Which? responds to FCA guidance for banks on access to cash

Gareth Shaw, Head of Money at Which?, said:

“The current box-ticking approach to bank closures has allowed hundreds of branches to close with minimal oversight, leaving communities across the country struggling without access to cash and vital everyday banking services, so it’s positive to see the regulator stepping in.

“The FCA must now ensure that banks clearly communicate changes to those affected while making sure there are sufficient alternatives in place so that their customers are not cut off from banking services. The regulator must also be prepared to take action if this guidance is ignored.

“While a step in the right direction, this guidance for firms won’t solve the cash crisis on its own – the government must introduce promised legislation to protect access to cash for as long as people need it.”