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UK’s FCA proposes new rules to protect access to cash

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  • The UK’s Financial Conduct Authority (FCA) proposes new rules to safeguard access to cash amid the rising popularity of digital payments.
  • Designated banks and building societies must assess gaps in cash access, considering local factors like demographics and transport.
  • Firms need to provide additional cash services in identified gaps, responding to requests from residents, organizations, and representatives.
  • As of Q1 2023, 95.1% of the UK population is within one mile, and 99.7% within three miles, of free-to-use cash withdrawal points.
  • Despite the shift to digital payments, over three million consumers, especially vulnerable groups, and small businesses, still rely on cash.
  • The rules won’t prevent bank branch closures but aim to manage the pace of change and ensure continued access to cash.
  • The FCA is open to feedback until February 8, with plans to finalize the rules by Q3 2024.

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