Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take to support small businesses with cash banking, in the context of closures of physical banks.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
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.
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 government considers that this legislation will support businesses to continue accepting cash by ensuring they have reasonable access to 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.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to take legislative steps to help ensure public access to cash.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
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.
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 government considers that this legislation will support businesses to continue accepting cash by ensuring they have reasonable access to 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.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to bring forward legislative proposals to reinforce the status of cash as legal tender.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The forms of payment that are accepted should remain the choice of individual businesses , based on their consideration of factors such as customer preference and cost.
Nevertheless, the Government recognises that cash continues to be used by millions of people across the UK. The Financial Services and Markets Act 2023 established a new legislative framework to protect access to cash for consumers and businesses.
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