Banks Told To Inform FCA Before Shutting Branches, ATMs

Law360, London (September 14, 2020, 3:39 PM BST) -- Financial services companies will need to keep the Financial Conduct Authority informed about plans to close or convert branches or ATMs before finalizing their plans, the regulator said in new guidance published Monday.

The watchdog wants banks, building societies and credit unions to tell it about the way such proposals will affect customers. Businesses will also need to submit a briefing about the needs of customers who presently use the sites as part of the guidance, which the supervisor hopes will help it monitor whether customers are being treated fairly.

"The publication of this guidance sets out clearly our expectations on firms and...

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