UK Government Updates Plans to Protect Access to Cash and Banking Hubs
The UK Government has provided an update on its commitment to ensuring proper access to in-person banking and cash for individuals and businesses. The issue was raised in Parliament by Lord John Taylor, highlighting concerns about potential bank branch closures and the impact on communities. Since 2015, over 6,000 bank branches have closed due to the shift towards online banking. In response, the Government, through Lord Spencer Livermore, affirmed its dedication to maintaining access to cash. The Financial Conduct Authority (FCA) will ensure that individuals and businesses have adequate cash withdrawal and deposit facilities, with new rules coming into force in September. Additionally, the Government plans to work with banks to establish 350 new banking hubs over the next five years to support communities. Former Treasury minister Bim Afolami also emphasised the importance of banks offering in-person services, with guidelines in place to mitigate the impact of branch closures on customers’ banking needs. Alternative options for everyday banking services include telephone banking, online banking, Post Office services, and banking hubs. Leading banks such as Barclays, TSB, Santander, NatWest, HSBC, Lloyds, Nationwide, Virgin Money, Dansk, and Bank of Ireland UK now provide services through these essential banking hubs.