MPs slam banks over treatment of low-income earners
Treasury Select Committee estimates that eight million people are excluded from financial services
The influential cross party Treasury Select Committee has slammed the banks
for treating low-income earners as ‘second class citizens’ following the release
of a new report.
The report –
Banking
The Unbanked – urged banks to get rid of ‘unreasonable’ penalty charges and
introduce a £10 penalty-free buffer zone to help those on low incomes to manage
their finances.
John McFall, Labour and MP
and head of the committee giving basic account applicants “short shrift” and
urged them to do more to include low-income customers.
Further reading:
Banks headed for clash with European stock exchanges
‘Insolvency exchange’ to be launched
IFRS having huge impact on banks’ balance sheets