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'More ambitious approach' needed towards preserving access to cash

09 Feb 2024

The Federation of Small Businesses (FSB) has stated that a 'more ambitious approach' is needed in regard to making sure access to cash is preserved.

The FSB's statement comes following a Financial Conduct Authority (FCA) consultation on the matter, which outlined proposals to protect and widen access to cash.

However, the FSB believes that the proposals 'could go further'. Its own recommendations include:

  • developing a more comprehensive cash assessment process that is more responsive to a wider range of local needs
  • publishing assessment outcomes and making processes transparent
  • responding to a wider range of trigger events to undertake a cash assessment in a local area.

Martin McTague, National Chair of the FSB, said: 'A small business must be free to choose which payment options it wishes to accept, including cash. To enable this, it's vital for the infrastructure required for cash to remain available in all areas.

'Cash access is too important to be left to innumerable individual commercial decisions which, taken together, represent a significant threat to people and businesses' ability to withdraw, process and deposit cash.'

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Hyde Office:
Allen Mills Howard & Co, Library Chambers, 48 Union Street, Hyde, Cheshire SK14 1ND
Tel: 0161 366 6535

About us

Chartered Certified Accountants & Registered Auditors.

We are an established Chartered Certified accountancy practice with offices in the North West of England.

Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants.

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