Cash Dispensing

Treasury written question – answered on 11th June 2020.

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Photo of Ronnie Cowan Ronnie Cowan Shadow SNP Spokesperson (Infrastructure)

To ask the Chancellor of the Exchequer, what discussions his Department has had with the (a) Financial Conduct Authority and (b) Payment Systems Regulator on a minimum service guarantee for cash; and what the planned timescale is for the introduction of new legislation protecting access to cash announced in Budget 2020.

Photo of Ronnie Cowan Ronnie Cowan Shadow SNP Spokesperson (Infrastructure)

To ask the Chancellor of the Exchequer, what estimate he has made of the number of retailers refusing cash as a result of the covid-19 outbreak; and what progress has been made on bringing forward legislative proposals to protect consumer access to cash.

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

The Government recognises that cash remains extremely important to the daily lives of millions of people across the UK. The Government remains closely engaged with the financial regulators to monitor and assess risks around cash access and acceptance resulting from COVID-19. This includes working closely with industry to ensure access to cash.

At the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash in the longer-term. The Government is engaging with regulators – the Payment Systems Regulator, Financial Conduct Authority and Bank of England – and stakeholders across industry while designing legislation, to ensure the needs of cash users continue to be met. Further details on timing for legislation will be set out in due course.

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