21st March 2025
Freddie van Mierlo, MP for Henley and Thame, has written to the Financial Conduct Authority (FCA) on behalf of the residents of Thame, raising concerns about the recent loss of banking services in the town following the closure of the last bank, Lloyds.
The closure has left the Thame community facing significant challenges, particularly as the remaining cash machines recently ran out of cash over a weekend, highlighting the need for a banking solution. Freddie van Mierlo MP emphasised that the situation is especially difficult for older and vulnerable residents who struggle with online banking, as well as for local businesses that handle significant amounts of cash.
While LINK, the network overseeing cash access, has argued that there is sufficient cash access in Thame due to the presence of a Nationwide branch, basic banking services at the post office, and free-to-use ATMs, Freddie van Mierlo MP and local stakeholders believe these measures fall short of meeting the full needs of the community. LINK’s assessment, which is regulated by the FCA, focused solely on cash access and recommended an Automated Deposit Scheme (ADS) machine for local businesses. However, the MP and Thame Town Council believe this does not address the broader issue of access to essential banking services.
In his letter to the FCA, Freddie van Mierlo MP called for a broader approach to banking services, urging that Banking Hubs, as promoted by the government, should offer more than just cash access. He stressed the need for a full range of banking services to ensure that all residents and businesses in Thame can effectively manage their finances.
Freddie van Mierlo MP commented:
“The closure of Lloyds bank has left Thame’s community struggling with limited banking options. While I appreciate that cash access is a priority, the current measures do not address the broader needs of our residents and businesses. A comprehensive Banking Hub, offering a full suite of banking services, is essential to ensure everyone, particularly the elderly and vulnerable, have access to the support they need. I will continue pressing for a solution that meets the full range of needs in Thame.”
Councillor Kate Gregory added:
“The loss of a bank in Thame is a significant blow to the town, and while the current measures may provide some access to cash, they fail to address the full spectrum of services that our community requires. We need more than just a cash deposit solution; we need a Banking Hub that provides residents and businesses with all the banking services they rely on. I fully support the call for a broader approach and will continue to work with the Freddie van Mierlo to find a lasting solution.”
