We have seen a decline in cash transactions and an increase in Notes in Circulation – the Paradox of Cash.
The cost of providing wholesale cash infrastructure has risen.
Government and Regulatory Response: The 2018-19 government report on cash access led to legislative actions in 2023 that granted supervisory powers to the Bank of England and the Financial Conduct Authority to oversee wholesale and retail cash access, respectively.
Current Regulatory Framework: Both wholesale and retail cash access regimes are now active, requiring notifications and impact assessments for any closures of cash centers, bank branches, or ATMs, with provisions to halt closures and introduce new cash services as needed.
