Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of bank branch closures on people requesting to have their state pension or benefits paid into a bank, building society or credit union account rather than a Post Office account.

The Government has not made an assessment.

The Government is committed to improving access to financial services. Access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently.

Under the Payment Accounts Regulations 2015, the nine largest personal current account providers in the UK are legally required to offer fee-free basic bank accounts to customers who do not have a bank account or who are ineligible for a bank’s standard current account. The Financial Conduct Authority is the body responsible for monitoring and enforcing firms’ compliance with these requirements.

The Government continues to monitor firms’ wider commitments on basic bank accounts, including that applications should be accepted in the same ways as for other personal current accounts (e.g. in branch, online or via other channels).

Since January, 99% of banks’ personal customers are able to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter via its network of 11,600 branches.