In line with the Government’s policy to safeguard access to cash for those who need it, whilst supporting digital payments, HM Treasury (HMT) has establish the Joint Authorities Cash Strategy (JACS) Group, bringing together the Payment Systems Regulator (PSR), the Financial Conduct Authority (FCA) and the Bank of England (BoE).
The JACS Group’s Terms of Reference, set out the Group’s objectives, which is to:
- bring members together in a collaborative forum to facilitate dialogue and co-ordination of their individual responsibilities and activities;
- ensure that the roles and responsibilities of each member remain clear and relevant,in light of changing payment trends and innovations;
- inform the approach of each member through consideration of relevant evidence regarding cash and digital payments; and
- co-ordinate the actions taken by members in this area, to ensure alignment with the Group’s strategic goal.