UK launches independent review of bank branch closures and protections

The government has launched an independent review to examine the impact of widespread bank branch closures across the United Kingdom and to determine whether new protections for in-person banking services are needed. The investigation, commissioned by Economic Secretary to the Treasury Lucy Rigby, will be led by Richard Lloyd, a former executive director of the consumer group Which? and former board member of the Financial Conduct Authority.

Lloyd is tasked with gathering evidence on the practical consequences of branch network reductions, identifying which communities and groups are most affected, and assessing where further action is required. He is expected to deliver his report and recommendations by October 2026. The initiative accompanies the recently announced Enhancing Financial Services Bill, which will grant the Treasury powers to intervene swiftly if the review's findings justify legislative action.

This move follows a significant shift in retail banking, with a growing number of customers managing their finances online. In response, banks have restructured their physical networks, leading to the closure of thousands of branches. According to figures from Which?, over...