Debates between Baroness Sater and Baroness Vere of Norbiton during the 2019 Parliament

Mon 11th Dec 2023

Banking Hubs

Debate between Baroness Sater and Baroness Vere of Norbiton
Monday 11th December 2023

(6 months, 1 week ago)

Lords Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Baroness Vere of Norbiton Portrait Baroness Vere of Norbiton (Con)
- View Speech - Hansard - - - Excerpts

That is why the Government decided that it was time to legislate. We felt that the voluntary initiative was not coming along fast enough, and we legislated in the Financial Services and Markets Act in the summer. The FCA, the key independent regulator, has brought forward its consultation in short order.

Baroness Sater Portrait Baroness Sater (Con)
- View Speech - Hansard - -

My Lords, we know that banking hubs should provide the face-to-face communication which is so valuable and important for those who need extra help and support with their finances and may not be equipped with adequate financial understanding and skills. As we know, not all young people are leaving school having had an adequate financial education. Can the Minister assure us that there will be a person at each of these hubs to provide much needed and valuable face-to-face communication?

Baroness Vere of Norbiton Portrait Baroness Vere of Norbiton (Con)
- View Speech - Hansard - - - Excerpts

In many circumstances banking hubs have a private room where community bankers can meet customers to discuss their financial requirements. Cash Access UK, the partnership that sets up banking hubs, publishes a list showing where community bankers are available. I should also point my noble friend to other interventions that some banks are using, such as mobile banking services, pods and pop-ups. There are a lot of ways to have face-to-face contact with consumers.