Financial Services

HM Treasury written question – answered on 4th February 2015.

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Photo of Adam Afriyie Adam Afriyie Chair, Members' Expenses Committee, Chair, Parliamentary Office of Science and Technology, Chair, Members' Expenses Committee

To ask Mr Chancellor of the Exchequer, what recent steps he has taken to encourage banks to offer their services to money service businesses.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. That is why, in response to the withdrawal of banking services from the Money Service Business sector we set up an Action Group on Cross Border Remittances to address this issue. The group is monitoring changes to the market, has developed guidance for MSBs and banks and is promoting a shared understanding of risk. The group is also overseeing the development of a Safer Corridor to ensure the continued, secure flow of remittances to Somalia.

Treasury Ministers have been engaging closely with the banking industry both through the British Bankers Association and directly with those banks involved in this issue, including personally writing to and phoning a number of banks.

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