House of Lords committee has proposed that the remit of the Financial Conduct Authority be broadened to give priority to tackling financial exclusion.
A report from the House of Lords Financial Exclusion Committee stated the poorest are being excluded from even basic financial services and forced to rely on expensive and substandard products.
The report proposed the government should broaden the remit of the FCA to give priority to tackling financial exclusion and to establish new rules requiring banks to have a duty of care towards their customers.