Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the impact of the digitalisation of banking and billing services on elderly people.

The retail sector is evolving, as more consumers and businesses opt for the convenience, security, and speed of digital payments and digital banking.

While these innovations have brought considerable benefits to many consumers, the Government recognises that some people continue to prefer to access their banking and payments through more traditional channels. Though the Government does not make direct assessments of the impact of digitalisation of banking and billing services on the elderly, it firmly believes that it is vital to ensure that all customers, including the elderly, have suitable access to banking and bill payment services.

That is why UK banks and building societies are required to provide a prompt, efficient and fair service to all of their customers, including the elderly, as set out in the Financial Conduct Authority’s (FCA) Principles of Business. For example, if a customer did not have access to the internet, then the FCA would expect the customers’ bank to provide paper bank statements to them instead.

For billing services, the energy regulator Ofgem requires energy suppliers to maintain a Priority Services Register of customers in vulnerable circumstances, which includes customers of pensionable age. A range of protections are available to these customers, including the provision of account and bill information in an accessible format.