Source · Select Committees · Scottish Affairs Committee
Recommendation 8
8
Paragraph: 58
We welcome industry-led initiatives, such as LINK’s Financial Inclusion Programme, to provide free access to...
Conclusion
We welcome industry-led initiatives, such as LINK’s Financial Inclusion Programme, to provide free access to cash via free-to-use ATMs in the most rural and deprived areas of the UK. This is especially important in Scotland considering the physical and digital connectivity challenges it faces. However, it is unacceptable that an issue of such importance should be left to voluntary agreements which ultimately leaves them vulnerable and reduces certainty over the future of free access to cash in Scotland. Future legislation should therefore complement the industry- led initiatives, such as the Financial Inclusion Programme, and build on these to guarantee free access to cash for as long as it is needed.
Paragraph Reference:
58
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.