New Powers for Communities to Protect Cash Access Come Into Force

Published on September 18, 2024

New rules, under which local residents, businesses and shops can request assessment of access to cash in their area, have come into force. The plan to protect access to cash was confirmed by the Financial Conduct Authority (FCA) in July, and kicks in on Wednesday. From Sept. 18, banks and building societies will need to respond to local residents and community groups, who request to check whether there are gaps in local cash access. Once a request is made by charities or local groups, the UK’s main ATM network LINK will have 12 weeks to do an assessment. Where significant gaps are found, designated banks and building societies will follow through with the changes, such as maintaining bank branches, installing an ATM and introducing a banking hub....

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