She said a Labour Government would hand more power to the Financial Conduct Authority (FCA) so that if a bank wanted to close a branch it would have to meet certain criteria, including ensuring that closure would not ‘degrade local financial infrastructure’. Ultimately, she said, the FCA would have the power to veto bank closures if they were found to be detrimental to the local community.
Long-Bailey said that this would have the added benefit of reversing the increase of pay-day lenders on high streets: ‘The fear is that if Government doesn’t take action on this, the first point of call for people financially would be to go to these lenders and get a loan instead of getting financial advice from the bank.’
→ Eastern Daily Press - Labour vows to save East Anglia’s rural banks
Sign up to our newsletter to receive all the latest news and updates.