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Dorking denied a banking hub - here’s what you can do

23 January 2024

We recently learned that despite the public’s and the BID’s support for a banking hub in town, LINK has declined to approve a banking hub in Dorking due to Nationwide Building Society remaining open.

The Dorking BID supports providing choices and to both customers and businesses in Dorking. The BID team has distributed MVDC surveys, promotion of the campaign, generated earned media coverage, and advocacy for a Banking Hub in Dorking.

It has been confirmed on the Mole Valley For Business Website that Dorking is eligible for a Deposit Service, however an implementation timeline has not been provided.

What you can do

We have learned that there is a consultation being undertaken by the Financial Conduct Authority (FCA), who is accepting comments on the consultation until 8th February. Have your say using the form on their website or in writing to:

Retail Banking, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN

Telephone: 020 7066 1000 Email: Cp23-29@fca.org.uk

Learn more or comment here by 8 February.

According to Mole Valley For Business:

Cllr Stephen Cooksey, hosted a meeting with LINK, the national body responsible for deciding where Banking Hubs are located.

At the meeting with LINK, Cllr Cooksey was joined by Cabinet members Cllr Keira Vyvyan-Robinson and Cllr Bridget Kendrick. The Mole Valley delegation put forward their concerns about the poor state of banking services in the District and once again called for Dorking and Leatherhead to be put on a priority list for Banking Hubs. Unfortunately, the representative from LINK confirmed that Dorking and Leatherhead still do not meet the eligibility criteria for Banking Hubs whilst Nationwide Building Society remains open in these towns. He did confirm that both towns are eligible for a Deposit Service but no timeline can be given for this because deposit services are still being piloted by Cash Access UK (CAUK).

LINK confirmed that the eligibility criteria for Banking Hubs is set by the Financial Conduct Authority who are currently consulting on a new regulatory regime. 

The FCA is asking for comments on the consultation using the form on their website or in writing to:

Retail Banking, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN

Telephone: 020 7066 1000 Email: Cp23-29@fca.org.uk

The FCA consultation closing date is 8 February 2024.

2 comments on “Dorking denied a banking hub - here’s what you can do”

  1. Elderly people as my wife and I do not trust online banking and relied on Barclays in Dorking. No banks available have caused many difficulties. Been in Dorking since 1985.

    1. Thank you so much for your comment Mr Buckley.

      Barclays offers a service (for help with money management, products, services and transactions that don’t involve cash or cheques) in the Dorking Library during the following hours:

      Monday

      9.30 am-4.30 pm
      Closed 12:30pm to 1:00pm

      Tuesday

      9.30 am-4.30 pm
      Closed 12:30pm to 1:00pm

      Please can you also send your feedback by 8th February to the Financial Conduct Authority (FCA), who is accepting comments on the consultation until 8th February? Have your say using the form on their website or in writing to:

      Retail Banking, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN

      Telephone: 020 7066 1000
      Email: Cp23-29@fca.org.uk

      I shall also email you now. Thank you again and sending you our best wishes,

      The Dorking BID Team

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156 South Street
Dorking, RH4 2HF

T: 07377 0966892

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