The UK banking sector is being warned it faces penalties if it does not secure free access to cash for the UK population, including businesses, following waves of branch closures over more than a decade.
The Financial Conduct Authority (FCA) and Treasury confirmed the guidelines the industry was expected to follow. The legal framework showed that no person or business should be further than three miles away from facilities to withdraw or deposit cash including a cash machine.
Meantime in Australia, the Regional hearings on Branch closures continues to highlight the high-handed approach taken by the banks. We clearly need a similar bill in Australia to that now in operation in the UK.
Access to cash is a human right and needs to be preserved, and if banks are not willing to provide appropriate banking services, a National Bank in needed to provide services, especially in in regional areas!
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