Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she plans to take to help support small businesses with cash banking, in the context of trends in the number of closures of physical banks.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions she has had with NatWest on the adequacy of the provision of its banking facilities in Slough.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to bring forward legislative proposals to help ensure public access to cash.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the adequacy of access to cash.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential impact of bank closures on people requiring in person banking services in Slough.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of the availability of banking facilities in (a) Slough and (b) Berkshire.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what preparations he has made to legislate for the long-term regulatory framework for Open Banking once the Joint Regulatory Oversight Committee reports in 2023.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
UK Open Banking has been a great success story with over 7 million people in the UK now regularly using this technology to manage their money and to make payments.
The Government is committed to maintaining the UK’s leadership in this field and sustaining momentum. We wish to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy.
HM Treasury is working closely with the relevant regulators through the Joint Regulatory Oversight Committee to develop recommendations on the design of the future Open Banking entity. HM Treasury is also leading work to develop a long-term regulatory framework for this technology, underpinned by any necessary legislation.
The Committee will release its recommendations in the coming weeks following joint statements in March and December 2022 which can be found at: https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking and https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking.
Asked by: Jessica Morden (Labour - Newport East)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, for what reason the maximum payment amount that can be collected in a single transaction using the Payment Exception Service at a Post Office or pay point outlet is set at £100 requiring some claimants to make multiple transactions to access the full amount of their benefits or pension.
Answered by Baroness Prentis of Banbury
The most secure way to receive payment is through a bank account. For those customers who are unable to open or manage a bank, building society or credit union account, the DWP’s new Payment Exception Service has been designed as a simple service to ensure customers have access to cash. Vouchers are uploaded to a card or sent electronically via SMS text or email. A customer can print their emailed vouchers and present them to the retailer. The maximum amount of a voucher is £100 so a customer may receive more than one voucher on their payment due date. Customers must cash the full amount of the voucher but do not have to cash all of their vouchers at the same time. This is a similar process to when customers used to be issued with Order Books and Girocheques.
Payment Exception Service vouchers can be encashed at over 26,000 PayPoint outlets nationally as well as Post Offices nationwide. The service provided by this contract meets DWP’s statutory requirement to ensure all customers can access payments, including where standard banking is not available to them.
The £100 voucher amount represents a value that protects vulnerable customers from being required to withdraw and carry large sums and is one that the PayPoint Retailer network can support.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, whether her Department is taking steps to prevent benefit payments made to a UK bank account from transfer into a Russian bank account.
Answered by Guy Opperman
The government have imposed sanctions on Russian banks. This means the Department has suspended the payment of the State Pension – the only benefit affected by this action - due to those claimants where payment was going directly to any Russian bank which has been sanctioned under The Russia (Sanctions) (EU Exit) Regulations 2019. For claimants who are not sanctioned as individuals under the above Regulations, if they open an alternative account with a non-sanctioned bank then payment will resume.
The transfer of payments from a UK account to any other account is by agreement between the claimant and the receiving bank. The department would not be aware and in terms of the individual’s entitlement to the benefit being received, does not need to be aware of any such agreement. If there was an agreement to transfer money to a Russian account, then the banking protocols arising from the above legislation would have applied to regulate the transfer.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, whether any benefit payments made by her Department into a UK bank account have been transferred into a Russian bank account in the last six months.
Answered by Guy Opperman
The government have imposed sanctions on Russian banks. This means the Department has suspended the payment of the State Pension – the only benefit affected by this action - due to those claimants where payment was going directly to any Russian bank which has been sanctioned under The Russia (Sanctions) (EU Exit) Regulations 2019. For claimants who are not sanctioned as individuals under the above Regulations, if they open an alternative account with a non-sanctioned bank then payment will resume.
The transfer of payments from a UK account to any other account is by agreement between the claimant and the receiving bank. The department would not be aware and in terms of the individual’s entitlement to the benefit being received, does not need to be aware of any such agreement. If there was an agreement to transfer money to a Russian account, then the banking protocols arising from the above legislation would have applied to regulate the transfer.