Banks should be forced by regulators to act in customers’ best interests, a new Treasury Committee report into financial inclusion says.
The influential group of MPs has piled pressure on the Financial Conduct Authority to stop banks from closing so many branches, leaving vulnerable members of communities, particularly the elderly, excluded from access to financial services.
Directing people to use the Post Office when bank branches close is not good enough, the committee’s report says. One of its suggestions is for money to be provided for "banking hubs" in a local Post Office that will contain trained staff.
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