Commons Sense

House of Commons · Ministers' Questions

Access to Cash Strategy

Tuesday 17 May 2022 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 1 Not answered 0

Key points

  • The Government announced they will legislate to protect access to cash in the financial services and markets Bill.
  • The Government's response to concerns about ATM fees will be revealed in the upcoming legislation.
  • The use of hubs where banks collaborate to provide cash access is considered key to the strategy.

Topics (select to filter)

Questions & Answers

Q1 Margaret Ferrier SNP
Economy
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.

Question

What recent steps has he taken to progress the Government's access to cash strategy?

Answer from John Glen

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.

Partly answered

Not addressed: The specific steps taken to progress the strategy are not detailed; only future legislation is mentioned.

How: Legislation Details Not Provided, Future Work Announced

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Q2 Margaret Ferrier SNP
Economy Taxation
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.

Question

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?

Answer from John Glen

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.

Not addressed: No commitment to make ATMs free for customers or reform interchange fees was given.

How: Redirecting Focus To Existing Cash Access Points, Promising Future Legislative Details

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