Lenders 'should open up banking criteria'

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Lenders 'should open up banking criteria'

Banks need to expand access to bank accounts until everyone has access to affordable banking, according to a sector commentator.

Beccy Boden Wilks, a spokesperson for the Money Advice Trust, observed that there are some bank accounts for consumers with poor credit ratings.

These normally allow people to have their wages paid in and have the facility to set up standing orders, she continued.

Ms Boden Wilks said: "We definitely need to build on [this]. In an ideal world, everybody would have access to affordable banking that's suitable for their needs."

She pointed out that one way for this to happen would be for banks to open up their lending criteria to allow more people to be able to get an account.

A recent survey by Which? indicated that the public still have not forgiven UK banks for the financial crisis, with three out of five people saying that lenders had not learnt their lessons.

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