Consultation: FCA sets out new rules to maintain access to cash in increasingly digital world

Under the Financial Conduct Authority’s (FCA) proposals, designated banks and building societies will need to assess gaps in access to cash. These assessments need to take into account local factors such as demographics and transport. Where firms identify gaps, they will need to act to address these needs.

Under the proposals, designated firms will be required to:

• Undertake cash access assessments when changes are being made to cash access services – to understand whether additional services are required to meet local gaps.

• Respond to requests from local residents, community organisations and representatives to consider, assess and plug gaps.

• Deliver reasonable additional cash services to fill gaps in provision where assessments show that there is or will be a significant local gap.

• Ensure they do not close cash facilities, including bank branches, until any additional cash services identified are available. 

The consultation closes on 8th February.

You can read more about this consultation here.

You can find the consultation paper here.