Over 40 UK current account providers are signed-up to the Current Account Switch Service, which covers 99% of the market. The list of participants is set out in full on the Service\u2019s website. The Switch Guarantee is provided by all the Service\u2019s participants. In Q1 2022, 99.8% of switches were completed in the seven working day timescale. Any organisation which meets the eligibility criteria can join the service.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2022-05-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-05-31T09:41:06.557Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-05-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 May 2022 to Question 4565, on Bank Services, which banks are participants in the Current Account Switch Guarantee; and which challenger banks are excluded.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "tablingMemberConstituency" : {"_value" : "West Worcestershire"} , "tablingMemberPrinted" : [{"_value" : "Harriett Baldwin"} ], "uin" : "7974"} , {"_about" : "http://data.parliament.uk/resources/1464207", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1464207/answer", "answerText" : {"_value" : "
Competition and innovation is at the heart of the Government\u2019s vision for UK financial services. We want our financial services industry to be the most competitive and innovative in the world, delivering greater choice and value for customers.<\/p>
<\/p>
That\u2019s why the Government established the 7-day Current Account Switch Service (CASS), to make it easier, quicker and more reliable for customers to switch current accounts. The service is free to use, comes with a guarantee to protect customers from financial loss if something goes wrong, and redirects any payments mistakenly sent to the old account, providing further assurance for customers. This means that customers are more able than ever to hold their banks to account by voting with their feet, and that banks are incentivised to work hard to retain their existing customers and attract new ones.<\/p>
<\/p>
<\/strong><\/p> The Current Account Switch Service has completed over eight million switches since launch and has processed over 120 million payment redirections. The Service also continues to meet its targets: in Q1 2022 it exceeded its awareness and satisfaction targets at 76% and 90% respectively.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2022-05-24", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-05-24T09:05:02.58Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-05-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment he has made of the (a) effectiveness and (b) impact on customers of the current account switch guarantee.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "tablingMemberConstituency" : {"_value" : "West Worcestershire"}
, "tablingMemberPrinted" : [{"_value" : "Harriett Baldwin"}
], "uin" : "4565"}
, {"_about" : "http://data.parliament.uk/resources/1461889", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1461889/answer", "answerText" : {"_value" : " Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.<\/p> <\/p> The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK\u2019s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2022-05-16", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-05-16T13:43:19.547Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-05-11", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1586", "label" : {"_value" : "Biography information for Adam Afriyie"}
}
, "tablingMemberConstituency" : {"_value" : "Windsor"}
, "tablingMemberPrinted" : [{"_value" : "Adam Afriyie"}
], "uin" : "678"}
, {"_about" : "http://data.parliament.uk/resources/1461539", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1461539/answer", "answerText" : {"_value" : " The Government does not make direct assessments of the number of bank accounts. The Financial Conduct Authority conducts a biennial Financial Lives Survey, which provides a comprehensive insight into the finances of the adult UK population. The latest findings showed that in February 2020, 97.7% of UK adults had a current account or e-money account, with 1.2 million UK adults being \u2018unbanked\u2019.<\/p> <\/p> The Government is committed to improving access to financial services and recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. That\u2019s why the nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank\u2019s standard current account. As of June 2021, there were 7.2 million basic bank accounts open in the UK. The Government continues to work with the banking sector and other key stakeholders to identify and address any potential barriers to accessing bank accounts.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2022-05-16", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-05-16T13:35:06.137Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-05-10", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of people in the UK who do not have an active bank account.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4006", "label" : {"_value" : "Biography information for Dr Matthew Offord"}
}
, "tablingMemberConstituency" : {"_value" : "Hendon"}
, "tablingMemberPrinted" : [{"_value" : "Dr Matthew Offord"}
], "uin" : "207"}
