UK Finance responds to Access to Cash and Wholesale Markets Review consultations

HM Treasury has today published two consultations on Access to Cash and the Wholesale Markets Review

On Access to Cash:

David Postings, Chief Executive of UK Finance, said:

The banking and finance sector understands the importance of cash payments for many people and has already taken the initiative by publicly committing to ensuring there is access to cash for those who need it, both now and in the future.

?The independent Community Access to Cash Pilots, which are supported by the major banks, consumer and SME groups, the Post Office, and LINK, are already working with eight communities across the UK to trial and test different ways to allow people access to cash. We will use the learnings from these pilots to develop a longer term solution and have already convened a dedicated Action Group to consider the best approach to take to sustain access to cash across the UK.

?We welcomed the government's swift action to allow cashback without purchase and will continue to engage with government and regulators as part of our wider work on access to cash.

On the Wholesale Markets Review:

David Postings, Chief Executive of UK Finance, said:

Capital markets are a significant driver behind the success of the UK's financial services sector. They play a key role in supporting the economy and are a major global exporter, providing businesses of all sizes with the finance they need to grow and develop.

?The initiatives published today should ensure UK capital markets continue to prosper and evolve to reflect the UK's new position outside the single market, whilst ensuring the highest regulatory standards are maintained.

?We look forward to engaging with policy makers and the regulatory authorities on the Wholesale Markets Review and other key areas of markets reform.