A post on his official website stated that Banks died from heart failure and was found in his London home after he didn't show up to a recording session.
Members of the band Yes released an official statement on their Facebook page, mourning the loss of their friend:
"We are deeply saddened to learn about the passing of fellow bandmate and founding Yes member, Peter Banks. He was a huge piece of the fabric that made Yes what it is, and our thoughts, sincere condolences, and prayers are with him and his family. Peter, we shall miss you greatly."
According to Rolling Stone, Banks was part of Yes for their first two albums, and was then replaced by Steve Howe. Banks would go on to form the band Flash, and released three albums with them, before going on to form the band Empire and release another three records. The British musician also released several solo recordings and was working on a live collection at the time of his death.