THE MP for Frome has welcomed news a financial services ‘hub’ will open following the closure of every bank in the town.

LINK, the UK’s cash access and ATM network, has announced a new banking hub providing residents access to cash is likely to open in 12 month's time.

Banking hubs are a shared banking space, similar to a traditional bank branch. The hub, when open, will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

Anna Sabine, MP for Frome and East Somerset, said: "I am delighted to hear that LINK has reassessed the need for a banking hub in Frome.

“Access to banks is a crucial element to any thriving community and following the announcement of the closures of all banks in the town, I shared in concerns of local residents and businesses that we needed to ensure adequate provisions were made.

“I welcome the news announced that Frome will maintain this access and that Link can continue to provide this important role in the local economy."

As part of new rules introduced by the Financial Conduct Authority (FCA) that strengthen and enhance the previous voluntary rules set up by the banking industry, LINK can confirm that an earlier recommendation to provide Deposit Services that support small businesses, will be upgraded to a banking hub that can support personal and

In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.  

The new hub will delivered by Cash Access UK, which will begin the process of looking for a location to host the hub. The hub will likely open in 12 months’ time.

Any consumer can find their nearest free to use cash access point including ATMs, Post Offices and Banking Hubs via the LINK Cash Locator App and website here: https://www.link.co.uk/cash-locator  

Adrian Roberts, Deputy CEO at LINK, said: “We’re pleased to recommend this new hub in Frome. Access to cash remains vital for millions of people across the country and the new rules that have come into force mean people will be able to access cash on the high street for many years.”