Cash Infrastructure

Lord Cormack Excerpts

Monday 19th July 2021 Lords Chamber

[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.

[Lord Cormack (Con)]

My Lords, I am much encouraged by my noble friend’s answers to date. But is she also aware that many companies appear to be quite actively discouraging the use of cheques and that many people wish to see them maintained?

[Baroness Penn (Con)]

My Lords, the Government have committed to financial inclusion in all its forms. As I said, we are taking forward this action on access to cash. We also want to look at more modern methods of payment and make sure that those who may have trouble accessing them have help and that they are made as accessible as possible to everyone in the country.