The House of Commons Hears The Truth On Access To Cash!

Wendy Chamberlain, the Liberal Democrat MP for North East Fife, is absolutely correct.

On 18 September, more than six years after Natalie Ceeney and her team started work on their “Access to Cash Review”, Financial Conduct Authority (FCA) rules come into force regarding banks assessing the impact of future branch closures BEFORE closing the branches - and, potentially, keeping branches open until “reasonable” cash access is in place.

In those six years, two bank branches have closed every day -around 4500 in total.

The FCA has said absolutely nothing about those closures and the impact on the communities which have suffered them.

The storyline - backed by huge PR and Public Affairs budgets - of those trying to impose “cashless” on the UK is that the reduction in bank branch and ATM numbers is natural, reflecting the public moving away from using cash. This is, of course, nonsense.

Bank branch closures started well over twenty years ago, when over 60% of payments were made using cash.

The impact on ATM numbers was disguised for years by banks increasing the number of ATMs in their remaining branches. However, the direction of travel was exactly what was required to try to impose “cashless” on the UK; starting to make cash a destination purchase, with customers forced to travel further and further if they wanted to withdraw or deposit cash at their own banks branches or ATMs.

Even if the new FCA rules on branch closures were strong enough, the failure to address the huge number of bank branches and ATMs already lost is completely unacceptable.

A joined up approach, which takes into account past as well as future bank branch and ATM closures, is needed to guarantee the cash access and cash acceptance requirements of the British public and businesses, with a minimum ten year horizon.

The Payment Choice Alliance is listening to the British public and businesses - and has the required approach to developing genuine solutions.

Those attending the Labour Party Conference in Liverpool in September will hear all about the solutions proposed by the Payment Choice Alliance.

Stand H24 is going to be the Hot Spot of the whole event!

Source: fifetoday.co.uk/news/politics/chamberlain-urges-government-to-ensure-access-to-cash-4745483