FCA to strengthen protection of access to banking services

The regulator is also consulting on requirements for a more detailed analysis on how firms assess the impact on customers when they plan to close a branch, remove or convert an ATM or reduce the services they provide.  

The proposed update is the latest step the FCA has taken in its attempt to protect access to banking services, which includes accessing cash at branches. It initially published its guidance on the potential branch closures in 2020 in the wake Covid-19 pandemic, and the FCA continues to monitor cash access points and engage with firms on closure plans. 

Commenting on the news, the FCA’s executive director of consumers and competition Sheldon Mills said: “We expect firms to continue to offer easy and accessible banking services to their customers, and this is even more important as the country faces a cost-of-living crisis. 

“We saw firms successfully do this and support consumers through the pandemic, and this standard needs to continue with firms really thinking about their customers, especially those in vulnerable circumstances, and ensuring they continue to meet their needs.”