Which? response to extension of shared banking hubs trial

Gareth Shaw, Which? Head of Money said:

“Wave after wave of bank branch closures in recent years have left many people who depend on them for essential banking services at risk of being cut adrift, so it is encouraging that the shared branch trial is proving a successful solution.

“The initiative could provide a crucial piece of the puzzle to ensure local access to cash and banking services is maintained, but it is likely that a wider range of innovations will be required to address the different challenges faced by local areas.

“Which? supports new laws to make the Financial Conduct Authority the lead regulator for monitoring and enforcing requirements on access to cash, with strong powers to hold the industry accountable for providing access locally. It is vital that the government and regulators move swiftly in order to ensure appropriate banking services for customers remain available.”

Statement