New FCA regulations support access to cash

New regulations from the Financial Conduct Authority (FCA), effective from 18 September, require banks and building societies to assess and address gaps in cash services, ensuring access to cash for individuals and businesses. Research from the Post Office reveals cash remains essential, with 64% of Brits and 69% of local businesses relying on it. Post Office cash transactions hit a record £3.77bn in July 2024. Despite digital payments' rise, over three-quarters believe cash is crucial to communities. The FCA rules empower communities to protect access to this vital service.

The firms subject to our new access to cash regime must:

• identify gaps in cash provision

• assess a wide range of local needs

• provide additional cash access services promptly if assessments find a significant gap in provision

More on the detail of this can be found here.