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Access To Cash UK Financial Conduct Authority And UK Payment Systems Regulator Joint Statement Date
13/05/2021
Access to cash and banking services remain vital for many consumers and businesses. Our Financial Lives Survey in 2020 found that 5 million adults use cash for most of their purchases. The pandemic has led to more people becoming familiar with contactless card payments and internet shopping.
The overall decline in the use of cash makes it more expensive to maintain the existing infrastructure that supports it. However, as we move out of the pandemic, cash continues to serve a socially useful purpose for many communities. Following a fall in ATM withdrawals of 40% year-on-year across 2020, withdrawals have started to increase again since restrictions have begun to ease.
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.
‘Financial Lives 2020’ – does it have messages for savings and investment?
The FCA’s latest ‘Financial Lives’ survey report offers a deep insight into the ‘state of the nation’ and what we could do as an industry to move the dial. By Gillian Hepburn, Intermediary Solutions Director at Schroders
Pre pandemic, in February 2020, the FCA conducted its second
Financial Lives s
urvey. This survey of UK consumers provides information about consumers’ attitudes towards managing their money, the financial products they have and their experiences of engaging with financial services firms.
A key question that this survey seeks to answer is how many UK adults have low financial resilience. As part of this, the survey looks at how many adults display characteristics of vulnerability which relates to poor health, a life event, low resilience or low capability.
Industry Voice: Financial Lives 2020 - does it have messages for savings and investment? professionaladviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionaladviser.com Daily Mail and Mail on Sunday newspapers.