The Treasury has set out a new framework to protect free access to cash.
A statement from the government has outlined the minimum expectations of banks to protect services for individuals and businesses looking to withdraw and deposit cash. As part of this, people should be able to expect to withdraw cash without incurring any fees.
The Financial Conduct Authority (FCA) has been granted new powers by the government to protect access to cash services and if banks and building societies are not meeting the standards outlined, they can be fined.
In addition, the FCA is required to ‘have regard’ to local deficiencies in cash access. The regulator must consider a number of factors when looking at access to cash in a local area, including the opening hours, and distance to cash access services, and the need for in-person assistance.
ACS Chief Executive James Lowman said: “We welcome the new measures which have been introduced to protect cash and are continuing to call on ministers to review the viability of interchange fees so that convenience retailers can continue to offer free access to cash in communities instead of being switched to a pay-to-use model.”
ACS has launched a new tool which reveals the change in ATM provision in every constituency across the UK. The tracker is available here.
