Recommendation 13

There are gaps in the current distribution of powers and responsibilities. We asked, for example, who is responsible for monitoring the resilience of the cash machine network and for taking action should part of it fail. The PSR told us that it is responsible for the oversight of the LINK network, which accounts for the free-to-use network of cash machines. The Bank of England is responsible for ensuring the systemically important pieces of the infrastructure are both financially and technically resilient though this might not include every element of the network.35 The PSR told us that it and the Bank are comfortable with the current position of the network. The PSR told us, however, that a further move to a low cash use economy might raise questions about sustainability and that additional legislation and requirements might be needed.36 Similarly, when we asked the FCA what it is doing to monitor trends in the acceptance of cash it pointed out that the cash as used by supermarkets, retailers and so on went beyond its normal remit of financial services companies.37 For the cash system as a whole we could find no single organisation currently responsible for monitoring and reporting how well the system is continuing to meet the needs of consumers and businesses.38 32 Q 69; C&AG’s Report, para 7 & 10 33 Q 69 34 HM Treasury, Access to Cash: Call for Evidence, October 2020, paras 6.8, 6.9 35 Q 60 36 Q 61 37 Q 42 38 Q 76; C&AG’s Report, para 13 12 The production and distribution of cash 2 Cash production