Lords to debate Financial Exclusion Committee report

The report called on Government, the Financial Conduct Authority and banks to give greater priority to tackling financial exclusion. The Committee found that 1.7m in the UK were without a bank account and 40% of the working age population had less than £100 savings, making them vulnerable to becoming financially excluded in the event of relatively minor unforeseen circumstances.

The Committee called for an end to the ‘scandal' of the poorest being charged more for products and excluded from even the most basic financial services.

The debate will start after 3pm on Monday 18 December in the House of Lords.

The report was published in March and the Government responded in November.

Commenting ahead of the debate Baroness Tyler of Enfield, who Chaired the Committee and will open the debate, said:

“Our report found shocking levels of financial exclusion across the UK. There are more than 1.7m people in the UK without a bank account and often the poorest pay more for services as they cannot access online only offers or discounts for payment by direct debit. This poverty premium causes real hardship and is deeply unfair.

“There has been a lack of leadership from the Government on this issue with no decisive overarching strategy in place to tackle financial exclusion. We were disappointed that the Government's response to our report did not deal with that concern.

“The debate next week will give members of the Committee and others in the House a chance to push the Government on these issues and ask them to do more to promote financial inclusion and stop some of the most vulnerable in society from being ripped-off.”

Lord Bates will respond for the Government

Other Members due to speak in the debate include:

Baroness Altmann, the former Pensions Secretary, poverty campaigner Lord Bird, members of the Committee Bishop of Birmingham, Lord Empey,  Lord Kirkwood,  Lord McKenzie of Luton,  Lord Northbrook and social policy expert Baroness Lister