Business
One in five people in NI lost their local bank within three years, report says
More than a fifth of consumers in Northern Ireland saw their local bank branch close within three years, a report from a Stormont committee has said.
The Finance Committee also said that the number of cash access points in the region is lower than Scotland or Wales and half of people living in a rural location in most areas are more than one mile away from free access-to-cash services.
The committee’s report recommended that the Executive should examine alternative measures of how available public funds could be used to support local banking and financial services provision.
The committee launched its inquiry into the banking and financial services landscape following a number of local bank branch closures since 2020, as well as the arrival of banking hubs.
Committee members expressed concerns over the impact that the changing banking landscape is having on individuals and businesses in terms of access to cash and advice.
The report said: “Members are also concerned that there is less competition in the banking and financial services sectors here, causing the offering the individuals and businesses to be less advantageous than other parts of the UK.”
Research commissioned by the committee showed that in an analysis of bank closures from 2020 to 2023, 21% of consumers had seen their local bank close.
The report referenced research from the Consumer Council Northern Ireland which stated that 166 electoral wards across the region have two or more banking services, 187 have one banking service and 109 have no services.
The report said there are 16,000 cash access points in Northern Ireland compared to 50,000 in Scotland and 27,000 in Wales.
It said that in all council areas apart from Belfast and Ards and North Down, around half of people living in a rural location are more than one mile away from free access-to-cash services.
The report said many rural areas in Northern Ireland could become “ATM free zones”, stating this would have a “negative impact on consumers and rural communities”.
The report added: “This is not a problem only for rural areas. Retail NI advised that they have seen the number of available ATMs decrease province-wide as they become uneconomical for retailers to run.”
The committee said there are a ranges of banking issues which are unique to Northern Ireland “ranging from cash reliance to an historically distinct market to greater rurality and cross-border issues”.
It said that banking and financial services is not a devolved issue but the Executive has a “critical role to play in communicating these issues” to the UK Government.
It has recommended that there should be consideration given to a stronger oversight role for the Financial Conduct Authority (FCA).
It said: “The FCA must do more to monitor and mitigate against the differences in the NI banking and financial services landscape that disadvantage consumers here, which include increased rurality, reliance on cash and issues affecting cross-border banking.”
The committee welcomed the establishment of banking hubs, shared areas which offer banking services, but said “they do not replace bank branches”.
Its report also expressed concern that Post Offices “are seen as a full replacement for bank branches that have closed in an area”.
It said: “They do not provide the same services and many struggle to be sustainable. It is not sufficient for there to be an expectation on the part of the banks that the Post Office will fill the void left by branch closures.”
Members of the committee said they would raise concerns with the FCA and Cash Access UK.
The report added: “The committee recommends that the Executive looks at public funds that are available and consider whether there are alternatives ways that departments and, perhaps, councils which hold these funds can leverage them into supporting localised banking and financial services provision and, in so doing, effect community-based investment and change.”
Last Updated:
A rejected critical illness claim may not be the final word if the policy clearly covers the condition.
Policyholders can successfully challenge unfair decisions.(Representative Image)
A policyholder recently faced trouble after his/her spouse was diagnosed with a serious brain-related illness. The condition was identified as bacterial meningitis with encephalitis. Believing the illness was covered, the family filed a critical illness claim with their insurer.
However, the insurance company turned down the request. The reason given was that the illness did not fall under the list of covered conditions. This left the family confused and unsure about the next step, especially at a time when medical stress and costs were already high.
Why A Rejected Claim May Still Be Valid
A claim rejection does not always mean the insurer is right. The first step is to read the policy document carefully. Most critical illness plans clearly list the illnesses they cover. In many policies, bacterial meningitis is included, but only if certain medical conditions are met.
In a similar case, a close review of the policy showed that the illness was listed among 32 covered conditions. The medical records also clearly confirmed the diagnosis and seriousness of the disease. When both the policy terms and medical proof match, the rejection can be questioned.
How To Raise The Issue With The Insurer
The next step is to approach the insurer’s grievance team. This means sending a clear written request that explains why the claim should be accepted. It is important to point out the exact policy clauses and attach all medical reports.
In the case mentioned, the policyholder shared hospital records, diagnosis details, and proof of treatment. Despite this, the insurer stuck to its earlier decision and did not provide any new explanation. This is when many people give up, but there is still another option available.
