Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support high-street banking hubs in Beckenham and Penge constituency.

The Government understands the importance of face-to-face banking to communities and high streets in Beckenham and Penge and across the UK and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.

The Financial Services and Markets Act 2023 granted the Financial Conduct Authority (FCA) the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. Under the FCA’s regime, LINK, the operator of the UK’s largest ATM network, is responsible for undertaking access to cash assessments. When a cash access facility such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs and can recommend a new service, such as a banking hub. A community request can be submitted to LINK via its website.

Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques.