Acceptance of Cash
Treasury Committee
Closed
Inquiry
The Committee is inquiring into whether there is a need in the UK to regulate or mandate the acceptance of physical cash in the form of notes and coins. The inquiry will consider any need for legislation and/or regulation, and potential costs to consumers and businesses. Read the call for …
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2
Recommendations
12
Conclusions
1
Report
3
Events
Activity timeline 5 events
12 Jul
2025
2025
Report published
30 Apr
2025
2025
Report published
28 Jan
2025
2025
Formal meeting (oral evidence session) · The Wilson Room, Portcullis House
17 Dec
2024
2024
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
4 Dec
2024
2024
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
Reports 1 report · click to expand
| Title | HC No. | Published | Items | Response |
|---|---|---|---|---|
| 6th Report - Acceptance of cash | HC 324 | 30 Apr 2025 | 14 | Responded |
Recommendations & Conclusions
5 results
112
Conclusion
Deferred
6th Report - Acceptance of cash
Provide an interim assessment of cash access regime effectiveness, including business acceptance
HM Treasury, the Financial Conduct Authority and the Bank of England must provide an interim assessment of the effectiveness of the access to cash regime as soon as is practical. This must include an assessment of whether the regime has …
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Government Response
The government's response discusses the ongoing work and consolidation of the Payment Systems Regulator (PSR) into other regulators, including a commitment to consult on the transfer of responsibilities and legislate as soon as possible, rather than addressing the call for an interim assessment of the cash access regime.
HM Treasury
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114
Conclusion
Deferred
6th Report - Acceptance of cash
Businesses face unclear payment costs due to lack of competition in processing market
We are disappointed that there is not more clarity on the costs of different payment types, and that businesses are continuing to bear the costs of a lack of competition in the payments processing market. (Conclusion)
Government Response
The government's response focuses on the operational resilience of the UK's financial system, detailing how it works with regulators and industry to improve resilience against threats and ensure financial institutions are secure, rather than addressing the committee's disappointment regarding payment costs and competition.
HM Treasury
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115
Conclusion
Deferred
6th Report - Acceptance of cash
Ensure Payment Systems Regulator's competition work continues during and after consolidation
HM Treasury, the Bank of England and the Financial Conduct Authority must ensure that the work of the Payment Systems Regulator on competition in payments markets is taken forwards during and after the consolidation of the Payment Systems Regulator into …
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Government Response
The government's response focuses on the issue of digital and financial exclusion, outlining ongoing work with various bodies and continuous data monitoring, but does not specifically address how the Payment Systems Regulator's work on competition will be carried forward during its consolidation.
HM Treasury
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116
Recommendation
Deferred
6th Report - Acceptance of cash
Commit to transparent payment acceptance costs and commission independent cost model
HM Treasury must commit to ensuring that costs of accepting payments by payment method are transparent so that businesses of all sizes can make informed choices on payment methods. HM Treasury should commission work to produce a model of costs …
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Government Response
The government's response discusses the importance of financial inclusion and legal obligations under the Equality Act, explaining that businesses decide payment methods and the Act does not mandate cash acceptance, thereby deflecting from the recommendation to ensure transparency of payment costs and commission an independent cost model.
HM Treasury
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118
Conclusion
Deferred
6th Report - Acceptance of cash
Consider physical cash value in emergency preparedness and severe payment system outages
In discharging its responsibility for national security and resilience, HM Treasury must consider the value of physical cash in emergency preparedness. This may include recommending that cash is held by individuals in case of emergency, and considering what role cash …
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Government Response
The government's response focuses on monitoring international approaches to cash access, usage, and policies to inform future decisions, rather than directly addressing how HM Treasury will consider the value of physical cash in emergency preparedness, individual cash holdings, or cash distribution during system outages.
HM Treasury
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