L

Lord Ranger of Northwood (Con)

Speaking in the House of Lords on 27 April 2026

Debate

Online Challenger Banks

Contribution

My Lords, I thank the Minister for that Answer. I welcome the support and the need for regulation of new challenger banks—and all banks—but, in my career of delivering public services with innovation, I have noticed the need to balance innovation with fairness. From personal experience, and more from what I have heard from a great many members of the public, this balance does not seem to be right at the moment in a sector that I really feel we want to champion: fintechs and challenger banks. So does the Minister feel that the balance between the innovation and the growth we are looking to see is right, when we see services providing no explanation or opportunity for engagement when making decisions such as offering banking services, especially as we are now looking at an era of digital assets and agentic banking, where we would like to see fairer digital services for all?

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