Banks: Urban Areas

Treasury written question – answered at on 13 May 2024.

Alert me about debates like this

Photo of Neil Hudson Neil Hudson Conservative, Penrith and The Border

To ask the Chancellor of the Exchequer, what steps his Department is taking to help preserve access to banking on high streets.

Photo of Bim Afolami Bim Afolami The Economic Secretary to the Treasury

It is important that all customers have appropriate access to banking and cash services and the Government is monitoring this situation closely.

Guidance from the FCA expects firms to carefully consider the impact of planned branch closures on customers’ everyday banking and cash access needs, and put in place alternatives, where reasonable. Alternative options to access everyday banking services on the high street include via the Post Office or Banking Hubs. Banking Hubs are an industry initiative to enable customers of participating banks to access cash and banking services in shared facilities.

UK Finance confirmed 225 Banking Hubs will be announced by the end of 2024. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers do not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings. The banks have agreed to keep services under review to ensure their effectiveness for all customers.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.