PracticeConsultingMPs slam banks over treatment of low-income earners

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

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer