The government has today (19 May) set out new powers to protect access to cash for millions of people.
The UK’s largest banks and building societies will be subject to new Financial Conduct Authority powers to ensure the continued availability of withdrawal and deposit facilities in local communities across the UK. The measures will be legislated for in the upcoming Financial Services and Markets Bill.
Under the new rules, the Financial Conduct Authority (FCA) will be granted new powers over the UK’s largest banks and building societies, to ensure that cash withdrawal and deposit facilities are available in communities across the country.
The FCA’s powers will allow it to address cash access issues at both a national and local level. To support the FCA, the government will in set out its expectations for a reasonable distance for people to travel when depositing and withdrawing cash. This will reflect the existing spread of cash withdrawal and deposit facilities in the UK.
Economic Secretary, John Glen, said: “Millions of people across the UK still rely on cash, particularly those in vulnerable groups, and today we are delivering on our promise to ensure that access to cash is protected in communities across the country.
“I want to make sure that people are still able to use cash as part of their daily lives, and it’s crucial to ensure that no person nor community across the UK is left behind as we embrace a more digital world.”