In accordance with the new powers granted to the FCA by the Financial Services and Markets Act 2023, the regulator says that designated banks and building societies will need to assess the gaps in access to cash, taking local factors such as demographics and transport into consideration.
Designated firms will have to consider if additional services are required to meet local gaps and deliver additional cash services wherever gaps are identified. They will also be required to respond to requests from local residents, organisations and representatives to “consider, assess and plug gaps” and ensure they do not close cash facilities, including bank branches, until the additional cash services are made available.
