Market town needs a banking hub, council argues

The organisation that assesses where banking hubs should be built has been urged to reconsider its decision not to recommend one for a market town.

Hubs provide basic face-to-face financial services in areas lacking bank branches but LINK, which also runs the UK's cash machine network, decided Fakenham did not need one.

North Norfolk District Council (NNDC) said it was "surprised" given the town's size and "relative lack of public transport services", and has appealed against the decision.

LINK said the community was "well served by the local Post Office, Nationwide and free-to-use ATMs" but identified the need for improved cash deposit and withdrawal services.

"We believe there is a need to improve the capacity of a local cash service - which will now be delivered," it said in a statement.

In its appeal letter, NNDC said: "Given Fakenham's population, extensive rural hinterland and relative lack of public transport services in the area,the District Council is surprised that Fakenham isn't seen as a potential location for a banking hub facility."

It added over the past three years it had worked with the company to support the provision of "much-valued" banking hub facilities in Holt, Cromer and North Walsham, following the loss of High Street banks in these locations.

Fakenham is the largest town in the west of the North Norfolk district – being some 26 miles (42km) from Norwich and 22 miles (35km) from King's Lynn.

The authority pointed out recent post office closures in areas surrounding Fakenham had restricted access to cash and deposits, with only Nationwide having a permanent presence in the town.

It added Fakenham served an extensive population including businesses, as well as being an area heavily visited by tourists all requiring access to banking and cash.

North Norfolk also has an aged demographic of 33%, far higher than the national average of 19%, with most using local services rather than travelling by infrequent buses to Norwich or King's Lynn, the authority said.

The letter ended asking LINK to consider how it "might be able to support the provision of a Banking Hub in Fakenham, aligned with supporting our objectives of promoting financial inclusion and local and national government's ambitions to see a revitalisation of high streets/town centres".

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