Access to cash to be protected under new law

Plans are underway to ensure access to cash in the UK is effectively protected, following the government’s commitment to new legislation. During the Queen’s Speech, the government pledged to bring forward a Financial Services and Markets Bill following a longstanding campaign on cash access from Which?.

Anabel Hoult, Which? Chief Executive, said:

“Which? has fought for years on behalf of millions of people and communities around the country that rely on cash, so we welcome the government’s commitment to introduce legislation this coming year to protect access to cash.

“While the pandemic has accelerated the move to digital payments for many consumers, many are not yet ready to make that switch and require protection from an avalanche of ATM and bank branch closures that have left the UK’s cash system at risk of collapse. 

“This legislation must ensure that clear requirements are placed on industry to meet communities’ need for cash and that the FCA is given appropriate powers to monitor and enforce these as soon as possible.”

Find out more about our campaign win and what this means for consumers.