Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions his Department has had with the (a) Financial Conduct Authority and (b) Payment Systems Regulator on a minimum service guarantee for cash; and what the planned timescale is for the introduction of new legislation protecting access to cash announced in Budget 2020.
The Government recognises that cash remains extremely important to the daily lives of millions of people across the UK. The Government remains closely engaged with the financial regulators to monitor and assess risks around cash access and acceptance resulting from COVID-19. This includes working closely with industry to ensure access to cash.
At the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash in the longer-term. The Government is engaging with regulators – the Payment Systems Regulator, Financial Conduct Authority and Bank of England – and stakeholders across industry while designing legislation, to ensure the needs of cash users continue to be met. Further details on timing for legislation will be set out in due course.