Why Brits can no longer bank on the banks - London Business News | Londonlovesbusiness.com

High Street bank branches are closing rapidly, with 52 closures planned in a single month and additional closures expected by the end of next year. Lloyds Banking Group banks are set to shut at least 168 branches, while Santander, NatWest, Lloyds Bank, and Halifax account for most of the month’s closures. The Government launched an “Access to Banking Services” review to examine the reduction of in-person banking and the lack of protections for access to in-person services. The review uses a “customer needs lens” and focuses on individuals, while also including small businesses, non-profit, and community groups. The review is not due to conclude until October, which may be too late.

"The threat to in-person banking is escalating by the week. Lloyds, Halifax and Bank of Scotland - all part of the Lloyds Banking Group - are set to shut at least 168 bank branches by the end of next year. 'Meanwhile, 52 bank branches across a variety of banking groups will close this month alone. Santander will shutter 27 locations (the most branches in May), while NatWest will close down 15, Lloyds Bank eight and Halifax two."

"In the light of this rapid decline, the Government has pledged to look into the continuing reduction of in-person banking and its new “Access to Banking Services” review was launched last week. Shockingly, the review acknowledges that “there are currently no existing protections for the provision of access to in-person banking services.”"

"The review will look at the state of banking through what it calls a “customer needs lens”. It will primarily focus on individuals using retail banking services, but will also include organisations such as small businesses, non-profit and community groups. However, the review is not set to conclude until October, and that could be too late given the current haemorrhaging of local banking facilities."

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