Consumer Focus, the statutory organisation campaigning for a fair deal for consumers in England, Wales, Scotland and Northern Ireland, is urging the UK government to realise the potential of Post Office banking services to secure a bright future for the network. The organisation felt that as mistrust of banks has grown, this is a major chance to reinvigorate the Post Office network and put banking services back into communities.
Consumer Focus said that a greater role in financial services for post offices would benefit all customers, but could particularly help low-income customers, small businesses, and those in rural and deprived urban areas, where there are fewer banks. It has added that it would soon be launching research into what low-income consumers want from a banking product and the potential for the Post Office to offer this.
Richard Bates, expert of public services at Consumer Focus, said: “The Post Office network is at a crossroads. There is a real opportunity here for Government to provide a secure future for the network by introducing new banking services. Banking services designed to meet consumers’ needs and offered by the Post Office, the real neighbourhood provider, would give a much-needed boost to the network.
“This would also offer the choice of banking services through a trusted provider to consumers who have lost faith with, or been let down by, the banking system. The message from consumers is clear, the Government should deliver on this opportunity and follow today’s words with action.”
