UK Banks Required to Ensure Cash Access Before Closing Branches

Financial Conduct Authority Proposes New Rules Amid Increase in Cash Usage

Banks in the UK will be required to ensure access to cash facilities in areas where they plan to close branches, according to new proposals by the Financial Conduct Authority (FCA).
The FCA will require banks to conduct 'cash access assessments' and report back within eight weeks with plans to provide back-up facilities for savers.
If an area is found to have limited access to cash, lenders will have to ensure new cash facilities are in place within three months of reporting to the FCA.
The FCA's proposals come as cash usage in the UK has grown for the first time in a decade, with coins and banknotes accounting for nearly a fifth of transactions in 2022, up from 15% in 2021.
The FCA plans to finalize its new rules by the third quarter of 2024.