Access to Banking Standard20 July 2017
Customers and local communities will now receive more timely, improved notification and support on bank branch closures with UK Finance’s latest update to its ‘Access to Banking Standard’.
The Standard, which is now be supervised by the independent Lending Standards Board (LSB), builds on recommendations proposed by Professor Russel Griggs in his independent review of the Access to Banking protocol last year, and aims to help minimise the impact of bank branch closures on customers and local communities.
The LSB will oversee the operation of the Standard, and ensure that the 12 banks and building societies which have signed up to the Standard fulfil their requirements, and that the intended outcomes for customers are reached. The LSB will therefore independently monitor and report on its application by those banks and buildings societies, as well as identifying and sharing best practice.
The industry-wide agreement, which has the support of Government, the regulator, and the main high street banks, will see customers affected by closures receive improved notification of potential branch closures; greater clarity on the reasons for the closure, as well as banks providing more direct and proactive help for those seeking to access banking via other means in the run up to the closure.
Read more about the agreement UK Finance Press Release.