Latest Industry News
13 Nov 2018
The Treasury Committee has launched a new inquiry into whether UK banks are doing enough to help vulnerable customers.
As part of the inquiry, the Committee will examine whether vulnerable individuals are being overcharged for insurance. A report published recently by Citizens Advice suggested that some individuals are losing as much as £877 a year for being a loyal bank customer.
The inquiry will also scrutinise whether certain groups of consumers are being excluded from receiving a basic level of service from their bank.
The Treasury Committee will look to address these issues by considering the definition of vulnerability; any practices currently in place; which customers suffer the most when bank branches close down, and how to cater for their needs; the impact of ATM closures; and how post offices can help in areas where bank branches have closed.
Commenting on the matter, Nicky Morgan, Chair of the Treasury Committee, said: ‘With customers expected to take more responsibility for their financial planning and resilience, bank branches closing, and the number of free-to-use ATMs falling, it’s becoming increasingly difficult for vulnerable customers to access certain financial services.’
For tailored advice on how to best manage your personal and business finances, get in touch with us today and find out about how CBHC can help you do more with your money.