Whilst the Government acknowledges that decisions to open or close a branch are commercial decisions for banks, and does not intervene on individual closures, it is imperative that banks and building societies recognise the needs of all their customers, including those who still need to use in-person services. The impact of branch closures must be mitigated where possible so that all customers, wherever they live, continue to have appropriate access to banking services.<\/p>
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The Financial Conduct Authority (FCA)\u2019s guidance sets out that firms must carefully consider the impact of planned branch closures on their customers\u2019 everyday banking and cash access needs, and put in place reasonable alternatives. This seeks to ensure the implementation of closure decisions is done in a way that treats customers fairly. Where firms fall short, the FCA may ask for closures to be paused or other options to be put in place.<\/p>
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Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office or Banking Hubs. The Post Office allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK, and Banking Hubs are an initiative which enable customers of participating banks to access cash and banking services in shared facilities. Over 100 Banking Hubs have been announced so far, and the Government hopes to see these Hubs open as soon as possible.<\/p>
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With the increasing shift in customer behaviour to online and mobile banking, access to digital services is key, which is why my colleagues in the Department for Science, Innovation and Technology are working with Building Digital UK (BDUK) to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Over 80% of UK premises can now access gigabit-capable broadband, a huge leap forward from 2019, when coverage was just 6%.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-22", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "10343"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-22T18:29:09.28Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services: Standards"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps he is taking to maintain appropriate banking access in areas with (a) closing banks and (b) poor digital connectivity.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4853", "label" : {"_value" : "Biography information for Dr Neil Hudson"} } , "tablingMemberConstituency" : {"_value" : "Penrith and The Border"} , "tablingMemberPrinted" : [{"_value" : "Dr Neil Hudson"} ], "uin" : "10344"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }