Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to help ensure free access to cash (a) withdrawal and (b) deposit facilities in Wellingborough constituency.

In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, 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. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts.

Following this legislation, the government published a Cash Access Policy Statement. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.

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.