Government takes action to protect access to cash

The Government has announced new legislation that will protect access to cash.  It will introduce measures in the forthcoming Financial Services and Markets Bill which will give FCA power to require the largest banks and building societies to ensure the continued availability of withdrawal and deposit facilities. The legislation will specify which institutions the requirement will apply to.

FCA’s powers will allow it to address issues at national and local level, and the Government will provide guidance on what it thinks is a reasonable distance to expect people to travel to deposit or withdraw cash.