Recommendations & Conclusions
5 items
111
Conclusion
6th Report - Acceptance of cash
Accepted
The Government and the business community must prove that the current strategy of focusing on cash access alone works, and that it works for everyone. (Conclusion)
Government response AI summary
The government highlights that the FCA's access to cash rules came into force in September 2024 and the FCA is committed to monitoring their impact, including undertaking and publishing a formal review of effectiveness with timings to be confirmed this autumn. It also notes the …
Read full response →
HM Treasury
113
Conclusion
6th Report - Acceptance of cash
Accepted
We welcome the commitment by small businesses, including convenience stores, to accepting physical cash from those who need to pay for it. We note that for some types of businesses, including market traders, cash remains fundamental to the preservation of markets. (Conclusion)
Read more
We welcome the commitment by small businesses, including convenience stores, to accepting physical cash from those who need to pay for it. We note that for some types of businesses, including market traders, cash remains fundamental to the preservation of markets. (Conclusion)
Show less
Government response AI summary
The government agrees on the importance of businesses having clear information on payment methods and highlights existing data from the British Retail Consortium, alongside ongoing work by the Payment Systems Regulator (PSR) to improve transparency of card scheme and processing fees.
Read full response →
HM Treasury
117
Conclusion
6th Report - Acceptance of cash
Accepted
Digital payments systems are vulnerable to failure for reasons ranging from accidents or hostile actions by state actors, through to failure by a supplier in a retail bank’s digital supply chain. Physical cash has a vital role to play as a payment method that is independent, that is backed by …
Read more
Digital payments systems are vulnerable to failure for reasons ranging from accidents or hostile actions by state actors, through to failure by a supplier in a retail bank’s digital supply chain. Physical cash has a vital role to play as a payment method that is independent, that is backed by the UK Government and that can be used as an analogue payment method when digital ones fail. (Conclusion)
Show less
Government response AI summary
The government commits to continually monitoring and evaluating payments data, including new specific data from the Bank of England's expanded surveys which now includes a question on the impact of businesses refusing cash. However, it does not see a need for annual reporting due to …
Read full response →
HM Treasury
119
Conclusion
6th Report - Acceptance of cash
Accepted
Cash is an enduring payment method that many people prefer to use and on which people who do not have equal access to non-cash payment methods rely. Although technology may progress further and reduce the number of people who rely on cash, demand for physical cash will always exist. The …
Read more
Cash is an enduring payment method that many people prefer to use and on which people who do not have equal access to non-cash payment methods rely. Although technology may progress further and reduce the number of people who rely on cash, demand for physical cash will always exist. The Government’s focus on reducing digital exclusion as part of the work of the Financial Inclusion Committee is welcome, but digital products and services may not fully solve the problem. Developing solutions to financial exclusion must include an examination of all potential options, especially where vulnerable groups face specific problems. For a significant minority of people, that risk entails not only inconvenience but partial exclusion from society. The cost will be borne by vulnerable minorities, including people in poverty, people struggling to escape domestic abusers and people with learning difficulties. (Conclusion)
Show less
Government response AI summary
The government recognises the importance of cash for vulnerable groups and commits to publishing a Financial Inclusion Strategy later this year, which will include a committee to examine barriers to accessing appropriate financial products and services.
Read full response →
HM Treasury
121
Conclusion
6th Report - Acceptance of cash
Accepted
The Department for Business and Trade, the Ministry of Housing, Communities and Local Government and HM Treasury must work together to challenge businesses and local government to set out how they are supporting financial inclusion, particularly for people who rely on cash due to their disabilities, in line with the …
Read more
The Department for Business and Trade, the Ministry of Housing, Communities and Local Government and HM Treasury must work together to challenge businesses and local government to set out how they are supporting financial inclusion, particularly for people who rely on cash due to their disabilities, in line with the Equalities Act 2010. (Recommendation) 48
Show less
Government response AI summary
The government agreed on the importance of financial inclusion but stated that businesses decide payment methods and the Equality Act 2010 does not mandate cash acceptance. It highlighted existing legal obligations for businesses and public authorities to consider reasonable adjustments for disabled persons.
Read full response →
HM Treasury