Banking Hubs
The question
To ask the Chancellor of the Exchequer, what steps she plans to take to support the provision of bank hubs in local communities across the UK.
Answered by Tulip Siddiq
The Government is committed to protecting access to cash for individuals and businesses. The most recent analysis undertaken by the FCA on cash access coverage across the UK found that in Q2 2023, over 99% of people in urban areas are within 1 mile of a cash access point offering withdrawals, and over 98% of people in rural areas are within 3 miles of a cash access point offering withdrawals. Further details of this analysis, including a breakdown of cash access coverage by Local Authority District is available on the FCA website: https://www.fca.org.uk/publications/data/access-cash-coverage-uk-2023-q2
The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found on the FCA's website: https://www.fca.org.uk/publication/policy/ps24-8.pdf
The Government also recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.
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