Stone secures meeting with Treasury to save high street banks 

Jamie Stone, MP for Caithness, Sutherland and Easter Ross, has asked the Prime Minister to update the Financial Services and Markets Act 2023 to include an ‘Access to Banks’ provision to prevent the most vulnerable from being left behind, and ensure that banks fulfil their duty of service to their customers when it comes to preserving face-to-face banking.

Local bank branch closures have been particularly widespread in the Far North of Scotland, where the removal of the last Bank of Scotland branch in Golspie left the entire county of Sutherland without a single bank. More closures have now been proposed in the Ross-shire towns of Tain, Gairloch and Dingwall.

The Financial Conduct Authority’s (FCA) ‘Access to Cash’ policy, published in 2024, introduced new rules for banks and building societies designated by the Treasury to ensure reasonable access to cash withdrawal and deposit services for consumers. However, this did not include the provision for these businesses to uphold their face-to-face banking resources - which is the vital service that Highlanders have repeatedly expressed their need for.

Mr Stone previously wrote to the FCA to ask them to reconsider and broaden their current ‘Access to Cash’ policy to include an ‘Access to Banks’ provision following the recent mass closure of local bank branches across the UK.

Responding to Mr Stone’s letter, the FCA explained that the Financial Services and Markets Act 2023 gave them new powers to ensure reasonable provision of cash services - which took effect in September 2024. These rules require banks and building societies designated by the Treasury to assess and fill significant gaps in cash provision. However, Parliament decided not to include access to wider banking services within the same remit - meaning the FCA’s powers are limited by current legislation.

Consequently, Mr Stone has directly asked the Prime Minister for a meeting with the Treasury to discuss updating the Financial Services and Markets Act 2023 to include a legal ‘Access to Banks’ obligation for large banking groups.

In response, the Prime Minister agreed that he would ensure that Mr Stone got a meeting with the Treasury to look at his proposal.

Commenting, Mr Stone said:

“We have legislation that ensures access to cash, but we do not have legislation that protects face-to-face banking services. This is causing my constituents considerable stress. Financial inclusion does not begin and end with cash access.

“The presence of bank staff, advice services, and in-person problem resolution remains fundamental to maintaining financial confidence and ensures every community can connect with essential banking services, whether face to face, through shared hubs, or through guaranteed local support.

“The Far North is vast and recent closures have unfairly disadvantaged many of my more vulnerable constituents  - who don’t all have the means of using online banking and cannot simply drive to the next town in search of a bank branch.

“We have a viable solution in changing the legislation, now I need the Chancellor and the FCA to take the necessary action to fix this problem for people all across the UK.”