FCA consultation on Access to Cash - Which? response

Summary:

• We support the FCA’s proposed approach to securing free access to cash withdrawal and deposit services. The FCA's consultation document sets out a robust set of proposals, which build on industry voluntary arrangements, to protect access to cash. 
• The focus on outcomes is correct but should apply to banking services, and the FCA must intervene where shortcomings are identified. 
• The FCA must ensure that its cash proposals do not precipitate the closure of more bank branches. 
• The FCA must make sure that additional cash services which are required meet consumer needs, and cater for those who require additional support. 
• Additional cash services that are recommended by cash assessments must be ready to be rolled out. Cash facilities should not be closed until these additional services are deployed and fully open. 
• FCA should monitor cash acceptance to proactively identify gaps which emerge.