FCA Urges Banks To Study Effects Of Cut Services On Public
By Dawood Fakhir (June 14, 2022, 4:41 PM BST) -- British banks will need to calculate how their decisions to reduce services affect consumers, Britain's financial regulator said on Tuesday, as it warned some lenders were not doing enough to understand the impact of change.
The Financial Conduct Authority urged banks to gauge the impact of decisions, such as shortening branch opening times, as it updated guidance for safeguarding consumer access to banking services.
The City watchdog is also considering asking the banks to share details of the processes they use to calculate the effect on customers of reducing services, such as closing branches and removing cash machines.
"We expect firms...
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