Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support the use of banking hubs as venues for financial education aimed at improving women’s (a) financial literacy and (b) independence.

Banking hubs are a voluntary service which were developed by the financial services sector in the context of legislation to protect access to cash under the Financial Services and Markets Act 2023. Their rollout is overseen by Cash Access UK (CAUK), a not-for-profit company set up and funded by the banks for the purpose of coordinating banking hub delivery.

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 230 hubs have been announced so far, and over 160 are already open.

Where a branch closure is announced or a community has submitted a cash access assessment request, LINK, the independent industry coordinating body responsible for making access to cash assessments, assesses a community’s access to cash needs. LINK will recommend appropriate solutions where it considers that a community requires additional cash services, such as a banking hub or deposit service.  

The Financial Conduct Authority (FCA) rules require LINK to consider a range of factors in their assessments, such as population demographics and levels of vulnerability within the community.

The Government is committed to ensuring that all individuals have the financial capability to manage their money well and recognises that certain groups – such as women – may face specific barriers to financial literacy and inclusion. The Money and Pensions Service (MaPS) is supported by the Government to provide a wide range of tools and guidance to help people manage money confidently at every stage of life. Furthermore, by making Financial Education and Capability a focus within the Financial Inclusion Strategy, the Government aims to address these barriers and ensure that women, as well as other groups who face barriers, are better equipped to access affordable and appropriate financial products and services.