Sunday, November 3, 2024
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FCA issues new guidelines to ensure cash access for consumers and small enterprises

Key Points:

  1. Objective:
    • Ensure “reasonable access” to cash deposit and withdrawal services for personal and small business current accounts.
  2. Implementation Date:
    • New guidelines take effect from 18 September.
  3. Requirements for Banks and Building Societies:
    • Evaluate cash access and determine if additional services are required when altering local services.
    • Respond to requests from local residents and community groups.
    • Address access gaps and keep facilities like bank branches open until new services are established.
  4. Mitigation Measures:
    • Identified gaps in cash access can be mitigated through ATMs, banking hubs, and Post Office facilities.
  5. Impact on Bank Branch Closures:
    • FCA’s powers won’t prevent branch closures but will impact areas where closures leave significant gaps in local cash access.
  6. Executive Comments:
    • Sheldon Mills, FCA’s executive director of consumers and competition, highlighted the importance of cash for three million people and many small businesses needing to deposit their takings daily.
  7. Government Confirmation:
    • Under the Financial Services and Markets Act 2000, the UK government confirmed that 14 banks and building societies, including Barclays, Lloyds, and Nationwide Building Society, will implement the new cash access system.

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