Committee publication · Correspondence · 2 June 2026
Correspondence from the Economic Secretary to the Treasury on Independent Review into Access to Banking Services, dated 14 May 2026
From: Treasury Committee
Summary
The Economic Secretary to the Treasury announces the government has commissioned an independent review into access to banking services, chaired by Richard Lloyd OBE, to assess the impact of reduced in-person banking provision across the UK. The review will examine detriment to consumers, particularly vulnerable groups, and conclude by October 2026. Recommendations will inform government action, supported by new powers in the Financial Services and Markets Bill.
Key findings
- Government commissioned independent Review into Access to Banking Services, chaired by Richard Lloyd OBE, to assess impact of changes in in-person banking provision
- Review will examine scale and nature of detriment to consumers lacking access to banking services, with particular focus on vulnerable and less digitally able groups
- Review will identify which customer groups require or need access to in-person banking services
- Review concludes October 2026; government to consider findings and update Parliament
- Financial Services and Markets Bill will include provisions enabling government to implement review recommendations if evidence justifies action
Tone
ProceduralTopics
financial-servicesbankingconsumer-protectiondigital-exclusion
Key actors
Lucy Rigby KC MP, Dame Meg Hillier MP, Richard Lloyd OBE, HM Treasury, Financial Services and Markets Bill
Notable line
“… the government is committed to ensuring that customers, including those who are vulnerable or less digitally able, retain sufficient access to essential banking services in line with their needs.”
Key Quotes
“… the government is committed to ensuring that customers, including those who are vulnerable or less digitally able, retain sufficient access to essential banking services in line with their needs”
“The Review will consider the scale and nature of any detriment to consumers arising from a lack of access to banking services, including impacts on vulnerable groups.”
“The Review will conclude in October 2026, with a report and recommendations provided to the government to inform future decisions on whether further action is needed”
Source · parliament.uk record ↗