2nd April 2025
Freddie van Mierlo, MP for Henley and Thame, continues to campaign for a Banking Hub after Thame is left without a bank.
Following the closure of Lloyds Bank in Thame on Tuesday 18 February, the town has been left without a local banking facility. Freddie van Mierlo, MP for Henley and Thame, continues to lead efforts to secure a Banking Hub that can meet the needs of the community. Since the closure, Freddie, along with Thame Town Council, has campaigned for a more comprehensive solution to address the town's banking requirements.
The first step in this process was an independent assessment from LINK, the UK's cash access network, to determine the need for such a hub in Thame. LINK's review focused solely on cash access and recommended the introduction of an Automated Deposit Scheme (ADS) for businesses. However, this solution, while helpful for businesses, has not been seen as adequate to meet the broader banking needs of the community, particularly for vulnerable groups.
Following this assessment, Freddie wrote to the Financial Conduct Authority (FCA) to raise concerns on behalf of the residents of Thame about the loss of banking services in the town. However, in their response, the FCA stated that they believe the ADS will be adequate for cash access in the area.
Freddie van Mierlo has expressed his disappointment with the FCA's response, maintaining that while the ADS may be a helpful tool for businesses, it does not address the full spectrum of banking needs for Thame's community. The MP continues to call for a more comprehensive solution, urging the establishment of a full Banking Hub that offers a complete range of banking services.
Freddie van Mierlo MP commented:
"I am disappointed with the FCA's response. While I understand the rationale behind the Automated Deposit Scheme for businesses, it is clear that this is not enough to meet the full needs of our community. Many residents, particularly the elderly and vulnerable, continue to face difficulties with online banking and lack adequate access to in-person services. Thame requires a full Banking Hub that offers a wide range of services to support everyone in the community, not just businesses."
Councillor Kate Gregory also expressed concern over the decision stating:
"The FCA's recommendation of the Automated Deposit Scheme fails to fully address the diverse banking needs of Thame. Many residents rely on in-person services, and we need a solution that serves everyone in our community. I strongly advocate for the establishment of a full Banking Hub that offers support for all."
