Some of the actions taken by the two regulators are delivering a better understanding of cash access, organising meetings with senior stakeholders from across the industry to share intelligence on where access problems were emerging, ensuring that banks still communicate with customers even after the branches were closed due to the COVID-19 pandemic. Besides, they also focused on the needs of vulnerable people, making sure that banks offer alternative to access cash and other essential services.
According to FCS, in the longer term, legislation announced in the 2020 Budget should help regulators protect access to cash for those who need it in a way that works for them. The FCA and PSR will work with the industry to explore how it can provide an appropriate and sustainable model of accessing cash for example through wider use of shared services and initiatives involving local communities.
The PSR will continue to work with LINK, the operator of the UK’s cash machine network, to ensure that it protects widespread access to cash through the geographic ‘footprint’ of free-to-use cash machines.
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