News in Brief

Bank of England Consults on Wholesale Cash Infrastructure

The Financial Services and Market Bill gives the Bank of England the ability to act to safeguard access to cash for businesses and individuals. Falling cash volumes have put the long-term viability of the current wholesale cash distribution system at risk.

The wholesale system allows the Bank, the Royal Mint and commercial issuers of banknotes to issue new notes and coins and to manage their movement, circulation and withdrawal through bank branches, ATMs and retailers.

The consultation sets out to ensure the effectiveness, resilience and sustainability of the wholesale cash infrastructure in a less cash environment. The Financial Services and Market Bill, which is still going through Parliament, contains complementary provisions for retail cash access that are the responsibility of the Financial Conduct Authority (FCA).