The British Bankers’ Association (BBA) has claimed it is “committed” to furthering the cause of increasing financial inclusion for consumers,
It has released statistics showing that around 150,000 basic banking accounts are being set up quarterly.
Further, the BBA says that over half the people who have opened such accounts have never previously had access to any banking facility.
Based on these figures, the organisation estimates that 1.2 million basic accounts have now been opened by people who have never previously banked.
Angela Knight, chief executive of the BBA, said: “Not only do we continue to see basic accounts attracting customers, but one-ten accounts are subsequently upgraded to accounts with a wider range of features.”
The banking industry in the UK has recently had to contend with regulatory decisions that have forced institutions to slash the cost of penalty fees.
As a result, Ms Knight appeared on BBC Radio 4 to warn regulators the introduction of charges for previously free banking services would be one of the “consequences” of further regulatory decisions regarding a “delicate business model”.
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