UK Finance has announced its expanded ‘Breaking the Cycle’ pilot, aimed at improving access to banking services for people who many face barriers to opening a bank account. The initiative is delivered in partnership with Shelter, the housing and homelessness charity.
The scheme notes that helping individuals who do not have the standard forms of ID or proof of address required to open an account is a key part of the Treasury’s Financial Inclusion Strategy. The pilot builds on the success of Shelter’s ‘Breaking the Cycle’ programme, developed in partnership with HSBC and now expanded to include Barclays, Lloyds, Nationwide, NatWest and Santander.