Local MP Expresses Disappointment Over FCA’s Response to Thame’s Banking Services

Freddie van Mierlo, MP for Henley and Thame, has expressed his disappointment after the Financial Conduct Authority (FCA) ruled that Thame’s Automated Deposit Scheme (ADS) will be adequate for cash access in the area.

The local MP, along with Thame Town Council, has campaigned for a more comprehensive solution to address the town’s banking requirements, after the closure of Lloyds Bank on Tuesday 18 February, left the town without a local banking facility. 

The bank’s closure led to an independent assessment from LINK, the UK’s cash access network, to determine the need for a banking hub in Thame. LINK’s review focused solely on cash access and recommended the introduction of an Automated Deposit Scheme (ADS) for businesses. However, this solution, while helpful for businesses, has not been seen as adequate to meet the broader banking needs of the community, particularly for vulnerable groups.

Following this assessment, Mr van Mierlo wrote to the FCA to raise concerns, but was disappointed with their response, maintaining that while the ADS may be a helpful tool for businesses, it does not address the full spectrum of banking needs for Thame’s community.

The MP is continuing to call for a more comprehensive solution, urging the establishment of a full Banking Hub that offers a complete range of banking services. van Mierlo said, “I am disappointed with the FCA’s response. While I understand the rationale behind the Automated Deposit Scheme for businesses, it is clear that this is not enough to meet the full needs of our community. Many residents, particularly the elderly and vulnerable, continue to face difficulties with online banking and lack adequate access to in-person services.

“Thame requires a full Banking Hub that offers a wide range of services to support everyone in the community, not just businesses.”

South Oxfordshire District Councillor Kate Gregory also expressed concern over the decision, “The FCA’s recommendation of the Automated Deposit Scheme fails to fully address the diverse banking needs of Thame. Many residents rely on in-person services, and we need a solution that serves everyone in our community. I strongly advocate for the establishment of a full Banking Hub that offers support for all.”