UK banks may have to flag up plans to shut branches or cash machines

City regulator seeks to safeguard consumer access to cash as branches and free-to-use ATMs disappearBanks and building societies will have to alert regulators if they plan to close branches or ATMs and must prove they considered the impact on consumer access to cash, according to new rules proposed by the City regulator.Draft guidelines by the Financial Conduct Authority (FCA) said lenders will also have to show they explored alternatives to support cash access in areas affected by the closures. Alternatives could include mobile banking hubs, cash delivery, commissioning free-to-use ATMs, and will have to be clearly outlined to customers at least three months in advance. Continue reading... https://www.theguardian.com/business/2020/jul/16/uk-banks-may-have-to-flag-up-plans-to-shut-branches-or-cash-machines #banking #consumer_affairs #banks_and_building_societies #business #money #financial_conduct_authority #regulators #uk_news