Latest news with #NeilBrocklehurst
Metro
4 days ago
- Business
- Metro
Post Office confirms major change to 4,000 branches in new deal for postmasters
The Post Office has announced a change to its money transfer services across thousands of branches. The state owned firm has signed an exclusive deal with Western Union, meaning the American company will be the sole provider of the Post Office's international money transfer services. Western Union transfer services are already available across 4,000 branches but this announcement represents a further expansion. The current services let people send money to more than 200 countries and other territories worldwide. The Post Office said Western Union 'will also expand beyond the current 4,000 Post Office locations which offer its money transfer services, providing customers a reliable and convenient way to send money overseas from thousands of locations across the UK'. As part of this deal, 'postmasters and strategic partners will benefit from enhanced financial incentives for every money transfer transaction handled in branch, building on the uplift introduced in October 2024'. Post Office chief executive Neil Brocklehurst said: 'I am delighted that Western Union will be our exclusive partner in Post Office branches going forward and this deal brings important benefits for customers and postmasters alike. 'Post Offices are trusted locations which offer the reassurance of a face-to-face transaction for those who are sending or receiving money from friends and family abroad, and we are expanding the availability of these services. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'Under this new deal, postmasters and strategic partners will see more money in their pockets for each Western Union transaction which is a crucial part of the commitment to transform Post Office and deliver a new deal for postmasters.' Footfall in post offices has generally declined over the years due to a number of factors – the major contributors being a shift towards online services and post office closures. In particular, rural communities have been left with fewer options for accessing cash and financial services. More Trending It is hoped that the new partnership will increase footfall in Post Office branches. The message going forward is positive with Giovanni Angelini, the President, Europe, Middle East and Africa, Western Union, saying: 'This deal marks a significant evolution in our partnership with the Post Office and reflects the mutual trust we have built over time. 'Importantly, this is a partnership based on our shared commitment to providing convenient, reliable access to cross-border financial services for customers across the UK. 'As we take this next step, our focus remains steadfast: deliver a truly integrated retail and digital experience and meet the diverse needs of customers, with scale, consistency, and confidence.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. View More » MORE: Are Post Offices and banks open on May Day bank holiday 2025? Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Yahoo
01-05-2025
- Business
- Yahoo
Post Office and UK banks agree to extend cash access services
The UK Post Office has finalised a new five-year agreement with banks and building societies to maintain cash services across the country. The deal ensures that millions of individuals and small businesses will continue to have access to essential banking services. It will take effect from January 2026 and run through to December 2030. The arrangement, called 'The Banking Framework', was introduced in 2017. The new deal allows customers from 30 different financial institutions to withdraw and deposit cash, check balances, and deposit cheques at their local Post Office. This initiative was designed to safeguard access to cash in communities, in the face of increasing closure of bank branches amid customers' digital shift. Since the beginning of 2020, more than 760 million transactions have been carried out by personal and business customers at Post Office branches. The data collected by the Post Office shows a year-on-year increase in both business and personal cash deposits from 2020 through to the end of 2024. The renewed agreement aims to support continued demand for in-person cash services nationwide. It follows recent research by the Post Office, which revealed that 89% of respondents consider it important to maintain access to cash in the UK, and 53% use cash for everyday transactions at least once a week. Post Office CEO Neil Brocklehurst said: 'Post Office is an organisation that needs change, and I am proud to have been appointed the new CEO with a mission to deliver this. I am determined to deliver a 'New Deal for Postmasters' that drives up postmasters' incomes and strengthens their voice in the day-to-day running of the business. 'This new, five-year agreement with banks and building societies ensures our branches remain vital hubs for cash access and provides certainty for businesses and individuals nationwide when it comes to their everyday banking. 'This agreement also means that we will be able to increase the income postmasters receive for delivering banking services, a key pillar of our transformation plans.' "Post Office and UK banks agree to extend cash access services" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Daily Mail
30-04-2025
- Business
- Daily Mail
Post Office extends deal with banks and building societies to provide cash access until 2030
The Post Office has pledged to keep cash services it provides running for another five years. A new five-year banking deal has been announced between banks and building societies and the Post Office, as Neil Brocklehurst takes the reigns as chief executive today. The new deal will see the Post Office continuing to facilitate access to cash and banking services to millions of customers and small businesses from January 2026 until December 2030. It comes as MPs warn it may becomes necessary for the Treasury to mandate cash acceptance in the future if those who rely on cash are not adequately supported. A report by the Treasury Committee published today said the Government's lack of action on access to cash will lead to a two-tier society. It found that the vulnerable are paying a premium on essential goods and services as the number of places that accept cash falls. Over half of people use cash once a week for day-to-day payments, research from the Post Office reveals. Nine in ten adults believe it's important to maintain access to cash in the UK. Many Britons have turned to the Post Office to get their hands on their cash, as bank branches continue to be shuttered across the country. Since January 2020, business and personal customers have completed over 760million transactions in Post Offices across the UK The deal between banks and building socities and the Post Office, known as 'The Banking Framework', was first established in 2017. It was extended for a further three years in 2022. It enables customers of 30 banks and building societies to use their local Post Office to withdraw and deposit cash, make balance queries and deposit cheques. As well as Post Office 's network of branches, the Post Office also runs 150 Banking in partnership with Cash Access UK, with the 150th Banking Hub opening its doors yesterday in Treorchy, Wales. Banking Hubs support local high streets with their cash needs, enabling individuals and small businesses to access banking services if their local bank branch closes. For local businesses in particular, having a nearby Post Office that allows them to deposit daily cash takings is essential. The new banking deal will also provide a boost to post masters as the Post Office is increasing the amount of money postmasters receive for handling cash transactions. The Post Office was not able to say how much postmasters currently receive for handling cash transactions or the exact amount they will receive under this new deal. However, we revealed last year that it has become a major profit spinner for the Post Office, with top executives paid bonuses depending on, among other things, the amount of banking revenue the firm makes. It is also investing in the automation of cash services in-branch to reduce costs for postmasters and to give customers a similar experience to what they would expect from modern retailers. Mr Brocklehurst says: 'This new, five-year agreement with banks and building societies ensures our branches remain vital hubs for cash access and provides certainty for businesses and individuals nationwide when it comes to their everyday banking.'
