Major stores pledge to continue accepting cash despite digital payments boom walesonline.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from walesonline.co.uk Daily Mail and Mail on Sunday newspapers.
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.
13 May 2021 (Transcript of the speech, exactly as it was delivered)
Opening remarks by John Glen MP, Economic Secretary to the Treasury, Which? Consumer Group Cash Summit, 13th May 2021
Good afternoon everyone. It’s great to join you at the Which? Cash Summit.
I’m particularly pleased to have the opportunity to update you on the great progress we’re making on our commitment to protect cash.
Context
But first, let me start off by setting out some context. I always think there’s something quite amazing about the fact that cash has been with us in some form for the best part of three millennia. In fact, there’s a remarkable similarity between the first coins made in Turkey back in 600BC and the Pound in our pockets.
MIL-OSI United Kingdom: John Glen addresses Which? Cash Summit foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
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.