Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the adequacy of access to (a) cash and (b) banking services in (a) Coventry North East constituency, (b) Coventry, (c) the West Midlands and (d) England; and what steps he is taking to ensure adequate access to (i) cash and (ii) banking services in those areas in the next five years.

The way consumers and businesses interact with their banks and make payments is changing, bringing significant benefits to those who choose to opt for the convenience, security, and speed of digital services.

Nonetheless, the government recognises that cash continues to be used by millions of people across the UK, and is currently legislating to protect access to cash as part of the Financial Services and Markets Bill. The Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities.

Based on data published by LINK for February 2023, there are 31,873 free-to-use ATMs in England, including 3,431 in the West Midlands and 72

in the constituency of Coventry, North East. Further information is available at: https://www.link.co.uk/initiatives/financial-inclusion-monthly-report/

The government also believes that everyone, wherever they live, should have appropriate access to banking services.

Decisions on opening and closing branches, and the provision of in-person services, are a commercial matter for banks and building societies. However, guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. The FCA expects firms to put in place alternatives, where this is reasonable, to ensure customer needs are met. Where firms fall short of expectations, the FCA may ask for closures to be paused or other options to be put in place.