Committee for Finance
Inquiry into the Northern Ireland Banking and Financial Services Landscape
The Committee for Finance has launched an inquiry into the local banking and financial services sector in Northern Ireland, focusing on how well the industry meets the needs of both consumers and businesses.
With the ongoing scaling back of the traditional bank branch network, and associated loss of access to cash as well as face-to-face services, but also widespread technological change, Brexit and new market entrants, the Committee believes now is the time to assess the state of the industry here. The inquiry will examine the quality of services currently offered to local communities and businesses.
Although financial services remain a reserved matter, meaning the UK Government will usually legislate in the area, this does not stop devolved Ministers taking action, or the Assembly providing a scrutiny role. The Committee welcomes the fact that the Finance Minister has re-established the Banking Roundtable to engage with the sector here.
Our local banking landscape is distinct, with a market historically dominated by locally operated providers rather than those based in Great Britain. Our region has higher levels of rurality and a greater proportion of small and family-owned businesses. The Committee considers it crucial that local policymakers gather comprehensive evidence specific to Northern Ireland. Where necessary, the Committee will recommend policy interventions to support local communities and strengthen the wider economy.
The first evidence sessions have already taken place, with the Financial Services Union and Cash Access UK providing oral evidence to the Committee on 9th October and the Consumer Council and the Federation of Small Businesses providing oral evidence to the Committee on 6th November 2024 . The Committee is expected to take further evidence in the weeks and months ahead, including from representatives of banks, credit unions, UK regulators and local business, with a view to providing a short report before the end of the 2024-25 Assembly session.
