Treasury draws up list of participating banks as FCA consults on 'cash access' rules

Up to 15 large banks and buildings societies are expected to become 'designated entities' that might need to fill in 'gaps in access to cash' following branch closures, under rules being consulted upon by the FCA. The regulator expects its rules to be finalised by Q3 next year but the start date of the new regime depends on the Government.

By Neasa MacErlean

The list of designated firms is to be decided by the Treasury, with those included all being providers of current accounts to personal or business customers. Under the legislation that creates the new regime, these firms will also be designated by the Treasury as coming under Part 8B of the Financial Services and Markets Act 2000.