Cherilyn Mackrory MP has welcomed the Conservative 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 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.
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.
Cherilyn said: “Many people in Truro and Falmouth rely on free withdrawals and deposits of cash on the high street. The ability to make deposits is particularly important to support small businesses own ability to continue to take cash. That’s why I welcome the Government’s move to ensure free access to cash in the future.
I know that this change will be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment.”
The Government Minister responsible for the Bill, Andrew Griffith MP, said: “whilst speed, and convenience of digital payments opens a world of opportunity for people and businesses, the reality is that so many still depend upon access to cash, particularly the elderly or those who use cash to manage their finances.”