Finance Breaking news UK Government outlines plans for retail cashback without a purchase last financial news
Breaking-Finance.Com - Brits will be able to get cashback from shops without needing to buy anything, under new proposals from the UK Government to protect the nation's cash system.
Breaking-Finance.Com - Brits will be able to get cashback from shops without needing to buy anything, under new proposals from the UK Government to protect the nation's cash system. The decision follows years of campaigning from consumer advocates over the disappearance of cash from the UK's high streets as banks abandon branches and rip out ATMs. The global pandemic has further accelerated the decline of cash, forcing the Government's hand to introduce new rules to ensure that cash remains available for those who prefer it to digital alternatives. John Glen, economic eecretary to the Treasury, says: "We know that cash is still really important for consumers and businesses - that’s why we promised to legislate to protect access for everyone who needs it.
."Alongside legislating for retail cash back, the Government is also proposing to provide the Financial Conduct Authority with overall responsibility for maintaining a "well-functioning" retail cash system.At present, The Bank of England, Financial Conduct Authority, Payment Systems Regulator, and HM Treasury each have specific roles and responsibilities for oversight of the cash system. Says the UK Treasury: "Close coordination between these authorities has been highly effective, particularly in managing risks to cash through Covid-19, but there may be significant benefits to giving a single authority overall responsibility for setting requirements to meet the cash needs of consumers and SMEs."The Government has entered a six-week call for evidence from consumer organisations, businesses, financial institutions, and providers of ATM and payment services in order to seek views on "how to ensure industry continues to offer ways to withdraw and deposit cash, how to improve cashback, what affects cash acceptance, and where regulatory responsibility should sit".
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