Dorking Town Partnership Logo

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.

By Kathy Kyle, Dorking BID Manager

Glimmers of hope for Dorking.

Nationwide Building Society is closing its doors "for the foreseeable." What does that mean for Dorking? According to Cash Access UK, their "member banks and LINK will work together to consider any impact on cash provision in communities as a result of Nationwide’s decision."

Upon learning of Nationwide's decision to withdraw from the scheme funding banking hubs, we immediately approached Mole Valley District Council (MVDC) to request another community application (previously rejected by LINK in August 2023) for a Dorking Banking Hub. The first application made by MVDC was rejected because Nationwide Building Society was still open in Dorking (and Leatherhead).

We have been informed that this new request has been made by MVDC and we are hopeful that LINK will conduct a retrospective assessment of the communities impacted by the branch closures.

According to Cash Access UK, they "look forward to having Banking Hub services open in 30 communities by Christmas, alongside the 15 Post Offices that are benefiting from investment in additional banking services. With at least 60 more Hubs due to open in 2024, Cash Access UK will go on to support the customers of our nine member banks in hundreds of communities across the UK."

It will not be known if LINK will undertake this review for a few weeks; we will update this post with news once we receive it. Subscribe to our newsletter to stay up to date on this topic.

You can share with Cash Access your feedback or leave us a comment and we will share it for you.

Read our original Op-Ed on this topic here, which led to BID Chairman Andrew Fuller speaking with James Cannon on BBC Surrey.

Notes to Editors

Interviews and images are available on request. For more information, please contact Kathy Kyle at info@dorkingtownpartnership.co.uk.

About the Dorking Town Centre Partnership

The Business Improvement District (BID) for Dorking is committed to raising the profile of Dorking and bringing economic prosperity to the town. Follow us on X (Twitter), Meta (Facebook), LinkedIn and Instagram at @HelloDorking. Tag us to be featured at #HelloDorking.

Learn more about the Dorking BID at https://linktr.ee/hellodorking 

High Street Image (1)

Tune in at 7:34am to listen to the entire interview regarding Banking Hubs in the U.K. and the Dorking Chairman’s response.

Read our opinion editorial on the state of banking in Dorking.

But what do you think?

Have your say in the comments.

Dorking Town Partnership
156 South Street
Dorking, RH4 2HF

T: 07377 0966892

© 2022 Dorking Town Partnership
Skip to content