Face-to-Face Banking: Rural Areas
Debate between Patricia Ferguson and Gagan Mohindra(3 days, 20 hours ago)
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Patricia Ferguson
The hon. Member makes a very valid point. I know that this issue concerns him greatly, because he has spoken to me about it on many occasions. There is an issue, as has been mentioned, about access to cash. Access to cash is important, but access to wider banking services is also crucial—something that Link acknowledged to us.
Mr Gagan Mohindra (South West Hertfordshire) (Con)
In my constituency, 89% of my banks have closed in the last 10 years. Alongside that, this year, Barclays has said that it will withdraw its banking van, which has helped to contribute to the provision of face-to-face banking for my constituents. Does the hon. Lady share my frustration and agree that banks need to do better?
Patricia Ferguson
If I can speak for colleagues, I think that that would be the conclusion of everyone in the room.
Importantly, our Committee asked witnesses what they would like to come from the Government’s review. I will briefly run through those points: a clear definition for what reasonable access to in-person banking services looks like, with consideration for geography and a minimum service level for consumers and small businesses, and a clear definition of what basic services should be offered in any in-person banking facility. They also wanted further investment in the banking hubs model so that it can provide more support to customers; for example, enhanced video links would allow customers to speak with specialist advisers who might not be able to travel to the region. That is not a panacea, but those steps might be helpful and I hope that the Minister will address them in her response.