Laura WilesThe FCA has given an update to the Treasury Committee on its access to cash regime.
The FCA’s rules on access to cash came into force in September 2024, and require designated banks and building societies to assess how easy it is for people to access cash in their local area, and fill significant gaps where they find them. Since the rules were implemented, 121 banking hubs have opened, alongside a further 93 cash deposit services.
Among other things, the rules aim to ensure businesses have reasonable access to deposit facilities and can obtain different denominations of cash to provide change for customers. While this should help ensure retailers who do wish to accept cash remain able to deposit and withdraw cash nearby, the FCA acknowledges that its powers do not extend to mandating cash acceptance.
The FCA anticipates commencing the review of its access to cash regime in Q4 2026 (2 years after implementation), and publishing its findings in Q2 2027.