Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the evidence submitted by the Consumer Council of Northern Ireland to the Treasury Committee’s call for evidence on the future of financial services on the (a) potential comparative levels of financial distress and exclusion in Northern Ireland, (b) provision of basic bank accounts and (c) need for a local presence of the Financial Conduct Authority in Northern Ireland.

The Government recognises that there are varying levels of financial inclusion and vulnerability across the UK, including from the ongoing impact of COVID-19, and is committed to helping people access the support they need to get their finances back on track.

The Government remains committed to ensuring that individuals, whatever their background or income, and wherever they live in the UK, are able to access useful financial products and services. In February 2021, the Financial Conduct Authority (FCA) published its finalised guidance for firms on the fair treatment of vulnerable customers. This applies to all firms where the FCA Principles for Business apply, which includes Northern Ireland, in respect of the supply of products or services to retail customers.

The Government is committed to improving access to financial services and recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. The nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank’s standard current account. Many of these providers operate in Northern Ireland. The Government keeps the list of designated banks under review.

Finally, the Government welcomes the FCA’s announcement on 15^th July 2021 that the FCA will be establishing a presence in Belfast for the first time.