Article ID: 9bc15a19ac880a9cc9fc481bdc8314b6e67bb6be68b7834a2d0b8392de8b2726
Source ID: regulatory:bankofengland.co.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.bankofengland.co.uk/banknotes/wholesale-cash-supervision
Body Text
In May 2019, the Bank of England established the Wholesale Distribution Steering Group (WDSG), which brought together industry stakeholders to explore the resilience and sustainability of the UK's wholesale cash distribution model. WDSG participants decided not to proceed with a proposed consolidated utility model, opting instead for industry-wide and individual firm actions to support cash infrastructure in early 2022. In June 2023, the Financial Services and Markets Act 2023 was passed into law, giving the Bank market and prudential oversight powers over the wholesale cash distribution industry, under part 5A of the Banking Act 2009. The Financial Conduct Authority also received powers in relation to retail access to cash under part 8B of the Financial Services and Markets Act 2000 (FSMA). The Bank held several consultations on its Supervisory Approach and Codes of Practice for wholesale cash distribution, starting in December 2022. The Codes of Practice set the minimum standards that recognised firms must meet. The final Codes of Practice, supporting guidance, Data Catalogue and Reporting Form were published during 2025. The codes are outcomes-based and aim to ensure an effective, resilient and sustainable wholesale cash infrastructure. To allow the Bank to apply its oversight powers, firms identified to have significance in the wholesale cash distribution market were recognised by HM Treasury on the 12 June 2025. Further details on the implementation and operation of the Wholesale Cash Distribution Market Oversight (WCDMO) regime can be found below.
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