Retailers: Cash

Baroness Kramer Excerpts

Thursday 15th December 2022 Lords Chamber

[Lord Harlech (Con)]

The Government want to ensure that people have appropriate access to financial products and services, which includes bank accounts, payment services and cash. LINK, the operator of the UK’s largest ATM network, has established a number of initiatives to protect the broad geographic spread of free-to-use ATMs. LINK has committed to protecting free-to-use ATMs more than a kilometre away from the nearest free ATM or post office, and is held to account against this commitment by the Payment Systems Regulator.

[Baroness Kramer (LD)]

My Lords, I also welcome the Minister to his role. Thanks to the excellent work of the Access to Cash Action Group and LINK, new banking hubs are planned where a community is bereft of bank branches, which will permit the kind of deposits that the noble Lord named in his Question. Since the scheme is vital for access to cash, should the banks be permitted to veto approval of a hub in an area that meets the criteria?

[Lord Harlech (Con)]

Following the Government’s commitment to legislate, industry is working together to develop new initiatives to provide shared access to cash services. This includes a process for LINK to access a community’s cash needs in the event of a closure of a core cash service or a request from a local community. In circumstances where LINK considers that a community requires additional cash services, industry will ensure a suitable shared solution in that community.