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Andrea Leadsom MP meets with Toynbee Hall Money Mentors & advisors in wake of landmark banking deal
Published: 17 Dec 2014
On Monday 15th December, following the announcement by Her Majesties Treasury (HMT) that basic fee-free bank accounts will be widely available to millions, Economic Secretary to the Treasury, Andrea Leadsom, met with debt advisors and service users at Toynbee Hall to discuss the landmark deal.
By the end of 2015, the top 9 banks will have to offer basic bank accounts that are truly fee-free to anyone without a bank account, anyone who has been unable to secure an account or anyone unable to use their existing one.
HMT officials, including Andrea Leadsom MP, sat with Toynbee Hall Community Money Mentors and advisors to discuss how banking will become more accessible. During the meeting, advisors explained how all banks have a financial inclusion policy but do not act on them as their staff are not trained or confident with the policies. This lack of financial education of bank staff has left many clients facing unclear charges and has resulted in many being unable to access financial services.
Sian Williams, Head of National Services at Toynbee Hall said, “1.9 million people are unbanked because they do not trust the banks and the charges. These changes will go a long way to helping those to trust banks, and open accounts.”
“The announcement today to create genuinely accessible and inclusive fee-free bank accounts for the most vulnerable people is a significant step forward in creating a truly financially inclusive society."
Graham Fisher, Chief Executive of Toynbee Hall