Barclays, HSBC and Lloyds banks have all disappeared from the town centre since 2023, while Santander is due to close its doors, on Brecon’s High Street, next month.
Brecon, Radnor and Cwm Tawe MP David Chadwick wants a banking hub for Powys’s second largest town, but says his proposals could fall short because Brecon still has access to its sole remaining big name bank, NatWest.
“Four bank branch closures have been announced in Brecon since 2023 (HSBC, Barclays, Lloyds and now Santander),” said Mr Chadwick earlier this month.
“These closures have been extremely inconvenient for many residents and businesses, with many banking customers having changed banks once already.
“Banking customers now face long journeys to access in-person banking facilities.”
Lloyds left the town in February, HSBC in May 2023, and Barclays in August the same year.
Mr Chadwick welcomed the opening of a banking hub in Ystradgynlais last week but says his attempts to do likewise in Brecon have been thwarted.
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“In September 2024 I submitted cash access requests across the constituency, including in Brecon, Ystradgynlais, Presteigne and Builth Wells,” he added.
“I am delighted that my application was successful in Ystradgynlais, on appeal. However, Link – the relevant regulator – has turned my applications for Brecon down on the grounds that there is still a bank open in the town.
“According to the current legislation, this means that Brecon remains ineligible for a banking hub.”
Local residents have been calling for a banking hub for a long time, as the closures of the other big high street names have led to larger and longer queues at the post office in Brecon.
Many Post Office branches in Powys provide respite for customers as they can still offer some, if often limited, banking services.
“The fairest and most convenient solution would be for a banking hub to open in Brecon,” said Mr Chadwick.
“Banking hubs are funded by the banks and operated by the Post Office. They provide a shared counter which banks take it in turns to operate.
“The UK government has pledged to have 350 banking hubs by 2029. Over 200 have been approved already, meaning Brecon is in danger of missing out.
“I am calling for this number to be increased, and the eligibility criteria to be changed to allow more towns to have access to banking hubs.
“We should not have to wait for all of the banks in town to close before becoming eligible.”
A petition to give Brecon a banking hub has been launched at https://shorturl.at/KdcXR.
