Latest Debt News
Banks are 'pushing away' the most poor
07/03/2006 15:21:00
Banks across the UK are being accused of selecting well-off Britons to be their customers, while ignoring the needs of those with less money.
In a bid to put an end to this practice, the New Economics Foundation (NEF) has called for banks to have a "universal service obligation".
Whitni Thomas, head of access to finance at NEF, said: "The banks are cherry picking the most profitable customers – only paying lip service to tackling financial exclusion."
Ms Thomas went on to say that such actions from banks were marginalising the "most vulnerable" from mainstream financial services as well as forcing them to opt for loan sharks.
Some 11 per cent of Britons have no bank account, which is three times as many as the average number for a European country.
© Adfero Ltd