Which? comments on announcement of more banking hubs

Jenny Ross, Which? Money Editor, said: 

“The country’s cash infrastructure has been cut to the bone in recent years due to ATMs and bank branches closing, leaving millions of consumers who rely on cash and face-to-face banking services at risk of being cut adrift. 

“It’s encouraging to see the banking industry announce more banking hubs which, alongside other bank alternatives such as enhanced Post Offices, could play a role in ensuring local community’s cash needs are met. These hubs, as well as ones announced in December, must open as soon as possible so consumers can benefit. 

“However, only long-promised legislation will properly protect cash. The Financial Conduct Authority must be given the appropriate powers to oversee the framework of the country’s cash system, including determining a local community’s access to cash needs based on geographic distances, as well as holding banks to account. Given the rate of bank branch and ATM closures in recent years, that cannot happen quickly enough.”

 

-ENDS-

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