Current Accounts news in 2022
15 stories, newest first.
- October 2022
FCA issues updated guidance on branch and ATM closures or conversions
The Financial Conduct Authority published updated guidance on 11 October 2022 setting out how banks and building societies should handle branch and ATM closures or conversions, replacing guidance first issued in 2020.
PSR consults on requiring full reimbursement of APP scam victims over Faster Payments
The Payment Systems Regulator has set out plans to require banks and payment firms to reimburse victims of authorised push payment scams made over Faster Payments, splitting the cost between sending and receiving firms.
PSR publishes PS22/3 directing around 400 PSPs to implement CoP
The Payment Systems Regulator has directed around 400 payment service providers to implement Confirmation of Payee name checking, in two groups with deadlines of October 2023 and October 2024.
- July 2022
CMA issues Directions to Monzo Bank over transaction history failures
The CMA has issued Directions to Monzo Bank after it failed to send payment transaction histories to 13,566 account holders when their accounts closed between May 2021 and March 2022.
Consultation CP22/2 on further Confirmation of Payee participation closed
The Payment Systems Regulator's consultation on extending Confirmation of Payee closed on 8 July 2022, with plans to direct around 400 more payment firms to offer the name checking service.
- June 2022
FCA consults on updates to branch and ATM closure guidance
The Financial Conduct Authority consulted from 14 June to 26 July 2022 on updated guidance for bank branch and ATM closures, proposing to treat long-term cuts to opening hours or services as partial closures.
FCA consults on updated guidance for firms on branch and ATM closures or conversions (GC22/2)
The Financial Conduct Authority has opened a consultation on updated guidance for banks and building societies on branch and ATM closures, extending its expectations to partial closures and other changes.
- May 2022
Government announces FCA will receive new powers over cash access
The Government said on 19 May 2022 that the Financial Conduct Authority will get new powers to protect the availability of cash withdrawal and deposit facilities in local communities across the UK.
Financial Services and Markets Bill announced in the Queen's Speech with provisions to protect access to cash
The Financial Services and Markets Bill announced in the Queen's Speech on 10 May 2022 includes provisions to protect access to cash, with new powers for the Financial Conduct Authority over the largest banks and building societies.
HM Treasury published the Summary of Responses to the Access to Cash Consultation
HM Treasury published the Summary of Responses to its Access to Cash Consultation in May 2022, setting out plans to legislate to protect cash access and to appoint the FCA as lead regulator.
Overdraft use fell across a wide range of demographic groups between 2020 and 2022
The FCA's Financial Lives 2022 survey found that the proportion of UK adults who were overdrawn, now or in the previous 12 months, fell across a wide range of demographic groups between 2020 and 2022.
PSR outlines plans to expand Confirmation of Payee to a further 400 firms by mid-2024
The Payment Systems Regulator has proposed extending Confirmation of Payee to around 400 more financial firms, with almost 50 required to adopt it by 30 June 2023 and the rest by 30 June 2024.
Specific Direction 11 issued for second phase of Confirmation of Payee
The Payment Systems Regulator has issued Specific Direction 11, requiring the technical and system requirements for the second phase of Confirmation of Payee to be implemented by 31 May 2022.
- April 2022
Post Office Card Account access to benefits payments ends
From 5 April 2022 people receiving tax credits, child benefit and other statutory payments could no longer collect them through the Post Office, after the DWP contract with Post Office Limited ended.
- March 2022
Payment Systems Regulator's Specific Direction 12 came into effect
Specific Direction 12 took effect in March 2022, making LINK accountable for maintaining a broad geographic spread of free-to-use cash machines across the UK.