To ask the Minister of Finance to detail any work being carried out with banks to create a more streamline and relevant application process for organisations in the Voluntary and Community Sector to update and open accounts.

ANSWER

Legislative authority on banking matters is the responsibility of the Treasury.

I have raised the difficulties the community and voluntary sector are experiencing in maintaining and opening banks accounts directly with the then Chief Secretary to the Treasury in March 2025, when I wrote to him sharing my department’s published 2024 Banking Roundtable summary report. Given its legislative authority on banking matters, I asked the Treasury to work to provide solutions to the issues being encountered by the Voluntary and Community Sector.

Through my officials’ engagement with UK Finance, the banking industry body, it has advised that it launched the Voluntary Organisation Banking Guide in July last year. This is a dedicated website developed in collaboration with several charity and voluntary groups, regulators, and 13 banks offering tailored guidance on structuring, opening, and managing accounts. In addition, the Charity Finance Group (CFG) hosts a Charity Banking Forum whereby banks meet on a quarterly basis with a network of charity and voluntary organisations, to discuss ongoing challenges that the banks and sector can collaborate on. I understand that NICVA and the local Chairty Commission are both represented on that. In July this year, the CFG published a new practical toolkit designed to support those charities that need to raise an issue or concern with their banks.

However, I understand that the Community and Voluntary sector is still experiencing a range of banking issues. While NICVA have acknowledged to my officials that some banks are taking steps in the right direction, they have indicated that it is still too early to determine whether these changes will result in meaningful improvements for voluntary organisations.

I will raise this issue at my Banking Roundtable event later this year where stakeholders from the Voluntary and Community and banking sectors will be in attendance.