FSU hold constructive meeting with Financial Conduct Authority in London

The future of banking, branch closures and banking hubs among issues discussed says FSU.

The Financial Services Union (FSU) and the Financial Conduct Authority (FCA) held a formal meeting in London today to discuss the future of banking and other sectoral issues. The FSU described the meeting as constructive and informative and part of the ongoing dialogue it is having with regulators in both Northen Ireland and the Republic of Ireland.

Commenting after the meeting John O’Connell, General Secretary of the FSU said:

“The financial  services sector is a rapidly expanding sector where much change has happened in a short period of time. That change needs to be managed to the benefits of consumers. communities and staff.  

Our meeting today with the FCA is one part of the discussion on how that change is managed. I would like to thank the FCA for facilitating the meeting and for their commitment to ongoing dialogue.

We made the case that the future of retail banking needs to be a hybrid model where customers and business who want to do their banking online are able to do so while those people and businesses, which research tells us want to avail of in person banking have the ability to access their banking services through their local branch.

The recent announcement by NatWest to close ten branches in Northen Ireland was a topic for discussion, The FSU made the point strongly this was the wrong decision and closing these branches would have a detrimental affect on vulnerable people, staff and communities and the decision should be reversed. We acknowledge it is not presently within the remit of the FCA to prevent these closures. We believe legislators need to provide the FCA with wider authority and legal powers to ensure consumers’ best interests are central to any decisions on branch closures into the future.

We cannot continue to allow retail banks to decimate the retail branch bank network. The provision of banking hubs in local communities  should be a supplement to existing services not a replacement.

We need a mortarium on branch closures for the next five years so that all stakeholders can be involved in a discussion on how change is implemented for the benefit of the wider society.”

ENDS