Raising resident concerns over access to cash and in-person banking

A number of residents have recently contacted me about access to cash and in-person banking services. I am very aware of the concerns of local people about branch closures and the loss of ATMs in Hitchin & Harpenden. As the Chair of the All-Party Parliamentary Group on Financial Markets and Services, I am in regular communication with both industry and the Treasury to campaign for improved access to cash and in-person, High Street banking in our communities.

In Westminster, I have been campaigning for banking hubs in Hitchin and Harpenden, which would enable several banks to share the same facilities while ensuring that residents retain access to suitable banking services for their needs. Last year I wrote to the Economic Secretary to the Treasury (letter here: https://www.bimafolami.co.uk/news/writing-minister-about-local-banking-needs) about this and I am engaging further with industry on the issue. 

I have also recently launched a cross-party Commission of Parliamentarians and experts, which will work with industry on the role that financial services can play in the levelling up agenda. Part of the role of this Commission will be to engage with industry to ensure that everyone has access to adequate cash and in-person banking services in their area and I hope that this work will be able to make a real impact.

I understand that the Government intends to support the continued use of cash in people’s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities. Having already facilitated the wide-spread adoption of cashback without a purchase through the Financial Services Act 2021, the Government will set out next steps in due course.

Although schemes such as Community Access to Cash have been very successful, I hope that future legislation will ensure the needs of cash users are understood and continue to be met by industry, including large and small retailers.

Following receipt of these recent emails about Access to Cash, I have now further submitted a Parliamentary Written Question to the Chancellor, asking him what plans the Treasury has to bring forwards further legislation to protect access to cash and in-person banking services.