Free access to cash protected – HMRC & Financial Conduct Authority

The vast majority of people and businesses are set to be no further than three miles away from withdrawing cash under a new framework set out by the Treasury.

A UK government statement published on 18th August 2023 set the minimum expectations on banks to protect services for people and businesses wanting to withdraw or deposit cash. 

They can expect to withdraw cash without any fees – something that has been set out in law.

As part of this move, the Financial Conduct Authority (FCA) has been provided new powers by the government to protect the provision of cash access services. This includes protecting cash access without any fees for those who hold personal current accounts.

Building on laws granted through the government’s Financial Services and Markets Act 2023, the FCA will use these newfound powers to make sure banks and building societies are keeping up to these standards – and have the power to fine them if they do not.

While the country is moving further away from using coins and notes with the number of online payments rising from 45% to 85% in the past ten years, cash can still be an integral part of many businesses and people’s lives.

You can read the full policy statement on this here.