When I chaired the Lords Select Committee on Financial Inclusion in 2017, one of the topics that I was particularly passionate about was the devastating impact that bank branch closures can have on individuals and their communities. Sadly, bank closures continue to cause challenges for elderly and disabled people in communities without access to banking – another 2900 banks closed between 2015 and 2018, leaving many people unable to access banking services.
You can read more about the impact of Bank branch closures on vulnerable consumers in my recent article published in the House Magazine.
I find it deeply ironic that the UK is considered a world leader in financial services when its banks fail to provide basic services to so many vulnerable consumers. The necessity of banking services just to be able to function in our society means that easy access to banking needs to be considered a basic right in the same way access to basic utilities is. A fair deal for consumers means the right to access physical banking services for those who wish to do so.