Perthshire Conservative politicians have called for “rules to be redrawn” in order to provide a banking hub in Highland Perthshire.
Murdo Fraser MSP and Councillor John Duff, the leader of the Scottish Conservative group in Perth and Kinross, both feel the current guidelines required in order to grant approval of a banking hub need reviewed.
The politicians have written to the Chief Executive of the Financial Conduct Authority (FCA) to ask them to investigate how the implementation of banking hubs is currently assessed so that rural localities such as Highland Perthshire are not left behind.
Commenting, Mr Fraser said: “My office previously applied for a banking hub in Aberfeldy which was denied despite a compelling argument. Likewise, my office appealed a decision by LINK not to introduce a banking hub in Pitlochry and we had a meeting with them following this. However, the appeal was also denied, so this has led us to write to the FCA to question some of the current guidelines.
“I feel that the rules, in their current form, fail to consider issues in the larger locality. Considerations such as limited or no public transport, an above average elderly population, large fluctuations in population numbers throughout the year must be considered in the application for a banking hub.
“We have seen the final bank branch close in Aberfeldy and the final branch in Pitlochry is set to close. It is important to point out that LINK’s current assessment uses an ‘as the crow flies’ approach in measuring the distance from an impacted town to the nearest bank. However, we feel that this approach is not realistic and appears to be an attempt to mitigate the reality.
“Access to banking services is not considered nearly enough in the application for a hub. Rural areas are often the first to be deprived of basic services, and this is why I have written to the FCA on this issue.”
And Local Conservative Councillor John Duff added: “It is extremely disappointing and frustrating that the rules around banking hubs appear to disadvantage rural areas. Limited cognisance seems to be taken of the needs of the more remote communities, their geographical dependence on the nearest town, the poor transport options rural communities have and the less than satisfactory digital connectivity which many of our rural areas still experience.
“If Crieff and Auchterarder merit a banking hub, then, without any doubt, Highland Perthshire merits one too. The decision of the LINK organisation to reject our submission seems perverse in comparison but it looks like the rules are not fit for purpose when it comes to our more rural communities.
“Neither Murdo nor I will let this rest with rejection of our case. We have written to the FCA Chief Executive to ask him to listen to our genuine concerns and our feeling of being treated less than equally by the current process. We believe that the rules need to be amended to provide rural communities with a level playing field when it comes to banking hubs.”
