ACS: Government Announces New Measures to Protect Access to Cash

ACS (the Association of Convenience Stores) has welcomed an announcement from the Government confirming plans to introduce legislation to address cash access issues at both a national and local level.

Today (19th May) the Government has announced that the Financial Conduct Authority (FCA) will be granted new powers to ensure that cash withdrawal and deposit facilities are available in communities across the country.

As part of its consultation response, the Government has confirmed that it will proceed with its proposals to enable HM Treasury to specify geographic baselines for reasonable access to cash withdrawal and deposit facilities across the UK.

Findings from ACS’ 2021 Local Shop Report show that consumers think that two of the most valuable services offered in convenience stores are cash machines and the Post Office.

ACS chief executive James Lowman said: “We welcome further detail on the how the Treasury plan to legislate for access to cash and delivery of a flexible criteria for cash provision between urban and rural areas.”

“Cash is still an incredibly important way of paying for goods and managing money for millions of people, and convenience stores play an increasingly important role in being often the only provider of ATM services locally. One of the most effective ways to promote access to cash would be to ensure banks provide adequate funding for a viable ATM network, yet this has been cut in recent years.”

The HM Treasury’s full response is available here.

This entry was posted by Chloe on Thu, 19/05/2022 - 10:40