BROMSGROVE’S chances of receiving a banking hub are likely slim to none despite the efforts of the town MP to secure services for the region.
In just three years Bromsgrove has lost four banks as the future of physical high street branches remains bleak.
And while MP Bradley Thomas has met with LINK – the organisation responsible for determining eligibility and roll-out banking hubs across the UK – the town has a comparatively strong availability of banking services.
Bromsgrove will still have three active bank branches following the closures of Halifax and LLoyds in May as well as a building society and a Post Office.
LINK currently follows Financial Conduct Authority (FCA) legislation which supports towns where there is no access to cash whatsoever. Given this, LINK has confirmed Bromsgrove is not currently in line to receive a banking hub.
Bradley Thomas MP told the Standard: “For me, it’s always been about futureproofing banking provision in our town.
“As I’ve said before, Bromsgrove must not become a banking desert.
“We need to act now so we avoid a situation in the future where Bromsgrove has no banking provision at all.
“That’s why I’ve been campaigning and I want to thank the hundreds of residents who have signed my petition to show their support.
“I discussed this with the chief executive of LINK at our meeting this week.
“I’m grateful for his time and for the opportunity to discuss banking provision in Bromsgrove.”
LINK agreed to continually reassess the situation in Bromsgrove to avoid a situation where access to cash and banking services becomes non-existent in the town.
Mr Thomas added: “I’m hopeful there’s a way forward to futureproof banking provision in our town.”
The FCA legislation also protects existing banking institutions to avoid banking hubs becoming high street competitors.
A LINK spokesperson said: “Banking hubs are making a significant difference in communities across the UK that have lost their last bank branch.
“We know that almost five million people rely on cash and many small businesses need to readily deposit their cash takings at the end of the day too.
