Not-for-profit company to improve access to cash launched

Cash Access UK, supported by trade body UK Finance, is being funded by nine major lenders in the country – these being Barclays, HSBC, Lloyds, Nationwide, NatWest, Santander, Virgin Money, Danske Bank and TSB.   

It comes off the back of a trial of banking hubs, which took place last year in South Lanarkshire and Essex. The move is designed to allow communities hit by branch and ATM closures to get continued access to cash.

There are now 29 banking hubs either currently operating or will be launched over the coming months. 

It’s hoped the launch of these banking hubs – operated by the Post Office – will help to fill the void left by the closure of branches, with thousands being shut across the country in recent years. The space provides counter services and a space for customers to meet with a banker from their provider.  

They will also provide deposit-taking services and will experiment with other ways of providing banking services to communities.  

The new company is chaired by Natalie Ceeney, while its chief executive is a former managing director of business banking at Lloyds Gareth Oakley.  

The incorporation of the company follows extensive industry collaboration over 18 months, led by UK Finance, to align with forthcoming legislation and regulation by the Financial Conduct Authority.  

UK Finance’s chief executive David Postings said: “While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too.  

“The creation of Cash Access UK is an important step towards a network of banking hubs across the country. So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.”