MP Bob Seely has welcomed the government’s decision to ensure a legal right of free access to cash for millions of people. The move will mean that all, including the most isolated and vulnerable in society, can continue to withdraw and deposit cash for free.
The amendment to the Financial Services and Markets Bill, which is making its way through Parliament, means that the financial services regulator will have the legal power to preserve access to cash – free to consumers at the point of withdrawal or deposit - for those who need it.
Mr Seely said the decision would not only help those who rely on - or prefer - cash but would also help to support rural post offices.
He said: “I welcome the Government’s move to ensure free access to cash in the future.
“Many Islanders - particularly the elderly - rely on free cash withdrawals so it’s important they are supported to do so. The ability to make free cash deposits is also important for small businesses.
“I know this change will be welcomed by those who frequently use cash as their choice of payment and those who receive cash payments in their businesses.”
The amendment follows action taken by the government to protect access to cash over recent years – including changes in 2021 to support the widespread offering of cashback without a purchase by shops and businesses turning every corner shop into a potential cash dispenser.
The Financial Services and Markets Bill is scheduled to begin Report Stage in the House of Lords on 6 June.
