Julian backs Access to Cash amendment to the Financial Services and Markets Bill
December 7, 2022
This evening, Julian supported a backbench amendment to the Financial Services and Markets Bill which seeks to enshrine the right to free access to cash in law. Julian was one of the original signatories to Siobhan McDonagh MP’s amendment which helped ensure it was selected for a vote today.
The amendment aimed to protect people who are reliant upon or prefer to use cash. If the amendment was passed it would “make provision to guarantee a minimum level of access to free of charge cash access services for consumers across the United Kingdom”.
This would protect both people and businesses. Many small businesses in York are reliant on cash payment, particularly in small convenience shops and cafes. If there are protections in place to guarantee access to cash, it allows people and businesses greater choice and opportunities for greater prosperity. A cashless society disproportionately impacts older generations as well as carers who are often given their client’s weekly budget in cash.
Julian has campaigned on the issue of access to cash for some time, raising it in Parliament with the Minister for Equalities and recently meeting with OneBanx, a FinTech start-up that provides face-to-face personal and SME banking services on behalf of multiple banks and financial service providers in financially-excluded communities.
After the vote, Julian said:
“I’m pleased that this amendment was tabled by Siobhan, protecting individuals and businesses reliant on cash is vital, especially as the world transitions into using card and contactless more.
I am keen to see people allowed the maximum possible choice, this amendment did that. While the amendment was not successful, I hope it showed that the issue is of great concern to our constituents across the country and I will continue to lobby the Minister to ensure we can continue to access and use cash.”