When The Insurance Ombudsman Can Help
If the insurer does not resolve the issue, the policyholder can approach the insurance ombudsman. Filing a complaint here does not cost anything. The ombudsman reviews both the policy terms and the medical evidence.
During the hearing in this case, the policyholder submitted hospital documents and a doctor’s certificate. The records confirmed that the patient had a lasting brain-related problem for over six weeks, which is an important requirement in many critical illness policies. The insurer failed to provide proof to challenge these findings.
What This Case Teaches Policyholders
After reviewing all details, the ombudsman ruled in favour of the policyholder and asked the insurer to pay the claim amount to the nominee. This shows that unfair claim rejections can be overturned if the policy terms are clear and the documents are in order.
It is always wise to read your policy closely, keep complete medical records, and use the grievance and ombudsman process when needed. Many rejected claims can be resolved because the facts and the policy are on the customer’s side.
Click here to add News18 as your preferred news source on Google.
December 27, 2025, 09:33 IST
Read More
Business
India’s Forex Reserves Surge $4.36 Billion To $693 Billion, Gold Holding Rises $2.6 Billion
Last Updated:
India’s Latest Forex Reserves: The value of the gold reserves jumps $2.623 billion to $110.365 billion during the week ended December 19.
India’s Latest Forex Reserves.
India’s foreign exchange (forex) reserves surged $4.368 billion to $693.318 billion during the week ended December 19, according to the latest data from the Reserve Bank of India (RBI). The value of the gold reserves jumped $2.623 billion to $110.365 billion during the week.
The overall kitty had increased by $1.689 billion to $688.949 billion in the previous week.
For the week ended December 19, foreign currency assets, a major component of the reserves, increased by $1.641 billion to $559.428 billion, according to the Reserve Bank of India’s latest ‘Weekly Statistical Supplement’ data.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The special drawing rights (SDRs) were up by $8 million to $18.744 billion.
India’s reserve position with the IMF was up by $95 million to $4.782 billion in the week, according to the RBI data.
The price of the safe-haven asset gold has been on a sharp uptrend over recent months, perhaps amid heightened global uncertainties and robust investment demand.
After the last monetary policy review meeting, the RBI had said that the country’s foreign exchange reserves were sufficient to cover more than 11 months of merchandise imports. Overall, India’s external sector remains resilient, and the RBI is confident it can comfortably meet external financing requirements.
In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. In 2024, reserves rose by just over $20 billion. So far in 2025, the forex kitty has increased by about $47-48 billion, according to data.
Foreign exchange reserves, or FX reserves, are assets held by a nation’s central bank or monetary authority, primarily in reserve currencies such as the US dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling.
Click here to add News18 as your preferred news source on Google.
December 27, 2025, 08:17 IST
Read More
MUMBAI: The Irdai on Friday, fined Reliance General Insurance Rs 1 crore in Hyderabad for routing unauthorised payouts through marketing and awareness expenses that amounted to disguised commissions. The penalty follows Irdai’s examination of transactions across FY19, FY20 and FY21. According to the regulator, the insurer channeled payments to brokers, agents, corporate agents and unlicensed entities under labels such as consumer awareness, marketing and advertising.
Critical Illness Claim Rejected? Here’s How You Can Fight Back
India’s Forex Reserves Surge $4.36 Billion To $693 Billion, Gold Holding Rises $2.6 Billion
Minnesota wide receiver makes incredible diving catch to win bowl game
-
Fashion1 week agoIndonesia’s thrift surge fuels waste and textile industry woes
-
Tech1 week agoT-Mobile Business Internet and Phone Deals
-
Business1 week agoBP names new boss as current CEO leaves after less than two years
-
Sports1 week agoPKF summons meeting after Pakistani player represents India in kabaddi tournament
-
Entertainment1 week agoIndia streamlines visa rules in boost for Chinese professionals
-
Sports1 week agoUWCL grades for all 18 teams: Leuven get A+; Barça an A-, PSG fail
-
Sports7 days ago
Alabama turned Oklahoma’s College Football Playoff dream into a nightmare
-
Entertainment1 week agoRadiation fears rise after cracks found in $2 billion Chernobyl shield