Mentions:
1: Smith, Liz (Con - Mid Scotland and Fife) the availability of materials fluctuates according to the changes in the construction and demolition markets - Speech Link
2: Marra, Michael (Lab - North East Scotland) Financial crime and tax avoidance are far greater crimes and a greater problem for this country than - Speech Link
3: Greer, Ross (Green - West Scotland) We need to look at the financial levers in our power to further incentivise those less carbon and resource-intensive - Speech Link
4: Mason, John (SNP - Glasgow Shettleston) need for part 2 of the bill has again highlighted the lack of opportunities for tidying up existing financial - Speech Link
5: Thomson, Michelle (SNP - Falkirk East) I fear that our Scottish Government is having to make financial decisions based on guesswork, and that - Speech Link

S6W-27102

Asked by: Greene, Jamie (Scottish Conservative and Unionist Party - West Scotland)

Question

To ask the Scottish Government what assessment it has made, regarding the potential impact on local communities, of the reported announcement by the NatWest Group that the Royal Bank of Scotland will close 18 of 86 branches across Scotland in September 2024.

Answered by Forbes, Kate

The Scottish Government notes the decision from NatWest Group to close 18 Royal Bank of Scotland branches this year which continues a trend seen across the banking sector. Scottish Ministers are fully aware of the negative impact this will have on affected communities – particularly for small businesses and vulnerable or digitally excluded consumers given the challenges they can face in accessing alternative banking services.

The regulation of financial services is reserved to the UK Government and they recently legislated through the Financial Services and Markets Act 2023 to grant the Financial Conduct Authority (FCA) greater powers to protect access to cash across the UK. The FCA launched a consultation on a proposed new regulatory framework for access to cash which the Scottish Government formally responded to earlier this year. I will be meeting with Nikhil Rathi, Chief Executive of the FCA, on 26 June to continue the dialogue begun by my colleague, Neil Gray, to further consider their proposed access to cash plans and ensure the cash access and banking requirements of Scotland’s communities are articulated, understood and addressed.

The Scottish Government have also sought to engage directly with the banking sector in Scotland on the future of the in-person cash and banking services they provide. Through this engagement we have agreement in-principle from several of the major banks in Scotland to attend a Scottish Government hosted cross-party roundtable on access to cash and banking services. This will take place on 4 June and we have now issued invites to all political parties and stakeholders across the Scottish financial services sector. I am confident that this will provide a constructive forum between the Scottish Government, elected representatives and the financial services sector to fully understand the impacts of a declining branch network on Scottish communities, and find collaborative ways to ensure there are long-term sustainable solutions to protect access to cash and physical banking services.

Found: A 2020 research report from the Competition and Markets Authority on Legal Services in Scotland suggested