Banking Hubs

The way people across the UK use retail banking services has changed significantly, with many customers now choosing to bank online. In response, banks and building societies have reshaped their branch networks, reflecting changing customer preferences.

However, the Government understands the importance of banking services to communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Banking hubs are a voluntary service which were developed by the financial services sector in the context of legislation to protect access to cash under the Financial Services and Markets Act 2023.

Over 275 hubs have been announced so far, and more than 235 are already open. The Government continues to engage with industry on ways to improve the consistency and level of services provided through banking hubs.

The Government recognises that some communities have experienced the loss of their last local bank branch and the importance of ensuring continued access to banking services.

On 14 May the Government commissioned an independent Review into Access to Banking Services to assess whether changes in access to in-person banking services are causing consumer detriment, the scale of any detriment, and who it affects.

The evidence collected by the Review will inform future decisions on whether further action is needed. Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.