Many thanks for your email.
As you rightly said, cash remains vital to the day-to-day lives of individuals in local communities across our country, particularly in Beverley and Holderness. I have been assured that legislation is being prepared to protect access to cash and ensure that the UK’s cash infrastructure is sustainable for the long term.
The Government has recently legislated through the Financial Services Act 2021 to facilitate the widespread adoption of cashback without a purchase. You can also withdraw cash at most Post Office tills.
As you may be aware, UK Finance has launched its Community Access to Cash initiative to help local communities to identify and secure access to cash and payment services. This follows UK Finance’s engagement with consumer representatives, local authority representatives, and market participants on the cash needs of local communities.
The Financial Conduct Authority has been made responsible for ensuring the cash system works for consumers and businesses. In September 2020, the FCA published guidance setting out an expectation that firms should consider the impact of branch and ATM closures on their customers’ everyday banking needs and consider the availability and provision of alternatives.
If your community is lacking access to cash, please let me know and I will follow it up.
Thank you again for taking the time to contact me.
24 March 2022