FCA access to cash rules come into force

The Financial Conduct Authority's access to cash rules came into force on 18 September 2024, the regulator has confirmed. The rules were published on 24 July 2024 and give effect to powers in the Financial Services and Markets Act 2023, which received Royal Assent on 29 June 2023¹.

The regime requires banks and building societies designated by the Treasury to assess and fill gaps, or potential gaps, in cash access provision that significantly impact consumers and businesses². The Treasury announced the designation of the firms subject to the rules, and of an operator of cash access coordination arrangements, in May 2024¹. The 14 designated firms listed in the policy statement are AIB Group (UK) plc, Bank of Ireland (UK) plc, Bank of Scotland plc (including Halifax), Barclays Bank UK plc, Clydesdale Bank plc (Virgin Money), HSBC UK Bank plc, Lloyds Bank plc, National Westminster Bank plc (including Ulster Bank), Nationwide Building Society, Northern Bank Limited (Danske), Santander UK plc, The Co-operative Bank plc, The Royal Bank of Scotland plc and TSB Bank plc. The Treasury also designated two LINK entities as a coordination body⁴.

Under the rules, designated firms must assess cash access and understand whether additional services are needed when changes are made to local cash access services; respond to requests for assessment from local residents, community organisations and representative groups; deliver reasonable additional cash services where significant gaps are found; and keep facilities, including bank branches and ATMs, open until additional cash services identified are available¹. The FCA said the rules aim to address the cash access needs of consumers and businesses in local communities¹.

The FCA's Financial Lives 2022 survey found that 6% of adults in the UK used cash to pay for everything or most things in the 12 months since May 2021, rising to 9% for those in vulnerable circumstances¹. The regulator's data shows 95.0% of the UK population are within one mile of a free-to-use cash withdrawal point, such as cash machines, Post Office branches or bank and building society branches, and 99.7% are within three miles¹.

The rules do not prevent bank branches from closing, but apply where closures leave significant gaps in communities' cash services¹. Where firms had already announced closures of cash access services taking place before the rules came into force, those closures are not subject to the new regime. Under separate guidance, FG22/6, firms should communicate closures to customers at least 12 weeks before they take effect². That guidance applies from 11 October 2022 and continues to have effect until varied or revoked⁵.

Why it matters for households

The regime applies to customers of the 14 designated banks and building societies, and to anyone who relies on cash in a local area where a closure or material change to cash services takes place⁴. Where an assessment identifies a significant gap, designated firms are required to provide additional cash services, and to keep existing facilities open until those services are in place¹. The FCA has said its powers focus on access to cash rather than wider banking services, and do not extend to card and PIN management or fraud and scam support¹. The rules cover access to both notes and coins, and access that is free of charge for consumers with personal current accounts².

What happens next

The FCA had said it would publish an evaluation of the access to cash regime in 2027. It has since paused that evaluation because the Government has commissioned an independent Review of Access to Banking Services, expected to report in October 2026, which the FCA says covers closely related issues. The FCA says it will set out next steps after the Review publishes its findings, and will continue to monitor and supervise the regime and publish regular coverage updates in the meantime¹.