Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of Post Office banking deposit limits for business customers.

The government recognises that cash continues to be used by millions of people across the UK and that access to deposit facilities is an important factor in supporting the continued acceptance of cash.

In 2020, the National Risk Assessment of Money Laundering and Terrorist Financing noted an increase in the abuse of cash-related services, such as cash deposit services, in Post Offices.

The Financial Conduct Authority (FCA) and banking sector have since been working to address these vulnerabilities. As part of this, banks are implementing a range of enhanced financial crime controls for cash deposits made at the Post Office.

Throughout, the FCA has discussed with banks the importance of considering the impact of the changes they are making on customers. The rollout of these financial controls is still at an early stage and the FCA is continuing to work with the Post Office and the banking sector to ensure that the financial controls strike an appropriate balance between dynamically combating illicit finance, and helping to maintain appropriate access to cash deposit services for legitimate customers.