Payments

Access to Cash Panel responds to HMT Call for Evidence

Last year (March 2019), the Access to Cash Review Panel published its final report which sets out five recommendations for government and the industry to ensure that no one is left behind as we move towards a cashless society:

  1. Guarantee access to cash
  2. Ensure cash remains widely accepted
  3. Create a more efficient, effective and resilient wholesale cash infrastructure
  4. Make digital payments an option for everyone
  5. Ensure joined up oversight and regulation of cash

In this year’s budget, the Chancellor announced that the UK Government would legislate to protect access to cash and to also ensure that the UK’s cash infrastructure is sustainable in the long-term.    This was followed (October 2020) by HMT publishing a Call for Evidence (available here) to provide insights on its approach to the legislation.  It specifically sought views on:

  1. How to ensure industry continues to offer ways to withdraw and deposit cash
  2. How to improve cashback
  3. What affects cash acceptance
  4. Where regulatory responsibility should sit

Today, the Access to Cash Panel published its response to the Call for Evidence which can be downloaded here.