Financial Regulator Consults on New Rules Aimed at Delaying Cashless Society

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. The use of cash in shopping rose for the first time in a decade. 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....