New rules mean it will be harder for banks to close a branch
Two Merseyside areas have been listed as without having a high street bank. More than three in every five bank branches across the UK have closed their doors permanently since 2015, according to Which?. The consumer champion said the impact on local communities can be devastating, with some of the most vulnerable members of society, such as those living with disabilities or on lower incomes, reliant on branches and either unable or unwilling to make the switch to banking digitally.
This means banks will need to give more consideration to a local community’s cash needs before deciding to close a branch. The watchdog will require firms to check whether additional services would be needed should a branch shut its doors or an ATM be switched off – and keep facilities open until the additional cash services are available. New FCA rules also give residents more say over what their community’s cash needs are.
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