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UK Finance is today providing an update on the banking and finance industry's commitment to help local communities secure appropriate free access to cash for customers.
This follows the UK Finance announcement on 12 June 2019 which outlined proposed activity in support of the Access to Cash Review, and aligning with the existing activity undertaken by LINK.
Over the summer, UK Finance has been engaging with consumer representatives, local authority representatives and market participants, including LINK and its members, on the cash needs of local communities. Through this work it has become apparent that (outside of LINK's welcome commitment on ATM provision) the sustainability of the wider system to meet customer cash needs relies on strengthening complementary non-ATM solutions for cash and payment access. UK Finance's forward focus will include the 'recycling' of cash in local communities, improving access to digital alternatives and the engagement of key technology and infrastructure partners. Complementary to LINK's commitments, UK Finance will be focusing on solutions in the following five key areas:
Applications can be submitted from early January through to 31 March 2020, with awards to be made by 31 May 2020.1 The assessment and award of grants will be considered by an Awards Committee made up of a cross-section of member and consumer representatives. Natalie Ceeney CBE has kindly agreed to Chair the inaugural meeting of the Award Committee in an independent capacity.
Next Steps and Call for Partners
UK Finance will continue to work closely with HM Treasury, Bank of England, regulators, Natalie Ceeney CBE, consumer groups and the UK Finance Consumer Advisory Group as work is progressed on access to cash.
It has become increasingly clear that solutions to the access to cash challenge will be found through collaboration beyond the banking and finance industry.
The challenges and opportunities faced in securing appropriate access to cash and payment services for consumers are shared by the whole of society. UK Finance is therefore calling for partners across industries, including telecommunications and "Big-Tech" companies, retailers and payment innovators, to engage on the solutions in the above areas.
Stephen Jones, Chief Executive of UK Finance, said:
The banking and finance industry is committed to ensuring access to cash remains free and widely accessible for those that continue to need it. Yet there is no 'one size fits all' approach and only via collaboration across government, regulators, industry, customer groups and communities can this be achieved. Understanding the needs of local communities is critical and the new Community Access to Cash Initiative will help identify the most appropriate access to cash and payment service solutions. Local cash recycling will play a pivotal role in the sustainability of the system, although we can't achieve a resilient and sustainable cash landscape on our own. It is vital we are supported by other sectors such as telecoms, retailers and infrastructure providers to assure widespread provision.
City minister, John Glen, said:
Technology is transforming how we manage our money, but with 11 billion payments made in cash last year we know that access remains a critical issue for many. Today's announcement shows the industry stepping up to the plate to ensure access to cash for people who need it, while also helping them to take advantage of the digital innovations that are giving so many of us greater control over our finances.
Source: UK Finance Payment Markets Report 2019
Today, UK Finance is also publishing UK Cash & Cash Machines 2019. This report presents detailed information on who is using cash, and what they use it for. It also examines the ways in which we obtain cash for daily use and forecasts how the use of cash will change in the UK over the next ten years. A free summary of key findings from this report can be found here. The full report is also available for purchase via the UK Finance website.
For a wider understanding on how cash relates to the other methods of payment used in the UK, we recommend our report UK Payment Markets 2019. A free summary of this report can be found here. A full version is available for purchase via the UK Finance website.
The average number of payments made each month by the average adult was:
UK Finance is seeking sustainable and resilient solutions that can be leveraged to help others and is calling on other industry partners to assist where appropriate and proportionate to need, but with an eye to vulnerable customers. The initiative will look for innovative opportunities and ways to connect with partners in technology, telecoms, education and infrastructure industries to deliver solutions.
UK Finance will work closely with LINK to raise awareness of the application process among elected officials (including MPs, members of devolved parliaments and assemblies, mayors and councillors). Applications will be encouraged to support innovative measures to ensure genuine and positive outcomes for both consumer and small business customers.
UK Finance's Access to Cash Working Group, comprising representatives of the largest retail banking institutions, has led UK Finance's work in response in response to the Access to Cash Review recommendations and has agreed the work outlined above.
LINK announced on 30 August that funding will be made available to protect free access to cash for every high street in the UK. With immediate effect, should a high street be threatened with the loss of an ATM, and there is no alternative source of cash, LINK will step in to ensure that an ATM is made available and paid for with funding from all the UK's main banks and building societies.
LINK is protecting all "retail centres" in the UK with five or more qualifying retailers. Qualifying retailers means most shops and retailers other than those such as cash and carry and restaurants. Free access to cash means a free ATM or Post Office counter within one kilometre of the weighted mid-point of the retail centre. There are currently c6,500 retail centres like this in the UK.
LINK has also announced that, for the first time, it will directly commission free-to-use ATMs in communities with poor access to cash. Over the coming months, and with the support of local MPs and councils, ATMs will be installed in Battle, East Sussex, Bungay, Suffolk, Hill Top in Nuneaton, Tywyn in Wales, and Durness in Scotland. The locations will form a restricted trial that will run through 2020.
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