Ben Lake MP puts forward a Bill to safeguard local bank branches

On 27 February, Ben Lake MP introduced a Bill in Parliament looking to ensure customers aren’t left without basic financial services by bank closures.


The Bill, supported by MPs from all political parties, has a three prong approach to address the issue:


Make it more difficult for banks to close – by changing the ‘Access to Banking Protocol’ so banks will have to consider transport time to their next nearest branch – not just distance as is currently the case – when making a decision about closing.


Create ‘Local Banking Hubs’ – By changing existing rules, banks will be allowed to ‘co-locate’. Meaning more than one bank could share a premises and some administrative functions. This will make it more cost-effective for multiple banks to remain open in an area.


Enhance financial services offered by Post Offices – Post Offices already have the ability to offer a range of banking services – from paying in cheques to withdrawing cash. But many branches lack the basic infrastructure, funding, and training to carry out these services. By investing in Post Offices, the Westminster Government could ensure the 99% of retail customers and 95% of commercial customers that have easy access to Post Offices can at least use basic banking services.

Watch Ben's speech in Parliament here:

The Bill's Second Reading will be held on 23 November 2018.

Say you're with us

Elin Jones and Ben Lake work for everyone who lives in Ceredigion. Show your support and help them in their work to ensure a better Ceredigion, today.