Question to the HM Treasury:

To ask His Majesty's Government, further to the remarks by Baroness Penn on 14 November (HL Deb col 384), what assessment they have made of the availability of out-of-hours fraud and complaints teams within high street banks; and what consideration they have given to mandating a minimum level of out-of-hours provision.

The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime. Tackling fraud requires a unified and coordinated response from government, regulators, law enforcement and the private sector to better protect the public and businesses from fraud.

While specific decisions on the opening hours of high street banks and the out-of-hours services provided are commercial decisions for the firm, many of the major UK retail banks provide 24-hour helplines for customers who have been victims of fraud.

More broadly, the Financial Conduct Authority (FCA) requires banks and building societies to maintain effective systems and controls to prevent financial crime. The FCA’s rules also require firms to properly investigate all complaints, and, through ongoing supervision, it continues to monitor firms’ complaint handling processes.

If certain banks or building societies have more extensive out-of-hours fraud and complaints facilities, customers may choose to switch to an alternative provider using the Current Account Switch Service (CASS). The switch service is free to use and comes with a guarantee to protect customers from financial loss if something goes wrong. This means that customers are more able than ever to hold their banks or building society to account by voting with their feet, and that firms are incentivised to work hard to protect their existing customers from fraud and deal with complaints efficiently.