Banking Hub Update

The Town Council had another meeting with Link and Cash Access UK to understand the new bank hub criteria and discuss a new application. It was an invaluable opportunity as we gained a lot more information regarding applying for a banking hub than we had before. The legislation changed on 18 September, and Link and Cash Access UK are now regulated by the FCA, and the eligibility criteria would appear to have changed in Ilminster’s favour, although it is complex. Therefore, officers have sent in an application form with the additional information requested. Please be patient as this process can take up to 12 weeks. If it’s a borderline case, they will come to Ilminster and talk to local residents and businesses to gain further information about the problems everyone has faced since the closure of Natwest and Lloyds. In the meantime, please keep checking the Town Council’s Facebook page and website for further updates.