UK Payment Systems and Conduct Regulators Publish Joint Statement on Access to Cash06/16/2020The U.K. Payment Systems Regulator and U.K. Financial Conduct Authority have published a joint statement on their approach to maintaining access to cash for those that need it in light of bank branch and cash machine closures due to COVID-19. The regulators have adopted a series of actions, including mapping which regions have seen branch and cash machine closures, working with banks, building societies, the Post Office and Link to ensure access to these facilities is re-established as soon as possible and focusing on the needs of vulnerable consumers who require ongoing access to cash. In the longer-term, the regulators will work to ensure reasonable access to cash is maintained, including through use of shared services and local community initiatives, and anticipate additional powers to preserve access to cash from upcoming legislation announced in the U.K. Government’s 2020 budget.
View the PSR's statement on access to cash.
View the FCA's statement on access to cash.
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.
Return to main website.TOPICS: COVID-19, Payment Services
Financial Regulatory Developments Focus