Charities: Banking Services Debate
Full Debate: Read Full DebateDepartment: Ministry of Housing, Communities and Local Government
Lord Cromwell
Main Page: Lord Cromwell (Crossbench - Life peer)Department Debates - View all Lord Cromwell's debates with the Ministry of Housing, Communities and Local Government
(6 days, 11 hours ago)
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Lord Lemos (Lab)
I am not familiar with that case, but if it is as the noble Lord suggests—and I have no reason to doubt that—that is a serious concern, and I am sure the FCA would want to know more about it.
Lord Cromwell (CB)
My Lords, the Question is about access to ethical banking. We are frequently told during Prayers in this House about the evils of the person who lends money on usury. Can the Minister have a stab at defining ethical banking?
Lord Lemos (Lab)
I could read out a very long answer I have here, but I will not. The heart of the matter in relation to ethical banking goes back to this question of risk-based assessment. I know that a number of the banks that regard themselves as operating ethically would perhaps take a slightly different view on how they manage risk, but also on how they manage compliance. We want to be clear that the security of the banking system is an absolute priority.
I am over time. I wish all noble Lords a very happy summer holiday. I am off to Cornwall, and I will see you in the traffic jam on the A30.