- As more and more people move to online banking, several lenders have decided to close branches and ATMs.
- The FCA has criticised the lenders for not thoroughly examining the impact the closures may have on the customers.
Several banks and building societies in the UK have shut down a number of branches and ATMs across the country. The lenders claim that people are now transitioning to digital money and online banking, and as a result, fewer customers are physically visiting the branches or the ATMs.
However, concerns have been raised over the closures, stressing that they could be devastating for those who rely on physical branches for their banking needs. On Tuesday, the Financial Conduct Authority (FCA) criticised the lenders for failing to thoroughly examine the impact of closures on the customers.