PS24/8: Access to cash

Read the Policy Statement (PDF)[1]

What we are changing

Our new regulatory regime requires banks and building societies designated by the Government to assess and fill gaps, or potential gaps, in cash access provision that significantly impact consumers and businesses. 

We’re introducing these changes because Parliament gave us a new remit and powers to ‘seek to ensure reasonable provision' of cash deposit and withdrawal services for personal and business current accounts across the UK. This includes access:

• to both notes and coins
• that is free of charge for consumers with personal current accounts

In December 2023, we consulted[2] on establishing an access to cash regulatory regime. We have considered all feedback carefully in finalising our rules and guidance.  

Who this is for 

This Policy Statement is relevant to: 

• firms and coordination bodies designated by the Treasury under Part 8B of FSMA 2000, as they will be subject to the rules
• businesses involved in the supply of cash access services and operation of cash facilities, including non-designated personal current account providers with 10 or more branches, the Post Office and operators of payment systems through which cashback is provided, as they may be subject to new requests for information

It will also be of interest to:

• firms providing current accounts to personal or business customers
• consumers and businesses who rely on cash
• groups representing the interests of those consumers and businesses, such as industry groups/ trade bodies and elected representatives 

Next steps 

Our rules come into force on 18 September 2024. 

The firms designated by the Government[3] and therefore subject to our new access to cash regime must:

• identify gaps in cash provision
• assess a wide range of local needs
• provide additional cash access services promptly if assessments find a significant gap in provision

Where firms have already announced closures of cash access services taking place before our rules come into force, these will not be subject to the new regulatory regime.

However, firms should not rush through closures before 18 September. Under FG22/6: Branch and ATM closures or conversions[4], firms should communicate closures to customers at least 12 weeks before they take effect.

Background

We have seen significant innovation and change in the ways that consumers can pay and businesses accept payments. This has been driven by:

• innovation in payments
• changes in customer behaviour

While the increasing range of digital services and payments options can make life easier, for many, the ability to withdraw cash is still vital. Cash remains particularly important for consumers with vulnerable characteristics and many small businesses.

So, it is important that we manage the pace and impact of change, and ensure consumers are given appropriate support from their bank.