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Financial Conduct Authority provides guidance for companies

Friday 17 July 2020 11:11 CET | News

The FCA has published draft guidance for companies setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use.

The FCA wants to ensure that companies treat their customers fairly when closing a branch or ATM, including considering what alternatives they can provide their customers. The FCA also expects companies to communicate their plans clearly to customers, and how else they can access banking services if the proposals are implemented.

The guidance sets out the FCAs expectation that companies should consider the impact of a planned closure or conversion on their customers banking and cash access needs, including withdrawals, deposits, and other cash-related branch services. The FCA has also highlighted that although closures or conversions are decisions for companies to take, they should inform the FCA at an early stage of any plans to close or convert branches or ATMs, and continue to engage with the FCA through any process.

This guidance applies to FCA-regulated companies that operate physical sites like bank branches, building society branches, credit union offices or cashpoints.


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Keywords: UK, Financial Conduct Authority, FCA, banks, credit unions, ATM, banking
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech