Cash Infrastructure

Baroness Hayter of Kentish Town Excerpts

Monday 19th July 2021 Lords Chamber

[Baroness Penn (Con)]

My Lords, I think I join noble Lords across this House in being shocked at the outcome of these cases and the ongoing issue. The Post Office has an incredibly important part to play in the provision of access to cash and free-to-use access to cash. The Government’s intention is that that role will continue.

[Baroness Hayter of Kentish Town (Lab)]

My Lords, as we have heard, cash is essential for all sorts of reasons—for children, charities, savers and budgeting, or just for some people wanting to split a bill at the end of an evening. But as it is a critical infrastructure, would the Minister confirm that it is covered by the National Security and Investment Act, such that a beady eye is kept on the IT behind its provision so that that does not fall into hostile hands? Could she also outline the steps the Government are taking alongside industry to ensure the security of the IT systems which underlie that access to cash?

[Baroness Penn (Con)]

My Lords, as I said in my initial Answer, designation of the UK’s critical national infrastructure is sensitive. However, financial services more broadly are an area of infrastructure covered by CNI. In terms of operational resilience, the noble Baroness is absolutely right. In March, the Bank of England, the PRA and the FCA published a joint policy statement on operational resilience for the finance sector. This clarifies and sets new expectations for firms to improve their operational resilience and comes into effect from March 2022.