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. 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 …
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)
Government response. 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 …
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 …
Government response. 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 …
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 …
Government response. 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.
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 …
Government response. 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 …
HM Treasury