Nine UK banks link up to form company protecting access to cash
UK Finance has partnered with nine banks and building societies to launch Cash Access UK, a company that aims to protect access to cash across the country.
Nine UK banks, with UK Finance, set up company to protect access to cash
An independent company, Cash Access UK has been funded by Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB.
The incorporation of the company follows “extensive industry collaboration” over a period of 18 months led by UK Finance to align with regulation and legislation by the Financial Conduct Authority (FCA).
The aim of the company is to provide cash access, deposit and basic banking services where they are needed, across the UK.
“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,” says David Postings, chief executive of UK Finance.
“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,” Postings adds.
