The introduction of stricter rules ensuring banks and building societies offer consumers and small businesses access to cash comes into effect on 18 September.
The news has been welcomed by cash handling specialists, Volumatic, which already works with the likes of the Co-op, Nisa, Spar, Morrisons and more.
Announced by the Financial Conduct Authority (FCA) in July, the new rules will require that, when considering branch closures, banks and building societies must fill gaps in cash access with measures such as banking hubs, ATMs and Post Office facilities. The FCA states they are committed to protecting access to cash – particularly for consumers in vulnerable circumstances who rely on it.
Volumatic’s sales and marketing director, Mike Severs, said: “Cash plays an important role in local communities and businesses, and these new rules from the FCA are something we and others in the industry have been campaigning for, and for a long time.
“It’s vital for both businesses and consumers to have easy and local access to cash, and these rules will hopefully encourage more businesses to realise cash is going to be around for a long time to come.”
The move follows last month’s similar support from the ACS, which welcomed a statement from the FCA on the importance of cash in commnunities. At the same time, the Treasury reiterated that it had no plan to cease production of either 1p or 2p coins despite a pause for the remainder of 2024.
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