Bank of England sets out plan to regulate cash distribution

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LONDON, Dec 14 (Reuters) – The Bank of England set out plans on Wednesday to regulate more closely wholesale cash distribution (WCD) in Britain, following government concerns that cash should remain widely available despite declining usage.

“The statutory WCD regime will have two core parts: market oversight and prudential supervision,” the BoE said.

Cash distribution businesses would be required to provide information to the BoE, as opposed to the current voluntary arrangements, and the BoE wants to have the power to direct and sanction firms that break supervisory guidance.

(Reporting by David Milliken; Editing by Kate Holton)

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