Plans to maintain access to cash under scrutiny by the Treasury Sub-Committee
The Treasury Sub-Committee has previously voiced their belief that communities must continue to have access to cash or there is a risk of exacerbating the issue of financial exclusion for certain groups – often including the most vulnerable or isolated.
Meeting details
Members will question officials at the Financial Conduct Authority and Bank of England on what their institutions are doing to facilitate cash access and cash distribution at 2:15pm on Wednesday 31 January.
The FCA and Bank of England are currently separately consulting on subjects relating to the provision of cash. The FCA is consulting on the best way ‘to ensure reasonable provision’ of cash deposit and withdrawal services for personal and business current accounts across the UK.
The Bank of England consultation is looking at the wholesale distribution of cash within the UK economy, as reduced cash flow between businesses, banks and individuals may create issues with ensuring it is accessible for those who need it.
With reference to those pieces of work, MPs may question witnesses on the impact of bank branch and ATM closures on implementing future plans to maintain cash access within communities. They may also examine the extent to which the FCA and Bank are considering SMEs who are far more likely to rely on cash than larger businesses.
Members of the sub-committee may also choose to probe on the expected timescales of putting in place measures following the consultation as well as how they are planning to work with the private sector on delivering cash-based services.