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Banking and finance industry announce work to support free access to cash

June 12, 2019 / Vicky Shaw

Work to support people’s free cash access will take place over the summer, the banking and financial services industry has announced. Trade association UK Finance said the action will build on the Access to Cash Review. The review recently described the cash system as “on the verge of collapse”. The work will build up a picture of the range of options customers currently have for accessing cash and develop an approach for how the industry could work with local authorities to identify and report gaps in cash provision. UK Finance will publish an update and progress report by September 30 2019. Over the summer, UK Finance will work to develop a definition of the industry’s commitment to customers and communities in terms of what is considered the “appropriate provision for free access to cash”. It will consider how this new approach could involve the creation of an independent body with responsibility for responding to access to cash representations, a...