Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Cash Dispensing: Fees and Charges

Treasury written question – answered on 29th January 2019.

Alert me about debates like this

Photo of Catherine West Catherine West Labour, Hornsey and Wood Green

To ask the Chancellor of the Exchequer, if he will seek clarity from LINK on planned future reductions to the ATM interchange fee; and if he will make a statement.

Photo of Catherine West Catherine West Labour, Hornsey and Wood Green

To ask the Chancellor of the Exchequer, if he will establish a working group with the Payment Systems Regulator on preventing an increase in financial exclusion.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government recognises that widespread access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government is continuing to engage with the Payment Systems Regulator and industry, including LINK, on this issue.

LINK has cancelled its third interchange fee reduction, due in January 2020, and put on hold its fourth reduction, due in January 2021, pending further review. The Payment Systems Regulator, who regulates LINK, has welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions.

LINK has also recently announced new financial support for ATMs in remote and deprived areas.

The Government is also committed to ensuring that individuals, regardless of their background or income, have access to useful and affordable financial products and services. That’s why the Government established the Financial Inclusion Policy Forum in November 2017 with a membership of leaders from across the financial services industry, charities and consumer groups. The Forum provides leadership and ensures collaboration across government and with the sector in tackling financial exclusion. The Forum meets bi-annually, with the next meeting due to take place on 26 March 2019.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.