Edition 21 - Financial Services Act to be Announced by King Charles

A Payment Choice Alliance Newsletter

New Financial Services Act to be Announced by King Charles on 13th May

The UK Government is going to feel very unpopular after the elections on 7 May 2026.

How can that Government - or any Party that would like to replace it - get back into favour with the hard-pressed British public?

THEY CAN START BY GIVING THE 40 MILLION VOTERS WHO WANT PAYMENT CHOICE THE LEGAL RIGHT TO USE CASH.

Whether or not cash is specifically mentioned when the new Financial Services Act is announced by the King, these are the measures needing to be included in that Act as far as cash and Payment Choice are concerned:

• A Payment Choice Regulation, compelling shops and other businesses to accept cash for payment, up to a maximum of £1,000. This ceiling would be in line with legislation in other European countries.
• The creation of a Cash Regulator, responsible for overseeing both access to cash and cash acceptance. As regards access, the new Regulator must ensure that card issuers - and, in particular, the UK banks - properly fund all cash channels, both for withdrawals and deposits. There must be competition to provide cash access for both the British public and businesses. It is likely remuneration for cash withdrawals should be in the region of 1% of the value of cash issued, underpinned by a minimum guaranteed level. A similar level of remuneration - or higher - is likely to be needed to ensure cash deposits are economic to provide in EVERY community around the UK.
• A full review of the provision of Banking Hubs via Cash Access UK Limited, which is owned by UK banks. The number of such Hubs currently promised by 2029 - a total of 350 - is derisory. Between 1200 and 1500 are likely to be required to service the needs of communities left with inadequate financial services touch-points. The Banking Hubs must provide 24/7 cash access via ATMs for both cash withdrawals and deposits; 6 day access to comprehensive financial services via counters; face-to-face banking for detailed advice, not just token ‘meet and greet’ by bank representatives, who are primarily focused on moving customers to digital-only interactions with banks.
• A full review of the arrangements between the Post Office and UK banks. The banks are arguably currently over-funding counter provision of cash services at Post Offices, a strategy aimed at making it uneconomic for Post Offices to offer ATMs and other automation. An ATM cash withdrawal currently delivers only around 15% of the revenue to the Post Office that a counter service cash withdrawal transaction delivers. This is a ludicrous disparity. The aim of the UK banks is to keep the Post Office funded until around 2030, whilst they continue to reduce branch and ATM services. Once they are satisfied with the reduction in those services, they are likely to withdraw support from the Post Office, leading to the decimation of cash services around the UK. Since financial services currently account for around 50% of all Post Office revenue, this withdrawal of bank funding would also leave the network of 11,500 Post Office branches under severe threat. The potential loss of Post Offices would leave thousands of communities threatened with further disruption to their once vibrant town and village centres.

Chancellor Rachel Reeves has already received a letter confirming what needs to be included in the new Financial Services Act in relation to cash and Payment Choice. BUT ALL MPs should themselves be asking for the new Financial Services Act to include all the measures detailed above.

The Payment Choice Alliance will be asking supporters to contact their own MPs, inviting those MPs to confirm that they support the agenda of the Alliance.

Laughing ‘Cashless’ Out of Existence!

Click HERE to enjoy ‘The Dusty Pint’!

The best - and funniest - Anti-Digital domination video we have ever seen!

Amidst the humour, the video raises many questions - including should ‘smartphones’ be banned from pubs as well as schools?

That would mean more conversation - and less cheating at pub quizzes!

Anway, have a good laugh HM Treasury, The Rt Hon Rachel Reeves and Lucy Rigby KC MP - then get your act together and BAN ‘CASHLESS’!

CHEERS!

The British Public can Save Money Using Cash - Let Them do it, Rachel Reeves!

A good article in The Guardian by Jane Hoskyn.

So switching back to cash saved money - but it couldn’t be sustained because of disgraceful ‘cashless’ businesses and shops like Lidl GB, which make using cash very difficult.

AN ABSOLUTE DISGRACE.

Almost no other country in Europe would let businesses get away with this! The Rt Hon Rachel Reeves - as detailed elsewhere in this newsletter - please ensure the King’s Speech mentions a Financial Services Act that includes cash acceptance legislation.

The legislation must guarantee that the British public can live their lives as they WANT to - spending their British £’s - and, in doing so, save money in a world suddenly far more expensive than it was even last year!

Please Tell Your Friends About The Payment Choice Alliance

The PCA needs all the active supporters we can get! So please tell your friends about YOUR support for the Payment Choice Alliance - and urge them to visit our website to register THEIR support!

THANK YOU.

Take Action to Protect Cash

About Us

The Payment Choice Alliance, founded in 2014 and relaunched in 2023, is a campaigning organisation committed to ensuring the right of the British public to use cash is safeguarded by the passing of a Payment Choice Act.

The Act would give everyone in the UK the right to use their cash, when and where they choose.

The Payment Choice Alliance, which is run by committed volunteers, is also focused on ensuring every community in the UK has convenient cash withdrawal and deposit facilities. The provision of such facilities, along with the legal obligation of businesses to accept cash, will ensure cash remains a viable Payment Choice for the British public for as long as they want to use it.