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registered interest false more like this
date less than 2019-05-13more like thismore than 2019-05-13
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Banking Hubs: Competition more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have, if any, to update competition law to allow for shared banking hubs in areas where local bank branches have been closed. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL15692 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-05-22more like thismore than 2019-05-22
answer text <p>Branch closures can be difficult for the communities affected and the Government pays close attention to this issue. However, the decision to close a branch is a commercial one for a firm, and Government does not intervene in those decisions.</p><p> </p><p>However, the Government is equally clear that as banking providers seek to respond to technological advances and changes in customer behaviour, they must also consider carefully the needs of those who still rely on their local bank branch. Since May 2017, the major high street banks have been signed up to the Access to Banking Standard, which commits them to work with customers and communities to minimise the impact of branch closures and put in place alternative banking services.</p><p> </p><p>The Government also supports the Post Office Banking Framework Agreement which enables 99% of the UK’s personal and 95% of the UK’s small business customers to withdraw money, deposit cash and cheques and check balances at any one of the Post Office’s network of 11,500 branches.</p><p> </p><p> </p><p>While banks do have to comply with competition law, there is no specific regulation that prevents banks from sharing branches or other premises where their strategies align. The Government therefore has no plans to update competition law on this basis. Government does not intervene in these commercial decisions, but will continue to encourage banks to think creatively about how they can ensure that consumers can access a wide range of banking services on a sustainable basis. For example, NatWest, Lloyds Bank and Barclays are trialling shared business banking hubs in 6 locations across the UK in the coming weeks.</p>
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-05-22T16:37:43.297Zmore like thismore than 2019-05-22T16:37:43.297Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this