance for firms on the fair treatment of vulnerable customers, setting out a number of best practices.

In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.