The Government has announced a new independent review will look at how shifts in face-to-face banking services affect people and communities, with new powers enabling the Government to act on what it finds.
Lucy Rigby, Economic Secretary to the Treasury, has commissioned independent review to protect access to face‑to‑face banking across the UK, with the review being led by Richard Lloyd, former Which? director and former board member of the Financial Conduct Authority.
In a statement, the Government noted that the way people across the UK use retail banking services has changed significantly, with many customers now choosing to bank online, and with banks and building societies changing their structures to include banking hubs and more.
The review will gather evidence on the “real‑world impact of branch closures,” going on to identify who is most affected and assess where further action may be needed to protect access to banking services.
Rigby said: “Banking services are a really important part of lives and communities, and it’s critical we can all access what we need – whether through local banking services or strong community-based alternatives.
“We’re supporting the industry’s roll out of banking hubs, but we also need a clear picture of where communities are still losing out. This review will show us where the problems are and what further action may be required – and we will move quickly to legislate where the evidence shows it is needed.”
“Banking is an essential service that every consumer and community in the UK needs.”
Richard Lloyd OBE, added: “Banking is an essential service that every consumer and community in the UK needs. That’s why it’s so important to take stock of the impact that the big shift to digital services has already had, and to understand the need for access to in-person banking in the future.”
Finally, Gareth Oakley, CEO at Cash Access UK said: “While cash usage continues to decline as digital payments expand, we’ve seen first-hand how important local access to cash and face-to-face banking is for many households and businesses. Our job is to deliver solutions where these are needed and to date we’ve opened 237 banking hubs and over 140 deposit services.”
No comments yet