Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the Financial Services and Markets Bill on (a) the quality of services provided by banks to parish and town councils and to local charities and (b) the ability of parish and town councils and local charities to change their bank signatories.

There are no specific provisions related to the provision of banking services to local councils and charities in the Financial Services and Markets Bill.

Nevertheless, the Treasury recognises the challenges some charities and community organisations have been facing accessing and managing banking services. That’s why the previous Economic Secretary hosted a roundtable event last year, bringing together lenders and representatives from bodies representing these organisations to discuss this important issue. Lenders heard firsthand the problems many charities and community groups have experienced, and also used this opportunity to set out the products they offer, and the diverse range of factors charities and community groups need to consider in relation to banking requirements.

Banking and finance industry group UK Finance is now working with banks and sector representatives to identify any changes banks can make to simplify processes like changing signatories on accounts, and to produce guidance aimed at helping charities and community groups access and understand banking