Future of Financial Services APPG – Statement on Bank Branch Closures
Peter Bedford MP and Lord Sharkey, Co-Chairs of the Future of Financial Services APPG, said:
“This is yet another body blow to struggling communities, local businesses and charities across the country. Big banks’ relentless erosion of high street banking facilities takes a heavy toll, as highlighted in the APPG’s report this summer. And this time the banks are going even further by closing mobile banking services that the banks themselves have touted as the mitigation for branch closures, thus removing the final bare minimum level of physical access to banking for many communities.
Only fifteen years ago, banks brought our financial system to its knees, and relied on taxpayer support to rebuild. Now, they are quickly privatising the benefits of their resurgence by cutting local services, and communities are seemingly helpless victims. We urge Ministers and regulators to step in, take up our recommendations to accelerate opening banking hubs with expanded services and longer opening hours, and make it easier for challenger banks and building societies to open branches. We must act now for our communities to have a chance to thrive again.”