PSR publish second annual review of Specific Direction 12 (SD12)

On 29th July, the second annual review of Specific Direction 12 (SD12) was published. This direction ensures LINK, the UK's largest ATM network, maintains a broad geographic spread of free-to-use (FTU) ATMs. SD12, issued in March 2022, replaced SD8 (and SD8a) from October 2018. The first review was published in July 2023, and a second review was conducted in March 2024.

This review assessed SD12 alongside changes from the Financial Services and Markets Act 2023 and the FCA’s new cash access rules. It concluded that SD12 should be retired in January 2025 to reduce regulatory overlap and streamline the framework. The majority of review respondents supported this outcome. Non-confidential responses are available as a separate publication.

Long-term expectations for LINK include maintaining transparency in managing its ATM scheme and aligning with broader regulatory frameworks on cash access. Oversight of LINK will be retained, with the hope of being ready to address any emerging issues swiftly.

SGF provided a response to the review consultation, and we emphasised the importance of access to free-to-use ATMs.

You can read more on this and access the full review document here.