Current Accounts news in 2023
14 stories, newest first.
- December 2023
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.
PSR issues call for views on expanding VRPs
The Payment Systems Regulator has issued a call for views on expanding variable recurring payments, setting out practical ways to widen the open banking payment method beyond its current uses.
- October 2023
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
- August 2023
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
Treasury publishes Cash Access Policy Statement
The Treasury published its Cash Access Policy Statement on 18 August 2023, setting out government policy on cash deposit and withdrawal services, and the FCA published its own statement the same day.
Consumer Council research finds Northern Ireland lost 27% of bank branches in under three years
The Consumer Council has found that Northern Ireland lost 27% of its bank branch network in under three years, with vulnerable consumers and rural areas most affected.
HM Treasury publishes cash access policy statement
HM Treasury published a policy statement in August 2023 setting minimum expectations for cash deposit and withdrawal services, under powers in the Financial Services and Markets Act 2023.
- June 2023
Financial Services and Markets Act receives Royal Assent
The Financial Services and Markets Act 2023 became law on 29 June 2023, giving the Financial Conduct Authority a duty to seek reasonable provision of cash withdrawal and deposit services across the UK.
Access to Banking Services in Northern Ireland published by CCNI
The Consumer Council Northern Ireland published an analysis of bank closures across Northern Ireland from 2020 to early 2023, showing 21% of consumers had seen their local bank close.
Coutts closed Nigel Farage's bank account
Coutts closed Nigel Farage's account in June 2023 after raising concerns about his political views, prompting an FCA review of account closures and draft government rules on notice periods.
Financial Services and Markets Act 2023 receives royal assent
The Financial Services and Markets Bill became the Financial Services and Markets Act 2023 in June 2023, carrying provisions on cash access services and Bank of England oversight of the wholesale cash industry.
Free access to cash protection added to the Act
The Financial Services and Markets Act 2023 received royal assent on 29 June, after the government amended the Bill to protect free access to cash following a campaign by Which?.
- January 2023
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.