The PSR has published it second annual review of Specific Direction 12 (SD12), designed to ensure that LINK has a broad geographic spread of free to use ATMs and meets service user needs.
The regulator has concluded that SD12 should be retired upon its expiration in January 2025. The review sets out that the aim of the non-renewal is to reduce regulatory burdens and ensure the regulatory framework on cash access is more streamlined, in the context of changes to the regulatory landscape in FSMA 2023 and the FCA’s new cash access rules.
Although the review sets out that stakeholder responses support the view that SD12 has been working well, it is of the view that the FCA’s cash access rules will be sufficient in future to address cash access requirements. The PSR plans to retain oversight of LINK as a designated payments system and work closely with the FCA in their role of LINK oversight as a designated cash access coordination body.
It has set out its expectations for LINK after SD12 is retired, including the need to maintain a transparent approach in its management of its ATM network, and requiring alignment with the cash access regulatory framework.