At Last - Although A Decade Late - A Welcome Investigation Into The UK Community Banking Crisis.

Our Chair Ron Delnevo had a good discussion about banking with Henry Reilly on London Broadcasting Company - or LBC, if you prefer!

Henry and Ron were discussing HM Treasury appointing Richard Lloyd OBE to investigate the negative impact of bank branch closures and to recommend remedies.

The Payment Choice Alliance welcomes this initiative, though convinced that it is more than a little late.

Two bank branches have been lost to the British public every single day since 2015. Investigating the POTENTIAL impact should have been done BEFORE the banks started their massive closure programmes.

Anyway, Ron told Henry yesterday that he had informed the Treasury several years ago that a MINIMUM of 1200 fully-equipped Banking Hubs would be required, NOT the mere 350 currently promised by 2029.

1200 Banking Hubs would basically cover every community in the UK with 5000 or more residents that has been left without a bank branch.

By “fully equipped”, we mean Banking Hubs MUST have 24/7 ATMs - 95% + currently don’t - and comprehensive face-to-face banking advice covering, at a minimum:

• Life Milestones & Borrowing
• Financial Difficulty
• Estate Administration
• Security & Fraud
• Account Administration

Ron told Henry that Richard Lloyd OBE was being given less than six months to talk to a huge number of people and to examine the impact of the lack of bank branches on thousands of communities.

The Payment Choice wishes Richard Lloyd OBE well in his very difficult assignment - and, of course, looks forward to giving him invaluable input.

Source: youtube.com/watch?v=iRh7Y9U3d3o