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Oversight Regime for Wholesale Cash Firms

12 June 2025

Proposing MP
Emma Reynolds Lab
Wycombe
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the recognition of firms performing wholesale cash distribution activities under Part 5A of the Banking Act 2009.

Action Requested

HM Treasury has made wholesale cash oversight orders for specified firms on June 5, 2025, to come into force on June 12, 2025. The decision follows a process including notification, representation consideration, and consultation with relevant regulators.

Key Facts

  • HM Treasury has made wholesale cash oversight orders effective from 12 June 2025.
  • The Bank of England can charge recognised firms maximum supervision fees of £400,000 per year and 'special projects' fees of £150,000 annually.
  • A provision for review is considered inappropriate due to the de minimis economic impact.
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