Under the review, the BBA will assess whether the banks have complied with the Access to Banking Protocol while closing their banks.
The trade body may also make recommendations to amend procedures in order to make banks meet the protocol’s objectives.
In March 2015, major banks, consumer groups and government signed up to the industry-wide agreement that included a ‘one year on’ review.
The protocol laid out a number of requirements, including a pre-closure assessment, publishing an impact assessment and ensuring continued provision of alternative ways to bank. Engaging with local communities ahead of branch closures was also part of the agreement.
BBA chief executive Anthony Browne said: "More and more of us are adopting digital services to manage our money while on the move, without having to travel to a branch. Banking is in the midst of a customer-led revolution.
"It is important, however, that customers still have access to banking services if a local bank branch closes for commercial reasons. The Access to Banking Protocol has played an important role in ensuring that communities are engaged with and can access alternative ways to bank."
Professor Russel Griggs OBE will head the review process. Griggs OBE had undertaken the review of the Lending Code in the past, besides acting as the independent external reviewer of the UK banks’ SME appeals process.
Professor Russel Griggs OBE said: "It’s vital that the protocol meets its aim of minimising the impact of bank branch closures on customers and local communities. This review will not only be looking at how the processes behind the protocol are working in practice, but also crucially the outcomes that they are delivering."
The review process will also involve engagement with key stakeholders such as MPs, consumer and small business groups, and the banking sector.
The UK’s banking industry is in talks with the Post Office to standardise banking services available to customers, including small business customers.
A significant number of banks customers are already availing banking services through the Post Office’s network, which has more than 11,500 branches, BBA said.
Image: BBA to conduct independent review of bank branch closure protocol. Photo courtesy of Rob Wiltshire/ FreeDigitalPhotos.net
