Independent report

Terms of Reference – Access to Banking Services Review

Published 14 May 2026

Terms of Reference – Access to Banking Services Review

1. Context

The way UK citizens bank has changed significantly in recent years. Whilst many customers benefit from the ease and convenience of remote banking and the digital innovations that allow them to manage their finances more easily, other people still need or prefer access to in-person banking services.

In recent years, we have seen many retail banks reviewing how to best meet the changing needs and preferences of their customers. This has included reshaping their branch networks in response to significant shifts in consumer behaviour. This reflects some of the changes in the way people choose to bank; however, this may have also resulted in detriment caused by the changes to branch networks to those who require access to in-person banking services.

The Government recognises that it is not possible, nor reflective of customer banking behaviour, to ‘turn back the clock’ on the provision of banking services which has in large part become digital and less relationship based as a result of customer preferences.  However, the Government is committed to ensuring that some customers, including those who are vulnerable or have specific needs, retain sufficient access to essential banking services in-person and remains committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament.

While access to cash is protected by legislation and the Financial Conduct Authority (FCA) has responsibility and powers to ensure reasonable provision of cash withdrawal and deposit facilities, there are currently no existing protections for the provision of access to in-person banking services.

As such, HM Treasury has commissioned an independent Review into Access to Banking Services to better understand the impact of the current trajectory of access to in-person banking services, including the scale of any detriment to consumers and the impacts it may have on vulnerable groups.  

2. Objectives and Scope

The Access to Banking Services Review should consider whether declining access to in-person banking services is causing consumer detriment, and the scale of any detriment, including to any specific cohort or demographic.

The Review should look at this primarily through a ‘customer needs’ lens – customer in this context primarily means individuals using retail banking services, but will also include organisations (small businesses, non-profit and community groups) using banking services – and seek to collect evidence for Government, financial services regulators and industry.

In making recommendations, the Review will seek to answer the following questions:

1. Which in-person banking services are important or essential for customers to be able to access?
2. Are there groups of customers who need or require access to in-person banking services and if so, who are they?
3. Is the decline in access to in-person banking services causing detriment to customers, and to how many customers? What is the materiality of the detriment caused to these customers?

As part of answering these questions, the Review should consider both how in-person banking has evolved to the present day, as well as the likely trajectory in this area under current regulation. It should also cover market dynamics, including the impacts that competition between types of firms may have on the market and the implications for customer access, as well as the role of existing initiatives or emerging digital or hybrid service models to mitigate any detriment.

The evidence collected by the Review will inform future decisions on whether further action is needed.

The Review will seek input from market participants and consumer representatives, and Government and regulators may also be consulted.

Financial Services is a reserved matter for the UK Government, and as such, access to in-person banking services across the UK will be considered by the Review.

3. Governance

The Review is being conducted on an independent basis. It will be chaired by Richard Lloyd OBE, with HM Treasury providing the secretariat.

The Chair will provide a report and recommendations to the Government in October 2026. The Government will publish the report accordingly.