Frome has lost banks like HSBC and TSB from the Market Place in recent years. Picture: Frome Town Council

Frome and Nailsea to get banking hubs as new rules come into force

Paul JonesSeptember 18, 20240 Comment0

FROME is to get a new banking hub, it has been confirmed.

LINK, the UK’s cash access and ATM network, has confirmed 15 new banking hubs will open after new ‘access to cash’ regulations came into force.

The new rules, overseen by the Financial Conduct Authority (FCA), mean locations which previously didn’t qualify for a banking hub will now get one.

Frome is on the first published list for a banking hub under the new rules alongside Nailsea in North Somerset, with a hub already planned in Wellington. Sherborne, in Dorset, is also included.

However Ilminster, which was previously denied a banking hub, does not make the new list, which was created after more than 180 applications were re-evaluated.

Frome Town Council welcomed the announcement of a hub in the town, which should be in place in the next 12 months.

The council, along with community finance group Prosper Frome, has lobbied for the introduction of a banking hub since Frome lost its branches of HSBC, Natwest and Barclays last year.

Cllr Anne Hills, who is also on the Board of Prosper Frome, said: “We’re delighted to hear that Frome will be getting the banking hub it needs so much.

“Frome, like so many towns in the UK, has been badly affected by the decline of high street banks.

“In the absence of banks, the hubs provide vital services for local people and businesses. This applies in particular to older people, or those affected by digital exclusion.

“However, a full range of banking facilities helps all of us to access our money, pay bills and run our affairs in the way that suits us best.

“Now, the work must begin to find the right location for the hub, and Frome Town Council looks forward to being involved in the implementation of this much-needed facility.”

Banking hubs are shared spaces where personal and business customers can access basic services and access to cash.

They have a traditional counter service operated by the Post Office, with community bankers from nine major high street banking firms operating 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.

Once LINK has recommended a new banking hub or deposit service, in the majority of cases these will be delivered by a bank owned company called Cash Access UK, which has so far opened 76 Banking Hubs across the country.

Adrian Roberts, deputy CEO at LINK, said: “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, added: “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.”

Under the new rules, banking hubs will be installed in these communities:
Sidcup (London)
Normanton (West Yorkshire)
Hailsham (East Sussex)
Frome (Somerset)
Sheerness (Kent)
Whitley Bay (Tyne and Wear)
Rugeley (Staffordshire)
Newquay (Cornwall)
Market Harborough (Leicestershire)
Thetford (Norfolk)
Monmouth (Wales)
Morecambe (Lancashire)