FCA publishes final rules on protecting access to cash

In December, the FCA used its powers under FSMA 2023 to consult on new rules to require designated banks and building societies to assess gaps in access to cash and act to fill them. The FCA has now published the feedback to this consultation and its final rules.

The new rules, which will be set out in the new FCA Access to Cash sourcebook (ATCS), will require designated banks and building societies (which were designated by HM Treasury in May) to:

• assess cash access and understand if additional services are needed, when changes are being made to local services;
• respond to local residents, community organisations and representative groups, who will be able to request an assessment of whether there are gaps in local cash access;
• deliver reasonable additional cash services, where significant gaps are found; and
• keep facilities, including bank branches and ATMs, open until any additional cash services identified are available.

The new rules take effect on 18 September 2024.

Where firms have already announced closures of cash access services taking place before 18 September, these will not be subject to the new regime. However, firms should not rush through closures before September. In accordance with the FCA’s guidance on branch closures, they should communicate any closures to customers at least 12 weeks before they take effect.