IRRV Alert - week ending 20th May 2022 - Part 2
News
Consultations
Reports
Access to Cash Consultation (19 May 2022)
Consultation outcome
Access to Cash Consultation
- From:
- HM Treasury
- Published
- 1 July 2021
- Last updated
- 19 May 2022 — See all updates
This consultation has concluded
Download the full outcome
Access to Cash: Consultation: Summary of Responses
PDF, 220 KB, 20 pages
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Detail of outcome
The government has published its response to this consultation. The document summarises the responses received to the consultation questions and sets out the government’s planned approach to legislating for access to cash in the Financial Services and Markets Bill. HM Treasury intends to designate firms for the purpose of ensuring continued access to cash across the UK. The Financial Conduct Authority (FCA) will be established as the lead regulator for retail cash access and will be given appropriate powers for ensuring that designated firms continue to provide deposit and withdrawal facilities across the UK. The FCA’s powers will allow it to address cash access issues at both a national and local level.
Original consultation
Summary
This consultation seeks views on the government’s legislative proposals for protecting access to cash.
This consultation ran from
1 July 2021 to 11:45pm on 23 September 2021
Consultation description
This consultation is the next step in legislating to protect access to cash and ensuring that the UK’s cash infrastructure is sustainable for the long term. Despite the decline in cash use over recent years, cash remains an important payment method for millions across the UK, which is why the Chancellor committed and March Budget 2020 to legislate to protect access to cash.
In line with this commitment, the Treasury undertook a Call for Evidence in 2020, which sought views on the key considerations associated with cash access. The Government also legislated in the Financial Services Act 2021 to facilitate the wide-spread adoption of cashback without a purchase. This consultation sets out proposals for further legislation. It seeks views on: establishing geographic requirements for the provision of cash withdrawal and deposit facilities, the designation of firms for meeting these requirements, and establishing further regulatory oversight of cash service provision.
A consultation-stage Impact Assessment is published alongside the consultation.
This consultation will run from 1 July 2021 until Thursday 23 September 2021.
Please submit responses to: accesstocashconsultation@hmtreasury.gov.uk
Documents
Access to Cash Consultation
Ref: ISBN 978-1-911686-03-3, 3138PDF, 272 KB, 24 pages
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Access to Cash Consultation – Impact Assessment
PDF, 375 KB, 14 pages
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Published 1 July 2021
Last updated 19 May 2022 + show all updates