Payment and Services

The Payment Systems Regulator has invited views on the issues raised in this paper from all interested parties, including relevant evidence. 

This paper is specifically focussed on the structure of interchange fees, rather than the level of those fees. We’re interested in hearing views and evidence on:

The Economy, Infrastructure and Skills Committee are seeking views on:

• The current position regarding access to banking services in Wales, to include issues relating to financial inclusion and digital inclusion.
• The variety of ways in which branch closures and access to free ATMs can affect local communities (for instance the impacts from a business, tourism, social, demographic and regeneration perspective).
• To understand the potential process, benefits and challenges involved with establishing a community bank with multiple branches in Wales.

This inquiry looks at consumers’ access to financial services and whether certain groups of consumers are excluded, both in terms of obtaining a basic level of service from financial services providers as well as access to products including insurance. The inquiry will have a particular focus on the provision of financial products and services for vulnerable consumers.

The Payment Systems Regulator has launched a consultation on its draft terms of reference for its market review into card-acquiring services.

The Access to Cash Review, announced earlier this year by LINK, has launched a call for evidence. The review will be independently Chaired by the former Head of the Financial Ombudsman Service, Natalie Ceeney CBE and sponsored by LINK. The Review will be supported by a panel of consumer of industry experts who will consider and examine the future needs of consumers across the UK and provide recommendations on how the UK should best respond to the challenges, and opportunities of consumers’ evolving relationship with cash and payments over the next 15 years

HM Treasury has published a consultation seeking views on the role of cash and digital payments in the new economy

The House of Commons Scottish Affairs Select Committee has launched an inquiry to examine the cash machine network in Scotland following an announcement by LINK to cut interchange fees.

The Department for  Digital, Culture, Media & Sport have launched a consultation on the specific design of a new broadband Universal Service Obligation, which will give household and business the right to request a broadband connection at a minimum speed of at least 10Mbps.

The British Banking Association underwent an independent review of the Access to Banking Protocol. The Access to Banking Protocol was established last year and committed to a year-on review of its implementation. The Protocol details how banks should ensure sufficient access to banking in local communities following the closure of branches.

The Committee is seeking evidence on the following points: