Cash Infrastructure

Baroness Bryan of Partick Excerpts

Monday 19th July 2021 Lords Chamber

[Baroness Penn (Con)]

I absolutely agree with my noble friend. In fact, cash remains the second-most used payment form in this country. That is exactly why we have made this commitment to legislate and launch the consultation on our specific proposals, which we look forward to taking forward.

[Baroness Bryan of Partick (Lab) [V]]

My Lords, cash is essential to many people’s ability to budget. I am sure the Minister is aware that cash machines that charge for use are often found in communities that have fewer alternatives for accessing cash. Can she assure this House that the proposed legislation will contain a requirement to ensure that cash is both accessible and free of charge?

[Baroness Penn (Con)]

My Lords, industry is best placed to develop the most efficient and sustainable solutions for access to cash. However, the legislation is proposed to set out geographic requirements so that people do not have to travel too far for access to cash. It will also make the FCA the lead regulator on consumer access to cash, ensuring that access to cash is reasonable—that should take into account vulnerable users and factors such as costs when looking at the provision in the country.