Source · Select Committees · Scottish Affairs Committee
Recommendation 2
2
Paragraph: 26
We welcome recent initiatives announced by the Cash Action Group to ensure free access to...
Conclusion
We welcome recent initiatives announced by the Cash Action Group to ensure free access to cash in the absence of legislation. However, considering the scale of the population which remains reliant on cash, and likely will do so for the foreseeable future, this does not negate the vital need for legislation. While innovation in digital payments is welcome, Government action is required to ensure nobody is excluded from an increasingly digital economy.
Paragraph Reference:
26
Government Response
Acknowledged
HM Government
Acknowledged
In anticipation of the Government’s legislation, significant steps have been taken by industry to improve coordinated efforts by firms to meet cash access needs. In December 2021, the Cash Action Group announced that it had developed a voluntary industry model for the provision of cash access facilities, including initiatives to provide shared services. Under the model, an industry coordination body assesses the cash needs of local communities with a view to ensuring appropriate cash services are in place. In light of these developments, and the significant role that such coordination bodies may play in the future of cash provision, the legislation allows HM Treasury to designate such bodies for FCA oversight.