Bank Services: Mid Bedfordshire

(asked on 20th November 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps to help secure free access to (a) cash withdrawals and (b) deposit facilities in Mid Bedfordshire constituency.


Answered by
Bim Afolami Portrait
Bim Afolami
Economic Secretary (HM Treasury)
This question was answered on 23rd November 2023

The government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups.

The government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. Importantly, in relation to personal current accounts the FCA is required to seek to ensure reasonable provision of free cash access services.

Following this, the government published a Cash Access Policy Statement, which sets out the government’s policies on access to cash, including free cash access services. The FCA is required by law to have regard to these policies when determining its regulatory approach. The FCA will publicly consult on its regulatory approach in due course. The government’s policy statement is available on gov.uk: https://www.gov.uk/government/publications/cash-access-policy-statement/cash-access-policy-statement

In the context of the government’s legislation, the financial services sector is working together to develop and provide shared cash services, such as Banking Hubs and cash deposit services. To date, industry has committed to deliver new shared cash services in over 170 communities.

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