Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Date Issued:		24/07/2024	Applicable to:	All firms
Link(s):	FCA confirms plan to protect access to cash for consumers and small businesses | FCA PS24/8: Access to cash | FCA PS24/8: Access to Cash (fca.org.uk) Research Note: An empirical analysis of characteristics associated with cash reliance in the UK | FCA Access to cash coverage in the UK 2023 Q2 | FCA Research Note: An empirical analysis of characteristics associated with cash reliance in the UK (fca.org.uk)

Context

The FCA has issued a press release, a web page outlining its plans in relation to access to cash, a Policy Statement PS24/8, a web page outlining a study into cash reliance in the UK, an associated cash reliance analysis, and a research note.

Key points to note and next actions

In essence, the FCA is committed to ensuring that those consumers and small businesses that require cash access / depositing facilities with continue to be able to use such facilities.

• Three million people continue to rely on cash, even as digital payments become more popular. And many small businesses still need somewhere to safely deposit their takings each day.

From 18th September 2024, banks and building societies will need to:

• assess cash access and understand if additional services are needed, when changes are being made to local services;
• respond to local residents, community organisations and representative groups, who will be able to request an assessment of whether there are gaps in local cash access;
• deliver reasonable additional cash services, where significant gaps are found; and
• keep facilities, including bank branches and ATMs, open until any additional cash services identified are available.