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Financial Conduct Authority, Nationwide and M&S Bank to give evidence on financial exclusion


The House of Lords Committee on Financial Exclusion will tomorrow take evidence from the Chief Executive of the Financial Conduct Authority, the Chief Executive of M&S Bank and the Head of Social Investment at Nationwide Building Society.

The Committee are considering the effects of financial exclusion, and access to mainstream financial services.

The evidence sessions will start at 10:40am on Tuesday 6 December in Committee Room 2A of the House of Lords.

Giving evidence to the Committee will be:

10:40am

  • Andrew Bailey, Chief Executive, Financial Conduct Authority
  • Christopher Woolard, Executive Director, Strategy and Competition, Financial Conduct Authority

11:40am

  • Sue Fox, Chief Executive, M&S Bank
  • Stephen Uden, Head of Social Investment, Nationwide Building Society

In the first session the Committee will ask the witnesses whether the FCA should be obliged to consider the ease with which consumers in deprived areas can access financial services, how banks can be encouraged to do more to promote basic bank accounts and whether the price cap on ‘pay-day loans' should be extended to other areas such as rent to buy and subprime credit.

In the second session questions will cover the role of technology in tackling financial exclusion and how issues of digital exclusion can be overcome, the level of take-up of the basic bank accounts Nationwide offers, and any wider lessons from M&S Bank's tie-in with a major national retailer.

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