UPDATE: 4th July
In rural communities like ours, preserving and protecting access to cash is vital, so I was pleased to support legislation which ensures people across the country can continue to withdraw and deposit cash for free.
The Financial Services and Markets Act 2023 will help people across Hinckley and Bosworth continue to withdraw and deposit cash for free.
You can read more about this new legislation and what it means here: Dr Luke Evans MP backs plans to ensure free access to cash on for high-street customers | Dr Luke Evans MP and here: Financial Services & Markets Act 2023 gives FCA new powers to protect access to cash | FCA
UPDATE: 1st June
I wanted to provide you all with an update following the closure of HSBC in the Square. Last year, shortly after they announced the closure, I arranged to meet with HSBC representatives and Market Bosworth Parish Council to express the concerns residents had raised with me and which I shared.
They cited commercial decisions and, as you all know, sadly went ahead with the closure at the end of April. I know it’s been tough for people in Market Bosworth, as it also meant removal of the only ATM in town.
‘You may recall, last year I urged everyone to complete an access to cash review with LINK, who place ATMs in communities in similar situations as we’ve found ourselves in. Well, a small glimmer of hope has shone on us as LINK have written to say they’re considering Market Bosworth for a free-to-use ATM.
I’ll continue to raise the importance of ensuring the community has access to cash and update you as soon as I know more.
UPDATE: 21st December 2022
Earlier this month I was disappointed to hear that HSBC would be closing their branch in Market Bosworth.
I immediately contacted HSBC to express my concern about this and the detrimental effects that closure of the branch would have on people in Market Bosworth. There are many people across our community who don’t use digital banking and would otherwise struggle to draw cash.
I convened a meeting that took place this morning between myself, several local Councillors and the team from HSBC.
Read more about our meeting here: Local MP campaigns for access to cash in Market Bosworth | Dr Luke Evans MP
In the meantime I would ask people across our area to please register their concerns regarding the effect of this closure, by visiting the Community Cash Access Review form and clicking “REQUEST A REVIEW”, this demonstrates to LINK how important access to cash is in our community: Request Access to Cash | LINK
UPDATE: 14th November 2022
Andrew Griffith, Economic Secretary to the Treasury, responded to my Written Parliamentary Question (below):
"While the convenience, security, and speed of digital payments brings opportunities to the businesses and individuals that use them, the government recognises that cash continues to be used by millions of people across the UK.
"The government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill to protect access to cash across the UK. The Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities.
"The Bill requires the Treasury to publish a policy statement that sets out the government’s policy on cash access services. This may include policy with respect to urban and rural areas. The FCA will be required to have regard to the Treasury’s policy statement when exercising its regulatory powers. In addition, the FCA will be able to exercise its powers in order to address local deficiencies specifically in the provision of access to cash facilities that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, such as those in rural areas.
"Further details about the Financial Services and Markets Bill can be found on the Parliament website: https://bills.parliament.uk/bills/3326."
UPDATE: 7th November 2022
I have recently submitted a Written Parliamentary Question to HM Treasury asking –
What assessment [the Department] has made about:
a) Actions to support access to cash in rural areas and
b) Understanding the impact of rurality in terms of access to cash
I will update this page with their response when I receive it.
Access to cash in our community
A number of constituents have contacted me raising their concerns regarding cash availability and acceptance.
I am mindful that while Covid has caused us to move to online purchasing and the use of contactless payments seems to have become a default position during many transactions, this approach is not always possible for everyone. Our area is also predominantly rural so face-to-face banking is not always possible. I am mindful that similar changes are being experienced by many communities across the UK, not just ours.
With the announcement of the closure of the local Santander branch in 2021, I made some enquiries with Santander to highlight constituent concern about the branch closure and sort assurances that the needs of the customers in Bosworth were being actively considered as part of the branch’s footprint in our area in the future.
I received a useful response from the Area Director for Santander who made reference to the Post Office in Hinckley being able to assist with face to face counter transactional banking services. The local Post Office in Hinckley had already written to me in light of the closure news to state they are ready and able to take up the task of serving our community. Last summer I was able to visit the Post Office and support them in their work and they too identified the need to protect cash. Dr Luke's Weekly Update - 9th July | Dr Luke Evans MP
I am glad the Government is supporting the Post Office’s relationship with the banks. An agreement enables 99 per cent of banks’ personal customers, and 95 per cent of banks’ business customers, to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter across a network of 11,600 branches. I am pleased that Post Office and UK Finance are working together to increase publicity of Post Office banking services and ensure more customers can benefit from them. To understand how this is working in practice, I had the pleasure of visiting two local Post Office branches to understand what support was available within our local community; Derby Road branch of the Post Office in Hinckley, and Three Pots Post Office in Burbage.
I fully recognise the vital role our postal workers play, not only in terms of communication, but also the valuable service provided is especially vital in rural areas such as our own, to connect communities and provide essential services such as banking.
Further, I will continue to speak to colleagues to win support for the industry’s Access to Banking Standard, which commits banks to ensure personal and business customers are better informed about branch closures and the reasons for closing them. The standard also helps customers to understand the options they have locally to continue to access banking services. Additionally, I note that last July, the Government established a Joint Authorities Cash Strategy (JACS) Group bringing together representatives of our key financial regulators to provide joined-up and comprehensive oversight of the UK's cash infrastructure. The JACS Group has placed a particular emphasis on user needs and the changing nature of cash usage.
I also welcome that the Financial Conduct Authority has published draft guidance outlining their expectation of banks when they are deciding whether to reduce their number of physical branches or free to use ATMs, taking into account the impact of any planned closure on their customers’ banking and cash access needs and consider possible alternative access arrangements. As a result, I am pleased the FCA reports that as of the second quarter of 2021, nearly 96 per cent of the UK population are within 2km of a free-to-use cash access point, with around 41,000 free-to-use ATMs in the UK.
Nonetheless, mindful that cash remains an important part of daily life for millions of people across the UK, I wrote to the Treasury raising constituent concerns to understand what protection is being put in place for access to cash. From the Ministerial response, I understand the Government remains committed to protecting access to cash for those that need it, and to ensuring that the UK's cash infrastructure is sustainable for the long term. I am pleased the Government recognises that cash has ongoing importance to the daily lives of millions of people across the UK, particularly to those in vulnerable groups.
Following a detailed consultation, the Government intends to support the continued use of cash in people’s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities. This has been successfully facilitated through the wide-spread adoption of cashback without a purchase through the Financial Services Act 2021, and schemes such as Community Access to Cash.
Nonetheless, noting constituent concern and the rurality of our local area and I hope the above provides some reassurance that I fully appreciate the concerns of constituents with regards to access to cash and I am pleased that the Government is seeking to preserve access to banking for local communities across our country.