Banking Hubs: Rural and Post-Industrial Communities Debate
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Richard Foord
Main Page: Richard Foord (Liberal Democrat - Honiton and Sidmouth)Department Debates - View all Richard Foord's debates with the HM Treasury
Banking Hubs: Rural and Post-Industrial Communities
Richard Foord Excerpts(1 day, 8 hours ago)
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Richard Foord (Honiton and Sidmouth) (LD)
The Conservative Government passed the Financial Services and Markets Act in 2023, which gave the FCA powers to set up banking hubs and give access to cash. Does the Minister think that that was a missed opportunity at the time to prevent banks from closing high street branches in the thousands, as they have since continued to do?
Lucy Rigby
If the hon. Member would let me progress just a little further, I will cover the issues he refers to.
As I said, the strength of feeling expressed today, and more broadly in parliamentary interactions, shows just how important this issue is to Members, and to people right across the country, particularly in the types of communities that the hon. Member for Caerfyrddin represents. I recognise the particular concerns about rural and post-industrial areas, where longer travel distances, which were referred to, more limited transport and, in particular, uneven digital connectivity make the loss of a bank branch especially acute.
It is right to acknowledge that banking has changed very dramatically in recent years. Many customers have benefited from digital innovations that allow them to more easily manage their finances. For those who have benefited, those types of innovations have increased accessibility and convenience.