The Treasury has issued a statement about the future of banking servicesNicholas Dawson13:20, 08 Jul 2026A senior Treasury minister has published a statement regarding the future of banking across the UK. The announcement concerns significant changes affecting customers of all major UK banks, including Barclays, Lloyds, NatWest and Santander.‌The update came after Conservative MP Wendy Morton submitted a written question in Parliament about banking provision throughout the UK. She specifically sought to know whether ministers had evaluated the criteria used by LINK to determine where banking hubs should be set up. LINK is an interbank organisation that links many UK cash machines, enabling customers from different banks to use any machine within the network.‌When a bank branch shuts, the organisation evaluates the in-person cash provision in that locality to decide whether a banking hub is required.‌Bank branch closures this yearA series of bank branches are scheduled to shut between July and September 2026, including branches of Lloyds, NatWest and Halifax. The MP for Aldridge-Brownhills in the Midlands also enquired whether a forthcoming independent review of access to banking services would examine whether these criteria are appropriate for "rural, coastal and market town communities".State Pensioners to face major tax changeThis report is currently underway and will examine topics such as which in-person banking services are essential for customers to access and what detriment is caused by the decline in services in local communities. Recommendations will be presented to the Government in October 2026 following the review.‌Ms Morton also enquired whether communities previously denied a banking hub would be able to "seek reassessment" following the publication of the review. Economic Secretary to the Treasury, Rachel Blake, delivered the Government's response.Treasury minister responseShe said that LINK examines multiple factors when assessing the cash access requirements of a locality. Factors that it consider include "the size and vulnerability of the population, existing and remaining cash access facilities and the number of shops".The organisation also considers the demographics of area residents and whether individuals can reach neighbouring facilities. She noted that LINK bases its evaluation on a "catchment area" of three miles in rural locations and one mile in urban areas.‌Ms Morton said there are certain provisions under UK law that affect this matter of bank branch availability. She said: "The FCA [Financial Conduct Authority] is legally required to keep its rules under review, including those relating to access to cash."Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. LINK's access to cash assessment process can be found on its website."‌The FCA has regulations requiring banks and building societies to assess cash access provision in an area under two circumstances. The first occurs when services in an area are altered, such as a branch or Post Office shutting down or modifying its opening hours.The second circumstance arises when a "cash access request" is lodged, which happens when a local resident or business demands a review of services in their locality. This request can be submitted on the LINK website.No legal protectionsDespite these provisions being established, the Treasury minister said in her response that there is "currently no existing legislative or regulatory protections for the provision of access to in-person banking services". She explained this is the reason behind commissioning the independent review.Article continues belowRegarding the review, Ms Blake said: "The chair will provide a report and recommendations to the Government upon its conclusion, at which point the Government will consider any future actions. Alongside the review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary."This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the review supports intervention."