Bank bosses to face questions from Treasury Committee after reporting increased profits
Bosses from some of Britain’s biggest high street banks will appear in front of the Treasury Committee at 10:15am on Wednesday 20 March.
Meeting details
Chief Executive Officers (CEOs) at Barclays UK, Lloyds, NatWest and Santander UK are likely to face questions on a range of subjects – as MPs scrutinise what steps they are taking to give customers facing cost-of-living pressures a fair deal.
As Bank of England data published this week shows a spike in the value of mortgage arrears for UK households, witnesses are likely to face tough questions on how they are supporting customers with higher mortgage costs.
None of the banks represented is currently offering more than 1.75% interest on their instant access easy savings accounts for balances under £25,000. It’s likely MPs will want to press the panel on the progress made in improving interest rates for all savers, particularly given many generated record high profits in the last year.
Other areas which may be examined include the lenders’ view on the state of the insurance market and how the introduction of Consumer Duty has affected their work.