The Lending Standards Board (LSB) have launched the formal review of the Access to Banking Standard (the Standard) with the publication of a consultation document today, Tuesday 8 June 2021.
As the independent body responsible for oversight on the Standard, the LSB’s review seeks to determine whether it remains an effective means of achieving fair outcomes for customers impacted by a branch closure, or reduction in access to key banking services.
The industry agreement is designed to ensure that, once a decision to close a branch has been made, customers affected are properly informed about the closure and are given appropriate support to access alternative banking services.
The LSB is responsible for the independent oversight of the Standard, reviewing branch closure programmes undertaken by those firms which are signed up to the Standard, to ensure firms are adhering to their commitments.
Since the Standard was introduced, the use of digital banking has increased, the FCA has published guidance on branch and ATM closures, and the UK Government has committed to protecting access to cash. The LSB are calling for responses to the consultation to ensure this review reflects the views of those impacted by these changes.
Firms signed up to the Standard, other retail banking service providers, consumer and business representatives, and stakeholders involved in the provision of retail banking services more generally, will have an interest in the LSB’s review of the Access to Banking Standard and may wish to respond to this consultation.
We would welcome responses to the questions raised in this consultation and any related feedback by 5pm on 4 August 2021.
You can access the consultation document here.
You can also get in touch with a member of our team via email at: accesstobanking@lstdb.org.uk
