UK govt outlines plans to assure proximity of cash facilities

UK govt outlines plans to assure proximity of cash facilities

LONDON: Banks in Britain may face fines if they fail to provide access to cash withdrawals within a certain distance of customers, the UK finance ministry said Thursday evening.
Under a new framework, "the vast majority" of people and businesses in the UK should be no more than three miles (4.8 kilometres) away from a facility to withdraw or deposit cash, the Treasury said in a statement.
The government is granting the Financial Conduct Authority (FCA) watchdog the power to fine banks if they do not keep up with the standards of providing access to cash, it added.
According to the statement, currently most people in Britain living in urban areas can access cash points within one mile, but in more rural areas the distance rises to around three miles.