23 August 2023
Banking Update

I recognise the important role that cash plays in our Mid Norfolk community – especially for the elderly and small businesses. That’s why I welcome the Government’s announcement last week, which seeks to protect FREE access to cash.

New powers will ensure that the Financial Conduct Authority (FCA) is able to ensure “reasonable provision” of withdrawal and deposit facilities. In a nutshell, this means that the vast majority of the population should have facilities within three miles of them. Furthermore, the FCA will have the power to fine banks if they do not ensure reasonable provision.

This is a welcome addition to the introduction of cash-back in 2,500 shops across the UK without the need to buy something – a result of the Government’s Financial Services Act 2021.

This is a step in the right direction – although I recognise that there is always more that can be done. That is why I am supporting the local provision of banking hubs and services to ensure that everyone has the access to cash that they need.

Please rest assured that I believe that the way we treat vulnerable people is a measure of us as a society – and ensuring access to cash is an important aspect of that. That’s why I shall continue working to ensure that there is provision across Mid Norfolk – please click here and here to read more.