Under the proposals, banks would be required to plug gaps in cash services where necessary and wait until replacements are available before closing services.
The financial regulator has launched a consultation on Thursday on rules aimed at maintaining cash access and to delay the arrival of a so-called cashless society.
Under the rules proposed by the Financial Conduct Authority (FCA), designated firms, such as banks and building societies will be required to make assessments on cash access when making changes to their services; respond to requests from local residents and organisations; fill gaps in cash access where there is or will be a significant local gap; and wait until replacement services are available before closing cash facilities.
Launching the consultation, Sheldon Mills, the FCA’s executive director of consumers and competition, said: ‘We know that, while there is an increasing shift to digital payments, over 3 million consumers still rely on cash—particularly people who may be vulnerable—as well as many small businesses. It’s important that we support consumers impacted by recent innovations.
“These proposals set out how banks and building societies will need…
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