The rules mean that before banks and building societies change cash services, such as closing a branch or ATM, they must assess the impact. If significant gaps in cash access are found, they must plug them.  

Monmouth is the 121st banking hub to open in 12 months. A further 93 cash deposit services – such as ATMs and Post Office counters - have also been set up. 20 of the banking hubs were established following requests from local communities for their cash provision to be assessed. 

David Geale, executive director of payments and digital finance at the FCA, said:

'Cash still matters - for many consumers it’s a key budgeting tool, and for small businesses, a way to handle daily takings. We’re helping to keep cash accessible in communities across the UK.'

Gareth Oakley, chief executive officer of Cash Access UK said:

'We’re pleased to be bringing vital cash and banking services to communities where these are needed. Our shared banking hubs and deposit services, which serve the customers of multiple banks, can provide a sustainable solution in communities where essential cash services are needed. From banking hubs to cash hubs and deposit ATMs, our services come in different shapes and sizes to best meet the needs of each community, but whatever their format, they all provide easy and convenient access to cash and banking services.'

John Howells, chief executive officer of LINK said: 

'While the way we pay for things is changing, around five million people still rely on cash or can't use digital alternatives. Cash also provides vital resilience when digital systems fail or are unavailable. Protecting access to cash therefore remains essential. One year on, the regulations have had a positive impact and build on LINK’s ongoing work to ensure every community can continue to access cash.'

As part of its 5-year strategy, the FCA is focused on helping consumers navigate their financial lives, and for many this will include the use of cash. FCA data continues to show that more than 95% of the UK population can access cash within the distances set out by the government.