On 8 June 2021, the Lending Standards Board published a consultation paper on its review of the ‘access to banking standard’ (the Standard).
The Standard aims to ensure that customers are well-informed about branch closures and the options available to them if they do not have a nearby branch. The Standard came into effect in May 2017.
The overarching principle of the Standard is:
“Customers and relevant stakeholders of a bank branch that is closing will be provided with clear, understandable, accessible documentation and information about that specific closure as soon as the bank is able to do so, also what it will mean for them and how they can continue to bank following its closure.”
The LSB wishes to review the Standard’s effectiveness. This will include considering the impact (if any) of Finalised Guidance 20/3: ‘Branch and ATM closures or conversions’ and Finalised Guidance 21/1: ‘Guidance for firms on the fair treatment of vulnerable customers’.
The consultation period ends on 4 August 2021.