Dear Constituent,
Thank you for writing to me on access to cash.
Protecting access to cash forms part of the Financial Services and Markets Bill 2022, as the Economic Secretary to HM Treasury, Andrew Griffith MP, explained in the following Written Answer:
‘The government recognises that while the transition towards digital payments brings many opportunities, cash continues to be used by many people across the UK, including those who may be in vulnerable groups.
The government is currently taking legislation to protect access to cash across the UK through Parliament as part of the Financial Services and Markets Bill 2022. The legislation will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities. The FCA will consult on its regulatory approach in due course.
With regards to the provision of free-to-use ATMs, LINK (the scheme that runs the UK's largest ATM network) has made commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
LINK publishes a Monthly ATM Footprint Report and information on the number of ATMs by constituency. According to LINK data for February 2023, there were over 31,000 free-to-use ATMs in England[.]’ (Cash Dispensing: Fees and Charges, WQ 180653; Andrew Griffith MP, Economic Secretary, HM Treasury; 24 April 2023)
Thank you again.
Yours sincerely,
Mel Stride MP
MP for Central Devon
