Current Accounts news: page 2
- March 2024
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
- January 2024
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.
- 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.
- 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.