§ Mr. Peter DuncanTo ask the Secretary of State for Trade and Industry if the proposed Universal Bank Account will be available to those who have existing banking facilities. [41932]
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§ Mr. Alexander[holding answer 11 March 2002]: Our operational assumption is that around three million benefit and tax credit recipients will open a POCA, but there will not be a cap on numbers or eligibility criteria for a POCA. The emphasis will be upon ensuring that each customer gets the best account for his or her circumstances. Conventional and basic bank accounts offer more services and do not have the limitations of the POCA and so are likely to be the best option for the vast majority of people.