The FCA mandates UK banks and building societies to address local cash access issues due to branch closures, effective September 18.
UK's financial regulator, the Financial Conduct Authority (FCA), has introduced new rules requiring banks and building societies to ensure local communities can still easily access cash, as branch closures threaten vulnerable customers. Banks and building societies will be required to consider the potential impact of closing a branch on the local community and plug significant gaps in cash services where needed, starting September 18. The FCA's research found that three million people on average still rely on cash.
July 23, 2024
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