On 24 April 2024, the Bank of England (BoE) published its response to its consultation on codes of practice (CoPs) for wholesale cash distribution (WCD) market oversight.  

The consultation, published in November 2023, set out:

  • The BoE’s proposed draft CoPs for market oversight.
  • Draft guidance to the CoPs.
  • A draft WCD data catalogue, setting out proposed reporting requirements of recognised persons.

It also included background on the UK cash landscape, industry work and recent legislative reforms, as well as the scope of the new WCD legislative framework and the BoE’s powers and obligations under that framework.

Following that consultation, the BoE has published the final CoPs, guidance and WCD data catalogue for the market oversight regime. These will come into effect for recognised firms following their recognition by HM Treasury as having ‘market significance’ in respect of their WCD functions and activities, under wholesale cash oversight orders provided for in the new regime.