Bob Seely MP has welcomed the Government’s decision to ensure a legal right of free access to cash for millions of people.
The move will mean that all, including the most isolated and vulnerable in society, can continue to withdraw and deposit cash for free.
The amendment to the Financial Services and Markets Bill, which is making its way through Parliament, means that the financial services regulator will have the legal power to preserve access to cash – free to consumers at the point of withdrawal or deposit – for those who need it.
Mr Seely said the decision would not only help those who rely on – or prefer – cash but would also help to support rural post offices.
He said:
“I welcome the government’s move to ensure free access to cash in the future. Many Islanders – particularly the elderly – rely on free cash withdrawals so it’s important they are supported to do so. The ability to make free cash deposits is also important for small businesses.”
“I know this change will be welcomed by those who frequently use cash as their choice of payment and those who receive cash payments in their businesses.”
The amendment follows action taken by the government to protect access to cash over recent years – including changes in 2021 to support the widespread offering of cashback without a purchase by shops and businesses turning every corner shop into a potential cash dispenser.
The Financial Services and Markets Bill is scheduled to begin Report Stage in the House of Lords on 6th June.
Typical Bob taking the praise for something Which Campaign’s has been fighting for for years. Extract from Which received today: Following the success of our longstanding Freedom to Pay campaign, the Financial Services and Markets Bill was introduced to Parliament last year. This is a crucial new law that will protect access to cash. Ever since then, we’ve been keeping up the pressure behind the scenes to make sure the government delivered on its promises. 2nd entry: As part of this Bill, the Financial Conduct Authority will be given the power to stop banks and building societies from closing cash access services, such as ATMs, if there are no suitable alternatives within a reasonable distance.
He does that a lot. He frequently claims the credit for the IW and Portsmouth NHS partnership. He had absolutely nothing to do with it. It was all down to the Trusts themselves.
I’m sure I don’t know what you mean. I worked very hard trying to find a way of making it look like I actually did something and coming out on the side of hard working pensioners….erm cash in the community…..erm. Well you know what I mean….I think. Anyway, don’t forget to vote conservative next year.
Thanks Blob Squealey, more promises and no delivery sure will vote for the CONservatives at the next election
His speciality is Barbeques
Botanical Gardens and The Pearl Centre do not accept cash.
I no longer visit either of them.
Cash is King, use it or we will lose it.
A friend of mine a few days ago made a few contactless payments
then his bank limited the amount of contactless payments he can make in
A day.
Lose cash and then see what happens.
I always withdraw cash and only use cash to pay for items.
I always use cash also, good to keep brain active but it does pay to double check the change in some outlets.
Sound good but the devil is in the details.
The regulator can stop the removal of cashpoints but can do nothing if the whole branch is closed. (Which is what happens most cases.)
Similarly, where is the money supposed to come from to cover the costs (Insurance, banking, security, etc.) of providing free cashback without purchase?
Hopefully the additional overhead and legislative burden won’t just force shops and post offices to close.
It works well in Oz – They just ask you at the till when paying, if you want cashback.
That’s presuming you are paying by card!
the point is people want to pay by cash
I think the point is people should have a choice, cash or card – and the access to cash machines with in easy distance. The main banks make a mint out of savers so no money losses from them, if anything they are ripping us off with the low interest rates.