Earlier this week whilst at the Conservative Party Conference I met with Adam Wilkinson from the LINK Group and spoke to him about the steps needed to establish a Banking Hub in St. Ives following the decision by Lloyds Bank to close their branch in the Market Square.
LINK is the UK’s cash access and ATM network and plays a key role in determining where cash services including banking hubs and deposit services are located. New access to cash regulations, overseen by the Financial Conduct Authority (FCA), have now come into force.
Banking hubs have a traditional counter service operated by the Post Office, and community bankers from nine major high street banks operate on a rotating basis to provide support on more specific matters in a private space. Deposit services also provide small businesses with a facility to access and pay in notes and coins.
Once LINK has recommended a new banking hub or deposit service, in the majority of cases these will be delivered by a bank owned company called Cash Access UK. LINK conducts community assessments in accordance with the new rules following the announcement of the closure of any high street bank.
I will review the most recent assessment by LINK which I am informed currently only recommends a deposit service and stops short of a banking hub. If necessary I will make an appeal for the assessment to be reconsidered and push for the establishment of a new banking hub.
