Source · Select Committees · Scottish Affairs Committee
Recommendation 6
6
Paragraph: 37
We believe the issue of cash acceptance in a retail setting requires further investigation.
Recommendation
We believe the issue of cash acceptance in a retail setting requires further investigation. We recommend that the UK Government should consider asking the Financial Conduct Authority (FCA) to investigate and monitor cash acceptance levels across the UK. If the FCA find a substantial number of retailers refusing to accept cash, the UK Government should introduce additional protections to ensure that consumers reliant on cash are not disadvantaged.
Paragraph Reference:
37
Government Response
Acknowledged
HM Government
Acknowledged
I note the Committee’s recommendation on cash acceptance. The Government recognises that the ability to transact in cash remains important to millions of people across the UK, and engages closely with the financial regulators to monitor and assess trends relating to cash. The Government’s legislation intends to support the ongoing use of cash in people’s daily lives and helps to enable local businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities. The Bill also provides the Bank of England with the powers to ensure the wholesale cash industry - the network of cash centres integral to the sorting, storing and distribution of notes and coin - remains effective, resilient and sustainable so it can continue to support cash access into the future. Nonetheless, the Government’s view is that it should remain the choice of individuals and organisations as to whether to accept or decline any form of payment, including cash or card. This may be based on factors such as customer preference and cost.