Consumer Protection

Question: Does the Minister think that high street banks are doing enough to help people on low incomes to gain access to mainstream financial services? What measures are the Government taking to encourage the banks to do more than they are currently doing?

Answer: We would always encourage high street banks to keep under close review what more they can do to help low-income consumers and those who are in trouble. As the hon. Gentleman will know, the Treasury has embarked on various kinds of work with the banks, and, through a growth fund for third sector lenders such as credit unions and community development financial institutions, has provided some £38 million to expand that work. More than 76,000 loans have already been made to financially excluded consumers through growth-funded credit unions, and we seek to invest even more through additional funds that have been provided.

Secondary information

Type: Oral question
Reference: 476 c384
Session: 2007-08
Oral question type: Supplementary
Chamber / Committee: House of Commons chamber
Subjects: Consumers Bank services Credit Low incomes Protection Debt collection Money lenders
Link: View this Oral question on www.publications.parliament.uk