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Post offices are the 'access to cash' solution

Nov 25, 2020 |

The NFSP has responded to HM Treasury’s ‘Access to Cash: call for evidence’ which sets out the Government’s aims for protecting access to cash throughout the UK.

Responses were sought on the following:

  • How the Government can ensure the UK maintains an appropriate network of cash withdrawal and deposit-taking facilities over time through legislation, including the potential role of cashback.
  • The factors affecting cash acceptance.
  • Whether the government should give a single regulator overall statutory responsibility for maintaining access to cash.

The NFSP’s response made a robust case for Government focusing its attention on the post office network as the solution to maintaining people’s and business’s access to cash.

Our response called for:

  • The banks to fund measures to maintain and enhance access to cash through post offices.
  • A mandatory, long-term Banking Framework Agreement between the banks and Post Office Ltd.
  • An increased range of banking services available through post offices.
  • Appropriate and regularly increased rates of remuneration for subpostmasters who provide these services on behalf of the banks.

The NFSP’s response in full can be downloaded HERE

Tags: Politics, Banking