Banking Hubs
The question
To ask the Chancellor of the Exchequer, whether her Department plans to review the criteria used to ascertain which communities require a banking hub.
Answered by Lucy Rigby
The Government understands the importance of banking services to communities and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 275 hubs have been announced so far, and more than 230 are already open.
Banking hub locations are independently recommended by LINK, the operator of UK’s largest ATM network. When a bank branch closes, there is a material change to a cash service, or a community request is received, LINK conducts an access to cash assessment under the access to cash regime set out in the Financial Services and Markets Act 2023. In its assessments, LINK takes into consideration a wide range of criteria, including population demographics and public transport links. Any decisions on changes to LINK's assessment criteria are a matter for LINK, the financial services sector, and for the FCA, which oversees the access to cash regime.
The Government keeps the effectiveness of current access to cash and banking arrangements under review through regular engagement with industry and the FCA to ensure they meet the needs of local communities.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →