Saving Gateway Accounts Bill

It has been useful to debate the nature of the providers and the terms and conditions that we would expect as well as the things that we would expect providers to do. I want to press forward on the issue of cash, because Mark Lyonette of the Association of British Credit Unions Ltd mentioned the cost of processing cash payments, which was potentially significant for credit unions. Although I recognise the importance of having facilities available for people to pay cash, when it comes to reducing the cost to the providers of providing the accounts, the deductions that can be made electronically through direct debits, standing orders and pay packets clearly reduce the cost of collection to providers and is a further way of encouraging a larger number of people to participate. Having said that, I know that the Portsmouth Savers credit union not only operates a counter facility through its branch but works through PayPoint, too, spreading the network of payment points widely through the catchment area that it supports. Clearly, there are ways in which credit unions can expand their accessibility in a way that is not available to some other institutions.