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Bank claims: Ministers look for financial products to support Universal Credit claimants

The coalition is to examine the feasibility of innovative financial products that could help benefits claimants manage their money and budget, allowing them to avoid making loan claims or incurring bank charges.

It is seeking a range of providers who will roll out products with additional budgeting functions as benefit recipients move towards Universal Credit.

Payments though Universal Credit will occur monthly and shall replace income-based Job Seeker's Allowance, Income Support, income-related Employment and Support Allowance, Housing Benefit, Child Tax Credits and Working Tax Credits.

It will be distributed as a single household payment and the roll-out will begin in October 2013.

Ministers expect a wide range of financial provider will be interested in supplying new budgeting products, including pre-pay card providers, mobile phone operators and high street banks.

"Accounts that provide people with extra budgeting services could help to ensure people's essential bills are covered, helping them to build up their credit rating and break the cycle of financial exclusion," minister for welfare reform Lord Freud said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801453804-ADNFCR

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