Banks: Closures

Treasury written question – answered on 4th July 2019.

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Photo of Kirstene Hair Kirstene Hair Conservative, Angus

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the effect on (a) high streets, (b) businesses and (c) communities of the closure of local bank branches.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Treasury does not make assessments of the bank branch network. The decision to close a branch is a commercial issue for the management team of the bank. However, Government believes it is important the impact on communities must be understood, considered and mitigated where possible. That is why the Government continues to be very supportive of the Access to Banking Standard and the commitment it places on banks to minimise the impact of branch closures, including by ensuring that customers are aware of the alternative ways they can continue to access banking services.

The Financial Conduct Authority undertook an analysis of branch closures as part of their Strategic Review of Retail Banking Business Models. This analysis can be found in Annex 1 of the final report (https://www.fca.org.uk/publication/multi-firm-reviews/strategic-review-retail-banking-business-models-final-report.pdf)

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