EXCLUSIVE: Wokingham has been dealt a blow with news that an application for the town to become home to a banking hub has been rejected.
Revealing the decision today, Dr Chris Ashton, chief commercial officer for LINK told Wokingham Today: “After visiting Wokingham as part of our detailed assessment for gaps in access to cash, LINK found that the town has adequate cash services for consumers and local businesses in the community.
“It doesn’t currently meet the criteria for additional services under the Financial Conduct Authority rules.
“We will continue to monitor Wokingham, and if the situation changes we will review our decision.”
LINK is the organisation, funded by banks, that provides banking hubs for towns where it deems there is a lack of provision for financial services.
In its decision, LINK said its assessment of Wokingham showed there are already cash access services and facilities within a one-mile radius which are suitable for the needs of the local area.
Wokingham Today understands the decision is linked to the town having HSBC, Nationwide and the Post Office inside WH Smith available for banking transactions, as well as a number of free-to-use ATMs for cash withdrawals.
Lynn Forbes, a former Wokingham town councillor and mayor, had applied to Link, the organisation responsible for banking hubs, for the town to have a banking hub.
She had highlighted the fact that HSBC does not offer counter services, and the Post Office often has queues in excess of an hour. She also pointed out that although charities are becoming increasingly digital when fundraising, they still rely on cash.
Lynn told Wokingham Today: “I am extremely disappointed by this decision, but I will continue to work with the team and pursue getting approval for a banking hub for Wokingham.
“It’s not dead yet.”
Banking hubs are shared spaces on the high street where you can complete cash and cheque transactions and face-to-face services, regardless of who you bank with.
Executives from LINK visited the town on September 25, and met with Lynn, MP Clive Jones, Mark Ashwell, Wokingham Borough Council’s executive member for business development, Wokingham town clerk Katy Hughes, Sue Jackson from the Wokingham in Need charity, and Wokingham Today – who presented a dossier of comments and emails from hundreds of residents who supported a banking hub.
They also spoke to town centre retailers and consumers during their two-hour visit.
Before making a decision, LINK looks at many factors, including the size of the community, how many shops there are, and the characteristics of the community to understand its needs. This includes how close the nearest banking facilities are, and how easy it is to travel there.
It also looked at how people use online tools, including digital banking. It measured levels of digital vulnerability and compared that with the national average. This is done to consider the extent that residents use online shopping and banking, have access to a smartphone and the area’s broadband speed.
It also considered the age of the local population, measuring the proportion of older people (over-65) in the community compared with the national average.
Prior to the announcement, Wokingham’s MP Clive Jones said he had met with representatives from LINK several times with the aim of establishing an in-person banking hub.
He said: “A banking hub is an essential service for the people of Wokingham, and would not only provide a reliable in-person option for those who do not wish to use online banking, but also would increase footfall in the town centre, giving a boost to local businesses.”
There are currently more than 160 banking hubs already operational or proposed throughout the country, although there are currently none in Berkshire.
