The Association of Convenience Stores (ACS) has welcomed the latest statement from the Financial Conduct Authority (FCA) on the importance of access to cash in communities.
The FCA has announced that from 18 September 2024, banks and building societies will be required to provide ‘reasonable additional cash services’ when closing branches or making other changes to existing cash services. These may include banking hubs, ATMs and Post Offices.
In response, the ACS has welcomed the assurance in the statement that cashback without purchase should not be relied upon as the sole cash access point as it may only be available at the discretion of the retailer - largely due to the costs attached in delivering this service. It has long campaigned for access to cash to be addressed as it plays an important role in the convenience sector, and provides financial flexibility.
Chief executive James Lowman said: “We strongly welcome the prioritisation of access to cash in communities by the FCA, as it plays a huge role in the convenience sector. We need to ensure the financial constraints faced by retailers who want to provide this service are addressed so customers can pay for what they need, retailers are able to provide for their communities free from financial constraints, and there are fewer free-to-use ATMs switching to pay-to-use as a result.”
No comments yet