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Banks to face fines if they breach three-mile cash access rule

Business Aug 17, 2023 at 12:54

Banks to face fines if they breach three-mile cash access rule

The UK’s biggest banks and building societies will have to adhere to new rules guaranteeing access to free cash withdrawals under plans to be set out by the Treasury.

Major banks face being fined if they fail to provide free access to cash withdrawals within three miles of consumers and businesses under new rules to be set out by ministers.

has learnt that the Treasury is to publish guidelines within days setting out expectations for banks’ future provision of cash deposit and withdrawal services.

One source briefed on the plans said the City minister, Andrew Griffith, would make a policy statement building on a government announcement in May last year.

Under the new rules, the Financial Conduct Authority (FCA) will have powers to fine banks that fail to provide free access to cash.

Personal current account-holders would not be allowed to face hidden fee charges for withdrawing cash under the rules.

Millions of people continue to rely on cash, even as Britain’s payments industry becomes increasingly dominated by digital services.

The closure of thousands of bank branches since the 2008 financial crisis has stoked fears that those in vulnerable groups face being cut adrift without guaranteed cash access.