Regulatory Alerts2023-11-10
FSCA Communication 30 of 2023 (Banks): Clarification on Branch Closures and ATM Removals
The Financial Sector Conduct Authority clarifies its supervisory expectations for banks closing branches or removing automated teller machines, confirming that prior regulatory approval is no longer required and redefining temporary closures as lasting over 45 days. Banks must notify the Authority within a reasonable timeframe by submitting annual strategy details for planned closures or sharing protective arrangements through ongoing supervisory engagements for unplanned closures. These requirements ensure that financial customers, particularly vulnerable groups, continue to receive fair outcomes and reasonable alternative services during branch or ATM transitions.
Share