LSB publishes Access to Banking Standard recommendations

The LSB has published the report of its review of the Access to Banking Standard. The report makes the following recommendations:

  • oversight of branch closures and changes in branch service provision, currently provided for through the Standard, should be transitioned so that FCA becomes the sole regulator;
  • UK Finance and signatory firms should encourage the FCA to adopt a regulatory approach that maintains or enhances the expectations on firms;
  • signatory firms should maintain their commitment to the Access to Banking Standard to ensure that customers continue to benefit from the protections it offers as oversight of branch closures is transitioned; and
  • firms should support industry efforts to provide access to in-person banking alternatives that meet the needs of personal and SME customers and take steps to support customers to use digital and physical alternatives where they are available.

Lucy Hadrill