A bill of exchange is a paper financial instrument that is used to transfer money from one person to another instead of the transfer of the actual money itself. The Bills of Exchange Act 1882 does not specify how they must pay if one is agreed.

As technology and consumer behaviour changes, it should remain the choice of individual organisations as to whether to accept or decline any form of payment, including cash or card, based on their consideration of factors such as customer preference and cost.

Nonetheless, the Government recognises that many people continue to transact in cash across the UK. The Government is currently taking legislation to protect access to cash across the UK through Parliament as part of the Financial Services and Markets Bill 2022. The legislation will establish the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities. This legislation will support local businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.

Further details about the Financial Services and Markets Bill can be found on the Parliament website.

To support those fleeing the conflict, the Government has introduced two visa schemes to welcome Ukrainian refugees to the UK: the Ukraine Family Scheme and Homes for Ukraine. The Ukraine Family Scheme allows applicants to join family members or extend their stay in the UK. Homes for Ukraine allows Ukrainian nationals and their family members to come to the UK if they have a named sponsor under the scheme. Further details on scheme eligibility can be found at GOV.UK. People that enter under both visa schemes support integration by providing full access to social services and welfare in the UK for up to three years.

As each of these schemes uses different routes to support Ukrainians to find safe refuge in the UK, they were set up to be funded differently. The Ukraine Family Scheme is similar to existing family visa routes, and provision of public services from this route will be managed in the usual way. The UK-based family member is expected to provide support and accommodation for those coming to join them, who in turn benefit from the wider integration advantages in joining an existing family network.

On the matter of exchanging Ukrainian currency for sterling, the Government has taken steps to ensure support for incoming Ukrainian nationals opening bank accounts, and Ukrainians are able to convert their currency to GBP electronically at several major banks and electronic money institutions. The industry has also taken measures to support refugees and their access to essential financial services, including commitments to waive certain fees. The Government continues to monitor the situation for Ukrainians in the UK’s financial marketplace closely.

As technology and consumer behaviour changes, it should remain the choice of individual organisations as to whether to accept or decline any form of payment, including cash or card, based on their consideration of factors such as customer preference and cost.

Nonetheless, the Government recognises that many people continue to transact in cash across the UK and engages closely with financial regulators to monitor and assess trends relating to cash. Research undertaken by the Financial Conduct Authority found that 98% of small businesses would never turn away a customer if they needed to pay by cash.

The Government has introduced legislation to protect access to cash across the UK to Parliament as part of the Financial Services and Markets Bill 2022. The legislation will establish the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to ensure that people can continue to access cash withdrawal and deposit facilities. This legislation will support local businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.

Further details about the Financial Services and Markets Bill can be found on the Parliament website.

The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.

Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.  The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.

Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.

As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.

The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.

Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.  The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.

Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.

As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.

The way consumers and businesses interact with their banking continues to develop at pace, bringing significant benefits to those who choose to opt for the convenience, security, and speed of digital payments and banking.

Access to a bank account is an important way to enjoy these benefits, which is why the Government has legislated to require the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access digital banking and payment services. To facilitate the adoption of digital services, the Government is also supporting the roll-out of digital connectivity across the UK and improving access to digital skills training for adults.

Nonetheless, the Government recognises that cash continues to be used by millions of people across the UK, particularly those in vulnerable groups. In recognition of this, the Government has introduced legislation to protect access to cash as part of the Financial Services and Markets Bill. Further details can be found on the Parliament website: https://bills.parliament.uk/bills/3326