access to cash

Government warns local communities at risk of losing access to banking

16th December 2024 Consumer Lending | #access to cash #payments

The Government has voiced concern that local communities are at risk of losing access to banking services without specialised hubs. Speaking as she inaugurated the UK’s 100th banking hub in Lancashire, the Chancellor Rachel Reeves said “Without these banking hubs, towns are going to be banking deserts.” The Government plans to establish 350 hubs by…

New banking hubs announced as access to cash regulation commences

18th September 2024 Consumer Lending | #access to cash

The rollout of banking hubs has gained momentum, with 15 new sites announced as stricter industry regulations aimed at protecting cash access come into effect. Link, the cash machine operator, is identifying additional locations in communities such as Frome, Newquay, and Thetford, bringing the total planned hubs to 163, including 81 already operational since the…

FCA confirms access to cash plans as banks close

24th July 2024 Consumer Lending | #access to cash

Banks in the UK will be banned from shutting down too quickly under new rules aimed at helping people access cash. The Financial Conduct Authority (FCA) has introduced a policy that requires banks to provide alternatives for customers affected by branch closures. While the changes cannot prevent the closure of bank branches, they will ensure…

UK is still not ready to go cashless

21st May 2024 Consumer Lending | #access to cash

New research published by LINK has found that almost half of people think the UK is heading towards a cashless society. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers…

Call for access to cash proposals to be more ambitious

9th February 2024 Commercial Credit Management | #access to cash

Proposals from a financial services watchdog to protect and widen access to cash are a ‘good start but could go further’ that is the view of the Federation of Small Businesses (FSB), in response to the Financial Conduct Authority (FCA)’s consultation on access to cash. The FCA was given the task in the Financial Services…

FCA proposes new access to cash measures

8th December 2023 Consumer Lending | #access to cash

Banks and building societies in Britain will be required to assess gaps in access to cash under new rules proposed by the Financial Conduct Authority (FCA) to protect access to cash for businesses and consumers. The move follows new powers granted to the FCA by the Financial Services and Markets Act 2023. Under the FCA’s…

Banks face fines for failing to provide free access to cash

21st August 2023 Consumer Lending | #access to cash

The Treasury has published new guidelines for the provision of cash. The new rules will require banks to provide facilities for making deposits and withdrawals within a three-mile radius of retail customers and businesses. The government statement has set the minimum expectations on banks to protect services for people and businesses wanting to withdraw or…

Banking hubs expected to replace closed branches

3rd March 2023 Consumer Collections | #access to cash

Cash Access UK has said lenders will open hundreds of banking hubs over the next few years as the programme accelerates. Cash Access UK Chief Executive Officer Gareth Oakley says that the not-for-profit company has 38 hubs in the pipeline and is preparing to open its fifth and sixth hubs in London and Scotland. The…

Industry announces commitment to protect access to cash

21st December 2022 Consumer Lending | #access to cash

A new non-profit company has been launched to protect cash in the UK communities. The company named Cash Access UK is made up of nine of the largest high street banks. The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment…

Government announces new powers to protect access to cash

20th May 2022 Consumer Lending | #access to cash

Millions of people in communities across the UK will see their ability to access cash protected by new powers set out by the Government. Under the new rules, the financial regulator – the Financial Conduct Authority (FCA) – will be granted new powers over the UK’s largest banks and building societies, to ensure that cash…

Nearly half of bank branches have closed since 2015

26th April 2022 Consumer Lending | #access to cash

Research by consumer watchdog Which? has revealed that 4,685 bank branches have closed over the last seven years with a further 226 set to disappear by the end of year – accounting for almost half of the country’s network. According to the study, the elderly and those in rural areas who most relied on cash…

Financial groups join forces to help protect access to cash services

15th December 2021 Consumer Collections | #access to cash

Major banks have signed a new voluntary agreement that could see more shared banking hubs open in UK towns and villages. The agreement will see an independent assessment carried out by Link each time a branch is shut. These reviews could recommend a shared branch is opened, an ATM installed or a Post Office upgraded.…

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