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<p>It is important that all customers have appropriate access to banking and cash
services and the Government is monitoring this situation closely.</p><p> </p><p>Guidance
from the FCA expects firms to carefully consider the impact of planned branch closures
on customers’ everyday banking and cash access needs, and put in place alternatives,
where reasonable. Alternative options to access everyday banking services on the high
street include via the Post Office or Banking Hubs. Banking Hubs are an industry initiative
to enable customers of participating banks to access cash and banking services in
shared facilities.</p><p> </p><p>UK Finance confirmed 225 Banking Hubs will be announced
by the end of 2024. Furthermore, following my recent discussions with the UK high
street banks, participating firms have also committed to improving Hubs by standardising
the services available between firms, ensuring that customers do not require their
own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday
openings. The banks have agreed to keep services under review to ensure their effectiveness
for all customers.</p>
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