Bank Services: Financial Conduct Authority
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of the Treasury expanding the FCA’s remit to include in-person banking services.
Answered by Lucy Rigby
The Government supports initiatives which give customers access to in-person banking, as well as digital access.
The Government is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 275 hubs have been announced so far, and more than 230 are already open.
The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibilities and powers to seek to ensure reasonable provision of cash access services, including free withdrawal and deposit facilities for personal current accounts. Additionally, the FCA’s existing regulatory framework and guidance expect firms to consider the impact of changes to their services on customers, including those who rely on in‑person banking, and to put appropriate alternatives in place, where needed.
The Government keeps the effectiveness of current arrangements under review through regular engagement with industry and the FCA to ensure they meet the needs of local communities.
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