UK to Protect Access to Cash in Law

The announcement by the UK government that it will legislate in the Financial Services and Markets bill to protect cash by ensuring continued access to withdrawal and deposit facilities across the UK has led to a series of pieces in the UK’s media about cash.

The Financial Conduct Authority (FCA) will, it is believed, determine what counts as a ‘reasonable distance from their community’ and fine financial institutions that fail to provide access.

The rules do not say how access must be delivered and there is likely to be more use of post offices, mobile banking hubs, shared branches and free-to-use ATMs in response.

Less cash

A piece in the Global Banking and Finance Review listed recent pressures on cash – fewer banks, and ATMs, shops lowering their minimum limit for allowing card payments, the increase in the contactless limit to £100 and shops and businesses of all sizes investing in digital infrastructure and capability.