Today (30th June) the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) published more information about their work on mapping access to cash to help identify ‘cold spots’.
The FCA and PSR have worked with other regulators to create a single database of the UK’s cash access points. Analysis of additional ONS information has showed that the majority of cold spots were in rural areas.
Findings from the 2020 Rural Shop Report revealed that 45% of rural shops provide a free to use cash machine for local customers.
ACS chief executive James Lowman said: “Cuts to ATM interchange fees have hit ATMs in rural and neighbourhood areas hardest, which are often hosted by local shops and the only way for local communities to access cash freely.
“The Government needs to step up to secure long term access to cash by setting interchange fees on a sustainable basis.”
The LINK Financial Inclusion Programme aims to ensure all consumers have free access to cash within 1km. However, this new PSR/FCA modelling shows 12% no longer have access within 1 mile.
The Joint Authorities Cash Strategy Group was established to coordinate cash policy but has not yet published its report. The Government also committed to legislate to secure access to cash at Budget 2020.
The full 2020 Rural Shop Report is available here: http://bit.ly/RuralShopReport2020
