Bosses from four of the UK’s top banks have come under pressure from an MP to offer extra help to customers affected by the recent devastating floods.
Shipley MP Philip Davies wants HSBC, Barclays, Lloyds banking Group and The Royal Bank of Scotland to consider how it can help customers who are facing a massive clean-up operation in their homes and businesses.
He is one of more than 40 MPs calling for action and urging the banks to follow the lead TSB, which is offering payment holidays and waiving fees on some of its financial products.
Mr Davies said: “Many of my constituents are having to deal with this for the second time and it is truly heart-breaking to see the devastation the recent floods have had on homes and businesses in our area and across the country. Everything that can be done to help people should be done. I think what TSB has done to try and help customers should be commended and there is no reason why other banks cannot offer this added support too.
“This is an extraordinary event and people are suffering. Many will find themselves with large unexpected bills or may need access to money they had saved. They should not be penalised for needing to access money which may have been tied up. This was completely out of their hands and we need to do all we can to help families struggling to cope with the aftermath.
“This would be a small gesture from the banks, and I see no reason why they cannot do it and show their customers they are on their side.”
The MPs have signed an open letter to the financial bosses calling for an ethical response to the floods and for customer need to be prioritised.
Measures TSB are offering include a repayment scheme (up to two months) for mortgage holders, waiving earlier closure fees on Fixed Term ISAs products and Fixed Bond customers are getting their business banking assistance according to their individual case. Credit card limits can also be increased.
The MPs have requested meetings with the chief executives to see what else can be done to support their constituents.