UK Treasury wants banks to provide fee-free accounts to benefits claimants

The video discusses the challenges faced by individuals like Michael who lack bank accounts, highlighting the inconvenience and barriers to employment. A new EU law mandates basic bank accounts with fair fees, but UK banks are in conflict with the Treasury over implementation. The Treasury aims to offer fee-free accounts to Universal Credit claimants, but banks fear financial losses. The video explores potential solutions and the impact on the banking industry.

What concerns do banks have regarding the implementation of the new banking service?

In what ways could providing access to a standardized no-frills account benefit consumers?