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New services will become available to meet the cash needs of consumers and businesses, a boss at the City regulator has said.
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority (FCA) was speaking at a “cash summit” hosted by consumer group Which?
He said: “Over the longer term, we believe that new services will become available to meet the needs of consumers and businesses alike.
“Shared branches, cashback and deposit points might become commonplace in some areas, while more consumers embrace digital technology, and many use less cash.”
Mr Mills said research has been taking place into people’s access to cash.
Protecting Access To Cash And Banking Services - Speech By Sheldon Mills, UK Financial Conduct Authority, Executive Director, Consumers And Competition, Delivered At Which? Cash Summit 2.0 â Cash Access And Acceptance Date
Event: Which? Cash Summit 2.0 – Cash access and acceptance
Delivered: 13 May 2021
Highlights
Based on our evidence, we believe that access to cash across the UK is generally good for most people. However, as the future of cash and branch banking evolves, government, regulators and industry need to play their part in maintaining good access.
The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are committed to protecting access to cash, particularly for cash reliant vulnerable consumers.
New services will become available to meet the cash needs of consumers and businesses, a boss at the City regulator has said.
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority (FCA) was speaking at a “cash summit” hosted by consumer group Which?
He said: “Over the longer term, we believe that new services will become available to meet the needs of consumers and businesses alike.
“Shared branches, cashback and deposit points might become commonplace in some areas, while more consumers embrace digital technology, and many use less cash.”
Mr Mills said research has been taking place into people’s access to cash.