The UK government has commissioned an independent review of in-person banking access, alongside new legislative powers to act on its findings if intervention is deemed necessary.
The review, called the Access to Banking Review, will gather evidence on the real-world consequences of branch closures across the UK, identify which groups are most affected, and assess what further steps may be required to protect access to financial services. Alongside this, the Treasury intends to include a power in the forthcoming Financial Services and Markets Bill enabling it to act swiftly should evidence support intervention.
The review will be led by Richard Lloyd OBE, who is expected to deliver a report and recommendations to the government by October 2026. Lloyd brings considerable regulatory and consumer affairs experience, having served as a non-executive director and interim chair of the Financial Conduct Authority, as executive director of Which?, and as chair of the Independent Parliamentary Standards Authority. He also contributed to the Access to Cash Review, whose findings informed subsequent changes in law, regulation, and industry solutions including the rollout of banking hubs.
The review forms part of a wider set of measures. The Financial Services and Markets Bill will also take forward credit union common bond reforms first announced in March, which are intended to make it easier for credit unions in Great Britain to broaden and expand their membership. This is aimed at improving access to affordable credit and strengthening community-based financial services, fulfilling a manifesto commitment to grow the mutuals sector.
The backdrop to the review is a significant shift in how retail banking customers in the UK behave, with a growing preference for online services prompting banks and building societies to reshape their branch networks. While this reflects changing customer habits, it has raised concerns about those who continue to depend on in-person services — particularly among vulnerable groups and in communities where digital access or literacy remains limited.
Cash Access UK, which has so far opened 237 banking hubs and over 140 deposit services across the UK, noted that consumer demand for in-person access remains strong despite the broader decline in cash usage. The Building Societies Association pointed out that building societies and credit unions now provide more than one in three high street branches, and that the sector continues to invest in both digital channels and physical community spaces to meet evolving customer needs.
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.”
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.”
Copyright © 2026 RegTech Analyst
Copyright © 2018 RegTech Analyst
