New rules to help maintain cash access set out by FCA
New rules requiring banks and building societies to assess and plug gaps in local cash provision have been proposed by the City regulator.
The Financial Conduct Authority (FCA) has set out the plans to help maintain reasonable access to cash for people and businesses across the UK.
The FCA said its new powers will not prevent bank branches from closing – but the rules will have an impact where branches are a key local source of cash.
The plans follow new powers granted to the regulator by the Financial Services and Markets Act 2023.
These proposals set out how banks and building societies will need to assess and plug gaps in local cash provision. This will help manage the pace of change and ensure that people can continue to access cash if they need it
The rules will require to assess and fill gaps, or potential gaps, in cash access provision that significantly impact consumers and businesses.
