Banking Hub To Open In Newquay

Wednesday, 18 September 2024 00:00

Newquay will be among the first towns in the UK to get a banking hub as a result of new rules that come into effect today.

The hub is expected to open within the next 12 months. Previously, towns were only eligible once all banks had closed. However, the Financial Conduct Authority's updated regulations will now enhance the voluntary rules previously set by the banking industry, allowing for earlier intervention. 

Radio Newquay understands that the Lloyds Bank branch on Chester Road, which was due to close in December, will remain open until the new hub is operational, as part of an agreement. In March, a spokesperson for Lloyds told Radio Newquay that visits to the branch had "fallen in recent years" with people increasingly choosing to bank online.

The new banking hub will be operated by Post Office employees and will offer services to both personal and business customers. However, the hub is unlikely to be located at the East Street Post Office, with a search for a suitable premises now underway.

Customers of any bank will be able to withdraw and deposit cash, make bill payments, and carry out routine banking transactions. Private spaces will also be available for discussions with community bankers from various banks on a rotating basis, providing support for more complex issues.

Adrian Roberts, Deputy CEO of LINK, welcomed the hub: "Access to cash remains vital for millions of people across the country, and the new rules mean people will be able to access cash on the high street for years to come."

The hub, delivered by Cash Access UK, is expected to open within a year, marking a significant step in ensuring continued access to essential banking services in the region.

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