§ Baroness Byfordasked Her Majesty's Government:
Whether they are proposing to restrict the number of people who can access the universal bank. [HL799]
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Sainsbury of Turville)Together with the planned expansion of commercial network banking through post offices, Universal Banking Services will be available comprehensively to ensure that we meet our commitment that both before and after the change to ACT, those benefit and pension recipients who wish to continue to collect their benefits money in cash, in full, across a post office counter, will still be able to do so.
§ Baroness Byfordasked Her Majesty's Government:
What was the original estimated cost of setting up the universal bank; and what was the original estimated running cost of the scheme per year. [HL800]
§ Lord Sainsbury of TurvilleUniversal Banking Services consists of two elements: access through post offices to basic bank accounts provided by financial institutions; and, for those who are unable or unwilling to use even a basic bank account, a Post Office card account (POCA) for the encashment of benefit and tax credits. For the basic bank accounts, the costs will be met by the banking industry. For the POCA, it would not be appropriate to disclose current estimates of the cost as this is subject to commercial negotiations between Consignia and the Paying Departments, and between Consignia and the potential supplier of the banking engine for POCA.