Industry announces commitment to protect access to cash

A new non-profit company has been launched to protect cash in the UK communities.

The company named Cash Access UK is made up of nine of the largest high street banks.

The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment to ensure that customers will continue to be able to readily access cash on the High Street.

It follows extensive industry collaboration over eighteen months, led by UK Finance to align with forthcoming legislation and regulation by the Financial Conduct Authority.

David Postings, Chief Executive of UK Finance, said “While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too. The creation of Cash Access UK Ltd is an important step towards a network of banking hubs across the country. So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.”