Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of trends in the number of ATM closures on (a) access to and (b) the depositing of cash.

Currently, LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre.

LINK publishes monthly statistics on its ATM network on its website https://www.link.co.uk/initiatives/financial-inclusion-monthly-report/#:~:text=LINK%20has%20also%20committed%20to,commitment%20can%20be%20found%20here.

However, in recognition that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. The FCA recently held a consultation on its proposed regulatory approach: FCA Access to Cash Consultation. The FCA is currently considering feedback and expects to publish its final rules in the third quarter of this year.