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To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of (a) access to cash and (b) the level of cash acceptance in towns and rural communities in Scotland.
To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of (a) access to cash and (b) the level of cash acceptance in towns and rural communities in Scotland.
The Government recognises the importance of cash, understanding that it continues to be used by millions of people across the UK, including those in rural and costal areas. The most recent data from the Financial Conduct Authority shows 98.1 per cent of people in rural areas live within 3 miles of a free-to-use cash access point offering withdrawals
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts. This supports businesses to ensure they can continue to accept cash by ensuring that they have reasonable access to cash deposit facilities.
The Government continues to work closely with industry to support the roll-out of 350 banking hubs by the end of this Parliament. Over 280 hubs have been announced so far, and more than 240 are already open across the UK, including 31 in Scotland.
The Government is committed to continuing to monitor levels of cash acceptance and to evaluating all relevant payments data, including data on consumer preferences and trends, to inform future policy and help ensure that consumers and businesses have a choice of payment methods to meet their needs.
To ask the Chancellor of the Exchequer, what steps his Department is taking to support face-to-face banking in rural communities.
To ask the Chancellor of the Exchequer, what steps his Department is taking to support face-to-face banking in rural communities.
The Government is committed to ensuring that people who need in-person banking can access essential services, including in rural communities.
That is why we commissioned the independent Access to Banking Services Review, to gather data about current access to banking services and it’s why this Government intends to introduce the Financial Services and Markets Bill with a power to allow the Government to act on that review.
To ask the Chancellor of the Exchequer, what recent discussions he has had with LINK on the criteria used to assess communities for Banking Hubs in towns such as Larkhall.
To ask the Chancellor of the Exchequer, what recent discussions he has had with LINK on the criteria used to assess communities for Banking Hubs in towns such as Larkhall.
Under the statutory access to cash regime, LINK is the coordination body for cash access arrangements and undertakes cash access assessments. Where an assessment identifies a gap, LINK determines the additional cash access service required, which may include a banking hub.
When asked to carry out a cash access assessment, LINK takes into consideration a wide range of criteria, including those unique to each location, such as the size and vulnerability of the population, existing and remaining cash access facilities and the number of shops. Specifically, LINK takes into consideration population demographics, public transport links and whether it is reasonable for people to travel to nearby facilities, including the actual travel distance. LINK uses a catchment area of 3 miles in rural locations and 1 mile in urban areas and considers if there is a significant impact on nearby towns.