Led by Richard Lloyd OBE, the former Which? director and Financial Conduct Authority (FCA) board member, the Access to Banking Review will identify who is most affected by the transition to digital banking and report its recommendations by October 2026.

The appointment follows data showing that 6,719 bank and building society branches have closed across the UK since 2015. The Treasury intends to align the review’s findings with the Financial Services and Markets Bill announced in the King’s Speech, granting ministers swift powers to legislate where evidence supports intervention.

Economic Secretary to the Treasury, Lucy Rigby, emphasised the need for a clear picture of where communities are losing out, highlighting the role of strong community-based alternatives like credit unions.

The Bill will also introduce credit union common bond reforms to the UK, facilitating membership expansion to broaden access to affordable credit and safe saving. Matt Bland, chief executive of credit union movement All Together Money, welcomed the removal of these barriers to growth, which aligns with a major Fair4All Finance investment committed to in the Financial Inclusion Strategy.

The Building Societies Association noted that mutuals currently provide more than one in three remaining high street branches. While Cash Access UK reported that 237 banking hubs have now been opened to mitigate closures, Mr Lloyd, who previously contributed to the Access to Cash Review, stressed that taking stock of the digital shift remains essential to safeguarding the future of in-person banking for local communities.

He said: “Banking is an essential service that every consumer and community in the UK needs. That’s why it’s so important to take stock of the impact that the big shift to digital services has already had, and to understand the need for access to in-person banking in the future.

“I hope to hear from as wide a range of views as possible, and welcome the Treasury’s commitment to taking action should this independent review find evidence that new legislation is needed.”