Financial Services: Access
The question
To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of the accessibility of financial services.
Answered by Emma Reynolds
The Government seeks to ensure that individuals have access to the appropriate financial products and services they need. This is why I am working with a committee of consumer and industry representatives to develop a Financial Inclusion Strategy which will be published later this year.
The strategy will seek to tackle a range of barriers to consumers’ ability to access products, including a focus on: (i) digital inclusion and access to banking; (ii) savings; (iii) insurance; (iv) affordable credit; (v) problem debt; and (vi) financial education and capability.
As part of this work, the committee is considering the cross-cutting theme of accessibility to ensure appropriate consideration of how physical and learning disabilities and cognitive impairments can affect people’s ability to use financial services products and engage with their providers.
More widely, the Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance outlines that firms should identify vulnerable customers and consider their needs appropriately.
Additionally, under the Equality Act 2010, banks must make reasonable adjustments to ensure their services are accessible to all.
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