Frome Town Council welcomes the news that Frome will have a banking hub, offering a full range of banking services. FTC, along with community finance group Prosper Frome, have lobbied for the introduction of a banking hub since Frome lost its branches of HSBC, Natwest and Barclays in 2023.
New rules from the Financial Conduct Authority (FCA) recently came into force, changing the eligibility criteria for a banking hub. As a result, The LINK group have announced their aim to install a banking hub in Frome within 12 months, operated by Cash Access UK. The banking hub will offer post office and banking counter services, access to withdraw and pay in cash, pay bills and more.
Cllr Anne Hills, who is also on the Board of Prosper Frome, said: “We’re delighted to hear that Frome will be getting the banking hub it needs so much. Frome, like so many towns in the UK, has been badly affected by the decline of high street banks. In the absence of banks, the hubs provide vital services for local people and businesses. This applies in particular to older people, or those affected by digital exclusion. However, a full range of banking facilities helps all of us to access our money, pay bills and run our affairs in the way that suits us best. Now, the work must begin to find the right location for the hub, and Frome Town Council looks forward to being involved in the implementation of this much-needed facility.”
More about the announcement and details of banking hub facilities is at https://bit.ly/link-banking-hubs.
