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UK’s FCA proposes new rules to protect access to cash

December 9, 2023

The UK’s Financial Conduct Authority (FCA) proposes new rules to safeguard access to cash amid the rising popularity of digital payments.
Designated banks and building societies must assess gaps in cash access, considering local factors like demographics and transport.
Firms need to provide additional cash services in identified gaps, responding to requests from residents, organizations, and representatives.
As of Q1 2023, 95.1% of the UK population is within one mile, and 99.7% within three miles, of free-to-use cash withdrawal points.
Despite the shift to digital payments, over three million consumers, especially vulnerable groups, and small businesses, still rely on cash.
The rules won’t prevent bank branch closures but aim to manage the pace of change and ensure continued access to cash.
The FCA is open to feedback until February 8, with plans to finalize the rules by Q3 2024.