Yahoo
31-03-2025
- Business
- Yahoo
Post Office interim boss Brocklehurst lined up for permanent role
The acting chief executive of the Post Office is being lined up to take the job on a permanent basis as the state-owned company continues talks with ministers over its long-term funding arrangements. Sky News has learnt that Neil Brocklehurst, who was named interim chief last September, is close to being handed the role. Whitehall sources said on Monday that an announcement about Mr Brocklehurst's appointment was likely to be made in April. Money latest: The decision, which requires the approval of business secretary Jonathan Reynolds, will bring a degree of stability to an organisation still grappling with the financial and reputational consequences of the Horizon IT scandal, which saw hundreds of sub-postmasters wrongly convicted of fraud and false accounting. Reliant on the government for its funding, the Post Office has been in negotiations with ministers about delivering a previously pledged pay uplift this year. Earlier this month, Sky News reported that Nigel Railton, the company's chairman, had informed thousands of Post Office managers that he had yet to gain certainty from Whitehall about a £120m increase for this year. The sum was promised in November as part of a strategy to rebuild the Post Office in the wake of the Horizon scandal. The Post Office has outlined plans for an ambitious transformation which includes franchising more than 100 directly managed branches. A substantial number of jobs are also being cut at the company's head office as part of the restructuring. Several tranches of those have already taken place. Mr Brocklehurst replaced Nick Read at the Post Office's helm following a turbulent period for the outgoing boss. Mr Read was repeatedly accused of being obsessed with his pay arrangements and being at the centre of a series of rows with both board colleagues and his government employers. Like Mr Railton, Mr Brocklehurst is a former executive at Camelot, the previous National Lottery operator. A Post Office spokesman declined to comment, while the Department for Business and Trade has been contacted for comment.
Yahoo
31-03-2025
- Business
- Yahoo
Post Office interim boss Brocklehurst lined up for permanent role
The acting chief executive of the Post Office is being lined up to take the job on a permanent basis as the state-owned company continues talks with ministers over its long-term funding arrangements. Sky News has learnt that Neil Brocklehurst, who was named interim chief last September, is close to being handed the role. Whitehall sources said on Monday that an announcement about Mr Brocklehurst's appointment was likely to be made in April. Money latest: The decision, which requires the approval of business secretary Jonathan Reynolds, will bring a degree of stability to an organisation still grappling with the financial and reputational consequences of the Horizon IT scandal, which saw hundreds of sub-postmasters wrongly convicted of fraud and false accounting. Reliant on the government for its funding, the Post Office has been in negotiations with ministers about delivering a previously pledged pay uplift this year. Earlier this month, Sky News reported that Nigel Railton, the company's chairman, had informed thousands of Post Office managers that he had yet to gain certainty from Whitehall about a £120m increase for this year. The sum was promised in November as part of a strategy to rebuild the Post Office in the wake of the Horizon scandal. The Post Office has outlined plans for an ambitious transformation which includes franchising more than 100 directly managed branches. A substantial number of jobs are also being cut at the company's head office as part of the restructuring. Several tranches of those have already taken place. Mr Brocklehurst replaced Nick Read at the Post Office's helm following a turbulent period for the outgoing boss. Mr Read was repeatedly accused of being obsessed with his pay arrangements and being at the centre of a series of rows with both board colleagues and his government employers. Like Mr Railton, Mr Brocklehurst is a former executive at Camelot, the previous National Lottery operator. A Post Office spokesman declined to comment, while the Department for Business and Trade has been contacted for comment.
