Craig Williams MP has welcomed a new UK Government framework ensuring that residents and businesses within Montgomeryshire will be no further than three miles away from being able to withdraw cash.
The new framework announced by the Treasury today (18th August) has set the minimum expectations on banks to protect services for people and businesses wanting to withdraw or deposit cash. This will see the Financial Conduct Authority (FCA) provided with new powers under law to protect the provision of cash access services – without any fees for withdrawing cash.
Under the new guidance, if a branch or ATM is withdrawn and a replacement service is required within an area, banks and building societies should ensure this is in place before the closure takes place. Those who do not comply with these standards will now be subjected to fines under new FCA powers.
Welcoming the new laws, Craig Williams MP said:
“Whilst there is a growing trend for digital payments today, cash remains an integral part of many people’s and businesses’ lives within Montgomeryshire. I am very pleased therefore that we are taking action to protect access to cash in law; this ensures free withdrawals and the availability of cash facilities within three miles in rural areas, and one mile in urban districts.
“These measures will benefit everyone across Montgomeryshire who uses cash, with banks expected to comply or face large fines.
“The new measures tie into the UK Government’s moves to protect access to cash, which will see the new Banking Hub in Welshpool open later this year.”
