FCA Warns Banks To Protect Consumers' Access To Cash

Law360, London (July 16, 2020, 3:35 PM BST) -- Britain's finance watchdog warned banks and lenders on Thursday to be careful when embracing digital payments and to ensure consumers can still get cash when they need it, particularly the most vulnerable customers.

The Financial Conduct Authority published new draft guidance instructing financial services firms that are thinking about closing down physical branches or shuttering ATMs in the bid to move banking online to make sure they treat customers fairly in the transition.

Sheldon Mills, interim executive director of strategy and competition at the regulator, said that access to cash is a priority for the regulator.

"While in the recent climate...

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