PARLIAMENTARY WRITTEN QUESTION
(17 December 2024)

The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.

The most recent data from the Financial Conduct Authority shows that 97 per cent of people in urban areas live within 1 mile of a free-to-use cash access point offering deposits. In rural areas, 98 percent of people live within 3 miles of a free-to-use cash access point offering deposits.

The Financial Conduct Authority (FCA) has recently assumed regulatory responsibility for access to cash, and its rules came into effect on 18 September 2024. These rules require the UK’s largest banks and building societies to assess the impact of a closure of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. Where a branch closure is announced and it is deemed that this closure will impact free access to cash, the branch cannot close until a replacement service is operational and any gap in provision has been filled.

Where a consumer, or anyone with a strong connection to a local area, feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found at the following link: https://www.link.co.uk/helping-you-access-cash/request-access-to-cash