Committee for Finance - Inquiry into the Northern Ireland Banking and Financial Services Landscape

Rationale for the Inquiry and Terms of Reference

The Committee decided to look into this issue at its previous Strategic Planning Session, prompted by the number of local bank branch closures since 2020, as well as the arrival of Banking Hubs to Northern Ireland. The Committee’s chief concerns are the impact that this changing landscape is having on individuals and businesses in terms of access to cash and advice, as well as the barriers that are causing financial exclusion here. Members are also concerned that there is less competition in the banking and financial services sectors here, causing the offering the individuals and businesses to be less advantageous than other parts of the UK. Research and preliminary briefings have helped to shape these terms of reference. Members will take evidence through this inquiry to allow the Committee to:

  1. Consider the current context/landscape of Banking and Financial Services here, including the impact of bank branch closures on individuals and businesses, as well as the issues unique to Northern Ireland that mitigate against financial inclusion and the extent to which the financial services sector is supporting micro business and social enterprise in Northern Ireland; and consideration of the new Financial Services & Markets Act 2023 impact in NI;
  2. Consider ways to promote financial inclusion here, including an examination of Banking Hubs and other innovations, community and other solutions with respect to individuals and businesses;
  3. Consideration of how potential policy interventions at Department, Executive and UK government level might be specifically applied to the Northern Ireland context to improve financial inclusion, including a potential UK Government Financial Inclusion Strategy;
  4. Consideration of community wealth-building measures and how these have been successful in neighbouring jurisdictions;
  5. Undertake preliminary work to scope a further Committee investigation around more significant interventions, such as the creation of a co-operative or mutual bank here; and
  6. Highlight themes/make recommendations on issues raised.

 

Further briefings:

  • DoF 
  • Retail NI                                            
  • Credit Unions
  • CVS (NICVA – Community NI)
  • Social Enterprise NI 
  • Rural Community Network
  • NI Rural Women’s Network
  • CIPFA
  • Community Finance Ireland
  • The Post Office
  • Millisle Community Association
  • Link                            
  • UK Finance 
  • Financial Inclusion Commission
  • Financial Conduct Authority
  • Advice NI      
  • Academic Research
  • RaISe support

 

Visits and Events:

  • Kilkeel Banking HUB
  • Further visits
  • Stakeholder event