MPs have launched an inquiry into vulnerable consumers’ access to financial services amid concerns that some are finding it increasingly difficult or expensive.

The Treasury committee said it will scrutinise “financial exclusion” and whether certain groups of people are being denied a basic level of service by banks.

It will examine whether vulnerable consumers pay a premium for home and travel insurance, as well as fees for withdrawals at cash points as a result of closures of bank branches with free ATMs.

The committee will also examine which customers are most disadvantaged by branch closures and whether there is evidence to suggest that they increase financial exclusion.

Questions the committee will consider include how financial services firms define vulnerability, as well as whether having a “duty of care” for financial services providers would increase protection for vulnerable customers.

Committee chair Nicky Morgan said: “As part of this inquiry, we’ll be holding sessions outside Parliament to hear from vulnerable consumers who have interacted with financial services providers.”