Frome Town Council has welcomed the announcement that the town will soon have a new banking hub, offering a full range of essential services.

The hub comes after a year-long campaign by Frome Town Council and community finance group Prosper Frome, following the closure of HSBC, NatWest, and Barclays branches in 2023.

New rules from the Financial Conduct Authority (FCA) recently expanded eligibility for banking hubs, paving the way for The LINK group to confirm plans for a hub in Frome. Operated by Cash Access UK, the hub is expected to be installed within 12 months and will provide services such as cash withdrawals, deposits, bill payments, and other vital banking functions.

Cllr Anne Hills, who is also a board member of Prosper Frome, expressed the council's enthusiasm for the development, saying: "We're delighted to hear that Frome will be getting the banking hub it needs so much. Frome, like so many towns in the UK, has been badly affected by the decline of high street banks. In the absence of banks, the hubs provide vital services for local people and businesses."

Cllr Hills emphasised the importance of the hub for residents, particularly older people and those impacted by digital exclusion, while noting the benefits for the entire community. "Now, the work must begin to find the right location for the hub, and Frome Town Council looks forward to being involved in the implementation of this much-needed facility," she added.

Further information on the announcement and banking hub services can be found at LINK Banking Hubs.