Banking Hubs
The question
To ask the Chancellor of the Exchequer, if she will review the adequacy of assessment criteria for establishing banking hubs.
Answered by Lucy Rigby
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. LINK will carry out an assessment wherever a branch closure is announced or if they receive a community request. Any decisions on changes to LINK’s independent assessment criteria are a matter for LINK and the financial services sector.
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