, {"_about" : "http://data.parliament.uk/resources/1455487", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1455487/answer", "answerText" : {"_value" : " The Government recognises that cash remains an important part of daily life for millions of people across the UK, and remains committed to legislating to protect access to cash.<\/p> <\/p> From 1 July to 23 September last year, the Government held the Access to Cash Consultation on further proposals for new laws to make sure people only need to travel a reasonable distance to pay in or take out cash. The Government\u2019s proposals intend to support the continued use of cash in people\u2019s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities.<\/p> <\/p> The Government received responses to the consultation from a broad range of respondents, including individuals, businesses, and charities. The Government has carefully considered responses to the consultation and will set out next steps in due course.<\/p> <\/p> More broadly, the government wants to ensure that people have appropriate access to financial services, and recognises the importance of appropriate access to banking. Options for access can be via fixed and mobile bank branches, telephone banking, through digital means such as mobile or online banking,\u202fand the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.<\/p> <\/p> Following the Government\u2019s commitment to legislate to protect access to cash, firms are working together through the Cash Action Group to develop new initiatives to provide shared services including bank hubs. The Government welcomes the direction set by industry\u2019s commitments at the end of last year and looks forward to seeing what results they deliver in protecting cash facilities for local communities across the UK.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2022-04-04", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-04-04T13:46:13.077Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-03-29", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what plans his Department has to bring forward further legislative proposals to protect (a) access to cash and (b) in-person banking services.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"}
}
, "tablingMemberConstituency" : {"_value" : "Hitchin and Harpenden"}
, "tablingMemberPrinted" : [{"_value" : "Bim Afolami"}
], "uin" : "149346"}
, {"_about" : "http://data.parliament.uk/resources/1404828", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1404828/answer", "answerText" : {"_value" : " The Government recognises the continued importance of access to banking.<\/p> <\/p> The Financial Conduct Authority conducts a biennial Financial Lives Survey of 16,000 adults which provides a comprehensive insight into the finances of the UK population. The latest findings from the survey were published in February 2021. They showed that in February 2020 1.2 million adults were considered \u2018unbanked\u2019, defined as adults without a current account or an alternative e-money account. The Government does not have data broken down by area.<\/p> <\/p> The Government is also committed to improving access to financial services and recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. The nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank\u2019s standard current account.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2022-01-25", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-01-25T12:49:12.55Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-01-20", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what estimate he has made of the number of people in (a) Coventry North East constituency, (b) Coventry, (c) the West Midlands and (d) England who do not have a bank account.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4378", "label" : {"_value" : "Biography information for Colleen Fletcher"}
}
, "tablingMemberConstituency" : {"_value" : "Coventry North East"}
, "tablingMemberPrinted" : [{"_value" : "Colleen Fletcher"}
], "uin" : "108535"}
, {"_about" : "http://data.parliament.uk/resources/1386375", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1386375/answer", "answerText" : {"_value" : "The way consumers and businesses interact with their banking continues to change, bringing significant benefits to those who choose to opt for the convenience, security, and speed of digital payments and banking. However, the Government also recognises that physical access to banking continues to play an important role in many people\u2019s lives. <\/p> Decisions on opening and closing branches are a commercial issue for banks and building societies and the Government does not intervene in these decisions. However, the Government firmly believes that the impact of branch closures should be understood, considered and mitigated where possible so that all customers and businesses continue to have access to banking services.<\/p> <\/p> In May 2017, the largest banks and building societies signed up to the Access to Banking Standard which commits them to ensure customers are well informed about branch closures, the bank\u2019s reasons for closure and options for continued access to banking services. Guidance from the Financial Conduct Authority also ensures firms carefully consider the impact of branch closures on customers\u2019 needs and consider possible alternative access arrangements.<\/p> <\/p> Alternative options for access can be via telephone banking, through digital means, such as mobile or online banking, or via the Post Office. The Post Office Banking Framework allows 99% of personal banking customers and 95% of business to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2021-12-14", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-12-14T09:01:35.923Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-12-08", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Bank Services"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that people have access to banking services.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4669", "label" : {"_value" : "Biography information for Damien Moore"}
}
, "tablingMemberConstituency" : {"_value" : "Southport"}
, "tablingMemberPrinted" : [{"_value" : "Damien Moore"}
], "uin" : "89660"}
, {"_about" : "http://data.parliament.uk/resources/1365686", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1365686/answer", "answerText" : {"_value" : " The recent independent investigation led by Alison White raised significant issues around the governance and operations of the Open Banking Implementation Entity (OBIE). The Government welcomes the steps being taken by the Competition and Markets Authority and the new OBIE Chair and Trustee, Charlotte Crosswell, to address these issues.<\/p> <\/p>