Financial Services

Baroness Tyler of Enfield Excerpts

Wednesday 11th January 2023 Lords Chamber

[Baroness Penn (Con)]

I will absolutely be looking very carefully at all the details of yesterday’s debate. I do not think it necessary to amend the Bill to achieve what the noble Lord talks about. On face-to-face services and bank branch closures, there is already FCA regulation on banks seeking to close branches. That guidance has recently been strengthened and is very clear about the expectations for the provision of alternative services; also, the impact of branch closures on customers must be considered very carefully.

[Baroness Tyler of Enfield (LD)]

My Lords, recent research shows that blind and partially sighted people are twice as likely to be digitally excluded—and, by extension, financially excluded—as the general public. Does the Minister agree that the Financial Services and Markets Bill, which we discussed only last night, must give the FCA a “have regard to financial inclusion” statutory duty to ensure that financial inclusion is protected and advanced for blind and partially sighted people and other vulnerable groups?

[Baroness Penn (Con)]

My Lords, I recognise the strong interest in this area. As we debated last night, the previous Financial Services and Markets Act put an obligation on the FCA to look at it. It has brought forward its new consumer duty and believes that that fulfils the same function. I am sure that we will discuss this further in Committee.