The UK government has commissioned an independent review into access to face-to-face banking services, alongside new legislative powers to intervene should the evidence demand it.
The Access to Banking Review will examine the real-world consequences of bank branch closures across the country, pinpoint which groups are most severely affected, and determine whether further government action is warranted. The findings are expected to be delivered to ministers by October 2026, and the government has signalled it stands ready to legislate swiftly if the conclusions support intervention. The review forms part of the Financial Services and Markets Bill announced in the King’s Speech, through which the Treasury is seeking powers to act on access to banking services at pace.
The review will be chaired by Richard Lloyd OBE, who brings considerable regulatory and consumer-protection experience to the role. He previously served as a non-executive director and interim chair of the Financial Conduct Authority, and as executive director of Which?. He also contributed to the Access to Cash Review, whose recommendations helped shape subsequent changes in law and regulation — including new FCA powers — and prompted industry-led initiatives such as banking hubs. Richard Lloyd currently chairs the Independent Parliamentary Standards Authority.
The Financial Services and Markets Bill will also advance credit union common bond reforms that were first announced in March. In Great Britain, the changes are intended to make it easier for credit unions to extend and broaden their membership bases, widening access to affordable credit and creating more opportunities for people to save safely. The government says this forms part of its manifesto commitment to grow the mutuals sector.
Retail banking in the UK has undergone significant transformation in recent years as growing numbers of customers opt to manage their finances online. In response, banks and building societies have restructured their branch networks to reflect these shifting preferences, though the government acknowledges this may be leaving some customers — particularly those who depend on in-person services — underserved.
Cash Access UK has so far opened 237 banking hubs and more than 140 deposit services as part of the industry’s efforts to fill gaps left by branch closures. Building societies and credit unions also continue to play a substantial role in maintaining a physical presence on the high street, collectively accounting for more than one in three branches.
Economic Secretary to the Treasury Lucy Rigby said, “Banking services are a really important part of lives and communities, and it’s critical we can all access what we need – whether through local banking services or strong community-based alternatives like credit unions. We are supporting industry’s roll out of banking hubs, but we also need a clear picture of where communities are still losing out. This independent Review will show us where the problems are and what further action may be required – and we will move quickly to legislate where the evidence shows it is needed.”
Access to Banking Review chair Richard Lloyd OBE said, “Banking is an essential service that every consumer and community in the UK needs. That’s why it’s so important to take stock of the impact that the big shift to digital services has already had, and to understand the need for access to in-person banking in the future. I hope to hear from as wide a range of views as possible, and welcome the Treasury’s commitment to taking action should this independent review find evidence that new legislation is needed.”
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