Treasury Committee urges government to act on access to cash

The government and regulators need to get a grip on consumers’ ability to access their cash, the Treasury Committee urged today.

Nicky Morgan, chair of Treasury Committee, said:

“Whilst cash may no longer be king, it continues to play an important role in the lives of millions… it’s clear that the whole way that people access their cash via ATMs is starting to fail.

“With the way that people access their cash seemingly on the precipice of collapsing, the Government can’t just bury its head in the sand.

This mustn’t fall through the gaps of responsibility – the Government and regulators should get a grip of this problem before the whole arrangement collapses.”

During the same committee session Charles Randell, Chair of the Payment Systems Regulator (PSR), said that there is a need to guarantee access to free-to-use ATMs. He added that the whole system of access to cash needs to be looked at afresh, and that the PSR board will look into the infrastructure of cash provision.