Which? comments on new powers to protect access to cash

Rocio Concha, Which? Director of Policy and Advocacy, said: 

“Cash remains a vital lifeline for millions of people – whether to pay for everyday essentials or to help keep track of spending amid the soaring cost of living, so it’s good to see the government taking action and giving the FCA powers to protect them.

“The sheer scale of cuts to the UK’s ATM and bank branch networks in recent years has seriously eroded access to cash for consumers and communities around the country.

“The Treasury’s proposal to base reasonable access to cash on geographical distances is a decent starting point, but this can often be a blunt tool, so the FCA must fully consider a wide range of factors when determining a local community’s access to cash needs.”

 

-ENDS-

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