New banking hub to open in London with 5 more planned soon

The new banking hubs are being introduced after new regulations to support people and businesses who rely on cash, making access to cash easier in communities
-Credit: (Image: LINK)


A new banking hub has opened in Acton with five more across London on the way as new access to cash regulations overseen by the Financial Conduct Authority (FCA) come into force. The new regulations require banks and building societies to evaluate and address any gaps in cash access in their local areas - a previously voluntary arrangement.

This ensures that people and businesses who rely on cash can continue to access it. The UK's largest cash machine network LINK has confirmed 15 new banking hubs as a result of these new laws, one of which is in Sidcup in South East London.

Their website explained what these hubs do: "Banking hubs are shared spaces where personal and business customers can access basic banking services and access to cash. The 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."

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These hubs are owned by Cash Access UK and operated by Post Office. You can do personal banking, business banking and bill payments at the hubs - all in one place and face to face with someone.

LINK conducts community assessments in accordance with the new rules following the announcement of the closure of any high street bank, a significant change in the hours or services provided, or when a member of a community requests it.

New London banking hub locations

There will be a new banking hub at the following locations:

  • Acton - opened already

  • Sidcup

  • Chingford

  • Enfield North

  • West Drayton

  • Willesden Green

What do the new banking hub rules mean?

The new rules ensure:

  • LINK is able to recommend banking hubs where there is still one bank or building society branch in town, where it might not meet the needs of businesses and consumers.

  • A more rigorous analysis is conducted to determine the full impact of branch closures or service changes on communities and businesses.

  • Banks designated by HM Treasury do not close branches until the new services are ready.

LINK has updated its Cash Locator App and web tool to allow people to check for their nearest free-to-use cash access point including banking hubs and post offices..

Adrian Roberts, Deputy CEO, LINK: "Today is an important moment for the millions of people across the country who either rely on or prefer to use cash on a regular basis. The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come."

Economic Secretary to the Treasury, Tulip Siddiq said: "It is vital that people have access to cash, so I’m pleased to see the FCA’s new rules that come into force today.

"I am also delighted to see the announcement of 15 new banking hubs, helping delivering on our commitment to roll out 350 banking hubs over the next five years. This will protect access to in person banking services and breathe new life into our high street."

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