Banking Hubs
The question
To ask the Chancellor of the Exchequer, what criteria she plans to use to identify potential locations for new banking hubs.
Answered by Tulip Siddiq
The Government 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.
Currently, when a branch closes or a community makes a request, LINK (the operator of the UK’s largest ATM network) is responsible for assessing whether a banking hub would be a suitable recommendation for a community. The criteria that LINK uses to assess the needs of a local community can be found on LINK’s website.
In December last year, the Financial Conduct Authority consulted on its regulatory approach to access to cash, including the criteria it proposes designated entities should use when assessing the needs of local communities. This can be found here. The FCA intends to publish its final rules in the third quarter of this year.
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