The Retail Banking Review also recommends that pending the development of this Access to Cash legislation, the banks should seek to preserve consumers' and business’ access to cash services at current levels.
The report recommends that the Central Bank should include in its revised Consumer Protection Code a requirement for banks to submit assessments about plans to significantly alter services or close branches. The recommendations follow criticism levelled at banks in recent years about changes to cash and branch services.
The review also recommends that preparation of a new National Payments Strategy by 2024 setting out a roadmap for the evolution of the payments system. The review also recommends that the credit union sector develop a strategic plan to allow it compete at a larger scale, something which the Department of Finance supports.
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