West Dorset MP Chris Loder has launched a campaign to ensure that access to cash is protected in his constituency in the wake of several significant bank closures in West Dorset.
Bank closures in Dorchester, Bridport, Lyme Regis and Sherborne have left many vulnerable people and rural residents marginalised.
Now Mr Loder is inviting residents to take a survey or write to him to establish their views.
“Over the last few years, many of our local high streets in West Dorset have seen their banks and building societies close,” said Mr Loder.
“The decreased reliance on physical cash is one reason, along with the push towards digitisation. But these changes risk excluding the most vulnerable and disproportionately affecting residents in rural areas. Cash still has an important and continuing role to play in our local economy, especially so for our market towns.”
Since the launch of Mr Loder’s campaign, the Treasury has released a new framework to ensure that most people and businesses are no further than three miles away from withdrawing cash.
As part of the move, the Financial Conduct Authority has been provided with new powers to protect the provision of cash access services.
Mr Loder said: “I am glad to see that the Treasury are committed to protecting access to cash. Many constituents I have spoken to have no wish to manage their finances digitally and have effectively been forced to succumb to the changes of the banking and finance sector.”
Mr Loder has launched a survey to gather constituents’ views on personal banking, access to cash, and digital banking, at: chrisloder.co.uk/ banking, or write to: Chris Loder MP, House of Commons, London, SW1A 0AA.