The FCA has published a new webpage on bank branch and ATM closures or conversions. The webpage sets out examples of good and poor practice that the FCA has seen when supervising firms planning branch or ATM closures, which cover the following issues:
- alternative services;
- notification and communication to customers;
- consumers in vulnerable circumstances; and
- Senior Manager engagement.
The webpage also outlines the FCA’s expectations in this area. The FCA expects firms to consider and assess how closures or conversions will affect customers, in particular those who are vulnerable, and to make arrangements to ensure their needs are still met. The FCA reminds firms to follow its guidance on how to conduct closure processes (published September 2020).