The FCA and PSR have today published more information on our joint work to map access to cash and how this will shape our future work in this area.
This follows our joint statement[1] on the 16 June setting out our approach to access to cash issues.
Throughout the coronavirus (Covid-19) pandemic, the PSR, FCA, other regulators and the industry have collaborated to create a single database of the UK’s cash access points. This means we can monitor where access to cash ‘cold spots’ are emerging and coordinate the industry response to ensure that vulnerable and self-isolating groups can continue to access cash.
Despite the decline in cash use, made worse by coronavirus, cash is still an essential method of payment for many. We know that some consumers have limited access to cash even where overall coverage is good, for example, if they are vulnerable or because public transport to reach cash machines is poor.
Ensuring access to cash is a priority for the FCA and PSR. Developing a better understanding of these needs and characteristics will be a key part of our longer-term work to maintain access to cash withdrawals and deposits for consumers and businesses.