Cross party group launches inquiry into access to banking
A cross-party group of MPs has launched an inquiry into access to banking which will look at issues such as the problem of branch closures and access to banking services and financial products for SMEs. The Future of Financial Services APPG has published a call for evidence seeking views and submissions from consumers, SMEs, financial institutions and others concerned about access to banking.
The groups predecessor the APPG for Challenger Banks and Building Societies published a report a report five years ago on banking access. With widespread and growing bank closures, the FoFS APPG is revisiting the issue of access to see how access has changed.
The APPG would like to hear from those who have been affected by issues of banking access by the 22 November 2024. As set out in the terms of reference the Future of Financial Services APPG plans to hold an oral evidence session in the New Year.
Dame Harriett Baldwin MP, co-chair of the Future of Financial Services APPG commented: Access to banking is a topic many MPs and Peers are concerned about. This is far from the first time the issue has been examined by MPs and this will be the second such occasion for the APPG. Many MPs have bulging mail bags and inboxes full of correspondence from concerned constituents having seen the last branch in town close.
Lord Sharkey, co-chair of the Future of Financial Services APPG commented: It is not just consumers who face issues accessing a bank. There are similar access issues facing small and medium sized enterprises. With problems ranging to access to cash services to access to financial products which enable firms both to operate and to grow.
