The FCA and PSR have today published more information on their joint work to map access to cash and how this will shape their future work in this area. This is a follow up to their joint statement which was published on 16 June.
- Ensuring access to cash is a priority for the FCA and PSR.
- Throughout the 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 will allow them to monitor access to cash ‘cold spots’ 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 Covid-19, cash is still an essential method of payment. They have identified 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.
- Developing a better understanding of these needs and characteristics will be a key part of their longer term work to maintain access to cash withdrawals and deposits for consumers and businesses.