East Devon MP leads debate in Parliament calling for more banking hubs
Simon Jupp, MP for East Devon, led calls for more banking hubs to open in Devon during a debate he secured in Parliament on the 24th of April.
After being invited to officially open Sidmouth’s new banking hub following his campaign to get one set up in the town, Simon Jupp MP is pushing for more hubs to open locally where high street branches are closing or have disappeared.
As part of his campaign, the East Devon MP has been holding meetings with LINK and Cash Access UK, the organisations responsible for setting up banking hubs, to make the case for hubs in local towns and villages including Exmouth, Budleigh Salterton, and Ottery St Mary.
The MP also recently co-signed a letter to the Financial Conduct Authority, which regulates the financial services industry in the UK, calling for rule changes to make it easier to set up banking hubs.
During the opening speech of his debate in Parliament, Simon Jupp MP highlighted the clear demand for face-to-face banking services in Devon, as well as the successes of recent banking hub openings in Sidmouth and Axminster.
Referring to the letter he signed to the Financial Conduct Authority, the East Devon MP urged the regulator to relax the criteria for opening banking hubs, including the need for no bank branches to be open at all in a particular area before a banking hub can be set up.
Treasury Minister Bim Afolami MP responded to Simon Jupp MP’s debate, praising his hard work on behalf of residents to improve access to banking services and made it clear that delivery of banking hubs must be sped up.
The Financial Conduct Authority will decide on new banking hub rules in the third quarter of this year.
Simon Jupp, MP for East Devon, said; “I was really pleased to lead calls for more banking hubs in our part of Devon in Parliament this week. High street banks have no excuses to pull up sticks and completely disappear from our communities. Local people – and their loyal customers - still need access to cash and face-to-face banking services. After the success of my banking hub campaign in Sidmouth, I want it to be easier for more banking hubs to open across our towns and villages. The financial regulator’s decision later this year is a golden opportunity to secure more hubs where they are needed most. Meanwhile, I will continue to work hard with local communities to make sure people can access their banking services in our part of Devon.”
