meta_id 3154722

On May 14, 2026, HM Treasury commissioned an independent review to assess how shifts in face-to-face banking services are affecting people and communities across the United Kingdom. The review will be chaired by Richard Lloyd, former Executive Director of Which? and former non-executive director of the Financial Conduct Authority (FCA), with findings due by October 2026. The review addresses significant changes in retail banking, as customers increasingly adopt online banking services, prompting banks and building societies to reshape their branch networks. While this reflects changing customer preferences, it may create challenges for those dependent on in-person banking services. The Access to Banking Review will gather evidence on the real-world impact of branch closures, identify affected populations, and assess where further action is needed to protect access to banking services. The Treasury intends to include new powers in the Financial Services and Markets Bill (announced in the King's Speech on May 13, 2026) to enable the Government to act swiftly if evidence supports intervention on access to banking services. The review complements existing voluntary industry initiatives, including banking hubs—shared premises offering assisted cash services. Over 275 banking hubs have been announced, with more than 230 already operational, though these provide no equivalent protections for wider in-person banking services beyond cash transactions. The Government is also advancing credit union common bond reforms announced in March 2026, making it easier for credit unions in Great Britain to expand membership and broaden access to affordable credit and savings services. This supports the manifesto commitment to grow the mutuals sector and strengthen community-based financial services. Richard Lloyd will welcome submissions from stakeholders and the public to inform recommendations for protecting access to essential banking services.