The Financial Conduct Authority marked the first anniversary of its access to cash rules by highlighting the opening of a new banking hub in Monmouth, Wales, and reporting an expansion of shared cash services across the UK. The rules require designated banks and building societies to assess the impact on cash access before changing services such as closing a branch or ATM, and to address any significant gaps identified. Monmouth is the 121st banking hub to open in 12 months, alongside 93 additional cash deposit services such as ATMs and Post Office counters. Twenty banking hubs were established following requests from local communities for their cash provision to be assessed. FCA data indicates that more than 95% of the UK population can access cash within the distances set by the government, with the regulator collecting national coverage data, reporting publicly on its findings, and supervising compliance with the rules. Discussions with stakeholders on what is working well and how access to cash can be improved are due later in the year, initially focusing on access to cash and then broadening to wider banking services. Any changes to the FCA’s powers over access to cash or banking services would need to be implemented by the government.
Financial Conduct Authority 2025-09-17
Financial Conduct Authority marks one year of access to cash rules as the 121st banking hub opens in Monmouth
The Financial Conduct Authority (FCA) marked the first anniversary of its access to cash rules, highlighting a new banking hub in Monmouth, Wales, and expanded shared cash services across the UK. The rules require banks and building societies to assess cash access impacts before changing services and address significant gaps. FCA data shows over 95% of the UK population can access cash within government-set distances, with ongoing stakeholder discussions to enhance cash and banking service access.