Banking Hubs: Scotland
The question
To ask the Chancellor of the Exchequer, what recent discussions she has had with stakeholders on steps to increase the number of banking hubs in Scotland.
Answered by Rachel Blake
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 240 are already open. In Scotland, 33 have been announced so far and over 30 are already open.
The Government has 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 Review was launched on 8 June, with the publication of the Call for Evidence. The Call for Evidence will run for six weeks and will close on 20 July. It seeks input from a wide range of people including market participants, consumer representatives, community organisations, and industry across the UK, including Scotland.
The consultation survey can be found here: https://www.smartsurvey.co.uk/s/accesstobankingservices
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