Jurisdiction(s):
United Kingdom

FCA consultation: proposed UK Access to Cash regime covering designation, trigger events, 3-step assessments, reasonable remedies, co-ordination bodies and FCA oversight under FSMA 2000 Part 8B

Published on: 02 February 2024

Published by a LexisNexis Financial Services expert

Legal News

Article summary

What is the background to the proposed new rules?

The financial sector is witnessing a swift move from cash to purely digital payments. Back in 2007, cash accounted for 64% of transactions; by 2022, only 14% were cash based. Opportunities to obtain cash (for example, at a local bank or ATM) have also dropped markedly. Yet for many people—particularly those with limited financial resilience or who have vulnerable characteristics—cash access remains vital. In response, the FCA wants to protect the ability to get and use cash for members of society who still depend on cash-led transactions.

Who would the new rules apply to?

The proposed framework would affect three groups of organisations.

Firms offering current accounts to personal or business customers that expect to be designated by the Treasury under Part 8B of the Financial Services and Markets Act 2000 (FSMA 2000). These firms would be subject to all the proposed rules set out.
Businesses that expect to be designated by the Treasury under FSMA 2000, Part 8B, as a coordination body.

In total, three categories of organisation are envisaged under the new rules...

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