Skip to main content
Sir Peter Bottomley
Former MP

Main navigation

  • Home
  • About me
  • News
  • In Worthing West
  • In Parliament
  • Campaign Archive
  • Contact Me
  • facebook
  • twitter
  • instagram
Sir Peter Bottomley
Former MP

Backing High Street Banking

  • Tweet
Friday, 2 February, 2024
  • Local News
Letter to CEO

Despite modern innovations, we do not live in a cashless society. People still require banks and people require access to cash. Over three million consumers nationwide still rely on cash – particularly people who may be vulnerable as well as many small businesses.

In the past two years, a total of 1,391 branches have closed across the UK including here in Worthing, Goring and Arun communities. Many will agree that banking hubs and similar schemes are the solution to this growing issue.

Current legislation requires LINK, the cash machine network, to assess whether towns losing their last bank should get alternative banking services.

However, this rule prevents LINK from considering whether an area requires a new cash solution if there is a remaining bank or building society branch in town.

The current consultation, running until the 8th of February, includes a proposal to increase this threshold for intervention to activate when the 'second-to-last' bank closes.

I have co-signed a letter alongside 56 other MPs to the Chief Executive of the Financial Conduct Authority. In the letter, we urge the FCA to go a step further than this and grant LINK the ability to operate on a case-by-case basis.

When the direction of travel is clear, it is better for all if the intervention is done earlier rather than later.

Such a move would allow staff to be moved over to a banking hub more seamlessly and “ensure that a community is not plunged into a limbo period” where they lose their access to cash.

You may also be interested in

Access to cash

Campaign to Protect Access to Cash

Progress on Protecting Access to Cash: Thank you to those getting in touch with concerns about ongoing access to cash in Worthing, Arun and across the country. Ordinary people need access to cash and local shops want to be able to accept money.
A photo of Sir Peter imposed over a map of East Preston and Kingston

East Preston and Kingston Beach Huts Opposition

Friday, 24 May, 2024
Residents in Kingston and East Preston have been in touch with concerns about Arun District Council's proposals to install a large number of beach huts along the shoreline there. It would be wrong for private estates and land to be developed in places that are not appropriate, against the wishes of

Show only

  • Articles
  • Local News
  • Newsletters
  • Speeches in Parliament
  • Westminster News

Sir Peter Bottomley

Footer

  • About RSS
  • Accessibility
  • Cookies
  • Privacy
  • About me
Conservatives
  • facebook
  • twitter
  • instagram
Promoted by D Atherton on behalf of Bottomley & Chapman, all of 21 New Broadway, Worthing, BN11 4HP
Copyright 2025 Sir Peter Bottomley . All rights reserved.
Powered by Bluetree