The Government has voiced concern that local communities are at risk of losing access to banking services without specialised hubs. Speaking as she inaugurated the UK’s 100th banking hub in Lancashire, the Chancellor Rachel Reeves said “Without these banking hubs, towns are going to be banking deserts.” The Government plans to establish 350 hubs by…
Read moreThe rollout of banking hubs has gained momentum, with 15 new sites announced as stricter industry regulations aimed at protecting cash access come into effect. Link, the cash machine operator, is identifying additional locations in communities such as Frome, Newquay, and Thetford, bringing the total planned hubs to 163, including 81 already operational since the…
Read moreBanks in the UK will be banned from shutting down too quickly under new rules aimed at helping people access cash. The Financial Conduct Authority (FCA) has introduced a policy that requires banks to provide alternatives for customers affected by branch closures. While the changes cannot prevent the closure of bank branches, they will ensure…
Read moreNew research published by LINK has found that almost half of people think the UK is heading towards a cashless society. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers…
Read moreProposals from a financial services watchdog to protect and widen access to cash are a ‘good start but could go further’ that is the view of the Federation of Small Businesses (FSB), in response to the Financial Conduct Authority (FCA)’s consultation on access to cash. The FCA was given the task in the Financial Services…
Read moreBanks and building societies in Britain will be required to assess gaps in access to cash under new rules proposed by the Financial Conduct Authority (FCA) to protect access to cash for businesses and consumers. The move follows new powers granted to the FCA by the Financial Services and Markets Act 2023. Under the FCA’s…
Read moreThe Treasury has published new guidelines for the provision of cash. The new rules will require banks to provide facilities for making deposits and withdrawals within a three-mile radius of retail customers and businesses. The government statement has set the minimum expectations on banks to protect services for people and businesses wanting to withdraw or…
Read moreCash Access UK has said lenders will open hundreds of banking hubs over the next few years as the programme accelerates. Cash Access UK Chief Executive Officer Gareth Oakley says that the not-for-profit company has 38 hubs in the pipeline and is preparing to open its fifth and sixth hubs in London and Scotland. The…
Read moreA new non-profit company has been launched to protect cash in the UK communities. The company named Cash Access UK is made up of nine of the largest high street banks. The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment…
Read moreMillions of people in communities across the UK will see their ability to access cash protected by new powers set out by the Government. Under the new rules, the financial regulator – the Financial Conduct Authority (FCA) – will be granted new powers over the UK’s largest banks and building societies, to ensure that cash…
Read moreResearch by consumer watchdog Which? has revealed that 4,685 bank branches have closed over the last seven years with a further 226 set to disappear by the end of year – accounting for almost half of the country’s network. According to the study, the elderly and those in rural areas who most relied on cash…
Read moreMajor banks have signed a new voluntary agreement that could see more shared banking hubs open in UK towns and villages. The agreement will see an independent assessment carried out by Link each time a branch is shut. These reviews could recommend a shared branch is opened, an ATM installed or a Post Office upgraded.…
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