Access to Cash Strategy 2022-05-17
2022-05-17
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP is inquiring about steps taken by the government regarding its access to cash strategy. The question arises from the necessity of protecting millions of people across the UK who rely on physical cash for everyday transactions.
What recent steps has he taken to progress the Government's access to cash strategy?
The Government recognise the importance of access to cash in the daily lives of millions of people across the UK. In the Queen's Speech, the Government announced that we will legislate to protect access to cash in the financial services and markets Bill, which will be brought forward soon, when parliamentary time allows. We consulted on legislative approaches last year and will publish a summary of responses to the consultation this week.
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Assessment & feedback
The specific steps taken to progress the strategy are not detailed; only future legislation is mentioned.
Legislation Details Not Provided
Future Work Announced
Response accuracy
Q2
Partial Answer
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Context
The MP is concerned about the impact of withdrawal fees on vulnerable or low-income individuals who are most likely to rely on access to cash. The demographic reliance on physical cash indicates a need for reform in the interchange fee system.
Given that those reliant on access to cash tend to be from vulnerable demographics, can he ensure all ATMs will be free to use by working with banks and ATM providers to reform the interchange fee?
As I said, the Government's response will be revealed in the legislation. When I visited the hon. Member's constituency not so long ago, I saw that the use of hubs—banks working together to provide access to cash—is key. There are 72,000 cash access points and 430,000 cashback locations across the UK. A coherent response that addresses the hon. Member's points will be made in the legislation.
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Assessment & feedback
No commitment to make ATMs free for customers or reform interchange fees was given.
Redirecting Focus To Existing Cash Access Points
Promising Future Legislative Details
Response accuracy