Lord Teverson – 2015 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Lord Teverson on 2015-02-11.

To ask Her Majesty’s Government what plans they have to ensure that Post Office accounts can accept monies belonging to customers of credit unions and other providers of low cost lending when those customers and members need to be paid back monies due to them.

Baroness Neville-Rolfe

The Post Office is one of the leading challengers in the UK financial services market and offers services under its Post Office Money brand and also services on behalf of third parties. Presently more than 95% of UK current accounts are accessible across Post Office’s counters. Post Office already works with a number of Credit Unions, and customers of these organisations are able to undertake basic financial transactions at Post Office branches. Post Office is also working with the Association of British Credit Unions on its Credit Union expansion project; this is ongoing and Post Office hopes to play a role in any solutions identified.

All of Post Office’s contracts – including with Credit Unions – are commercial arrangements and it would not be appropriate for Government to intervene in these. We support Post Office’s strategy to grow its successful financial services business to reach more customers, including potentially those of the Credit Union sector.