To ask Her Majesty's Government what steps they are taking to ensure that vulnerable elderly individuals continue to have access to cash.
Answered on
9 July 2021
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, particularly to those who may be in vulnerable groups.
Therefore, the Government has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at https://www.gov.uk/government/consultations/access-to-cash-consultation.