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Aladhal added that the largest financial institutions have pledged to refine their distribution methods, and the regulator intends to enforce these commitments strictly.
"That’s why the biggest banks have now committed to improving how they are offered – and we’ll be holding them to account to make sure change happens," said Aladhal.
Personal banking director at UK Finance, Peter Tyler, acknowledged the necessity for industry-wide upgrades to secure positive outcomes across all customer segments.
"A basic bank account can be an important first step towards financial independence, and while most customers who hold one have positive experiences, we recognise that more can be done to ensure consistently good outcomes for everyone.
That is why UK Finance and our members are committed to raising industry standards and expanding access," said Tyler.
Tyler noted that their expanded Breaking the Cycle initiative serves as a core mechanism for delivering practical assistance to individuals facing severe barriers to standard banking services.
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"The recently expanded Breaking the Cycle initiative is a key part of this work, providing practical support to those facing barriers to accessing essential banking services, such as individuals without a fixed address," said Tyler.
