Western Morning News (Saturday)
Banking hubs aim to maintain access to cash
ANEW company will help to make sure there are sufficient cash services across the UK.
The news will be welcomed by communities in the Westcountry who face increasing problems accessing cash with the closure of bank branches, particularly in rural and coastal areas.
In December, the Cash Action Group (CAG), made up of major banks, the Post Office and others, said any community facing the closure of a core cash service, such as a bank branch or cash machine, will have its needs assessed by ATM network Link.
If Link determines that a new banking hub is required, the banks have committed to set one up.
Banking hubs involve banks working jointly to offer basic cash services on high streets, with spaces for people to speak to their own bank.
Each bank may offer its own services from a hub, on different days of the week.
The Cash Action Group said it is establishing a Banking Hub company to oversee the rollout of cash services across the UK.
It has appointed Gareth Oakley, who joins from Lloyds Banking Group, as its chief executive and Amanda Bell, formerly from TSB, as delivery director.
Natalie Ceeney, who chaired the Access to Cash Review and the Cash Action Group, will chair the new Banking Hub company.
Five new banking hubs were announced in December 2021 in Brixham, Devon; Acton, west London; Carnoustie, Angus; Knaresborough, North Yorkshire; and Syston, Leicestershire.
The CAG is working with communities to establish potential sites for the hubs in these locations.
The UK Government has previously said it plans to legislate to protect the future of cash.
Ms Ceeney said: “The fact we’ve secured such talented leaders to take forward this work demonstrates the level of commitment that the banks have to this project, and the opportunity that we have to make a real difference to communities.”
In December, Totnes and South
Devon MP Anthony Mangnall, who represents Brixham, welcomed the news it had been chosen to pioneer a new banking system which helps small towns cope with the closure of their High Street bank branches.
The banking hub concept had been trialled in Essex and Lanarkshire, and proved popular with customers and small businesses.
Mr Mangnall said: “Since the last bank in Brixham closed its doors earlier in 2021, I have been campaigning for a Banking Hub to be based in Brixham.
“I am delighted that this campaign has been successful and I am particularly grateful for the support provided by Brixham Town Council. This new hub will ensure that Brixham remains a place to do business, with comprehensive services that can help to attract investment and development.
“The Cash Action Group recognises Brixham’s true potential and I am pleased that the local community will not be cut off from financial services. I look forward to seeing the Banking Hub open as soon as possible.”