Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress she has made on implementing the provisions in Schedule 8 of the Financial Services and Markets Act 2023 on access to cash; and what discussions she has had with the Financial Conduct Authority on the effectiveness of its powers to enforce those provisions.

The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.

The Financial Services and Markets Act 2023 granted the Financial Conduct Authority (FCA) the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. The FCA introduced regulatory rules to protect access to cash in September 2024. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts.

The FCA is required by law to keep its rules under review and has been closely monitoring the impact and effectiveness of their regime during its first year. It will commence a formal evaluation of its regime in due course.

The Government meets regularly with the FCA to discuss a range of topics.