Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will require the Financial Conduct Authority to consider access to banking services when carrying out local access to cash assessments.

The Financial Services and Markets Act 2023 granted the Financial Conduct Authority (FCA) the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. Under the FCA’s regime, LINK, the operator of the UK’s ATM network, is responsible for undertaking access to cash assessments. When a cash service such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs and can recommend a new service, such as a banking hub.

The criteria for access to cash assessments is a matter for LINK, the financial services sector and the FCA. We have no plans to change the criteria.

The FCA is required by law to keep its access to cash rules under review and is monitoring the impact of these rules on an ongoing basis to ensure they deliver the right outcomes for businesses and consumers.