The Government recognises that cash is extremely important to individuals and businesses across the UK. That is why, at the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash.

The Joint Authorities Cash Strategy (JACS) Group brings together HM Treasury, the Payment Systems Regulator, Financial Conduct Authority and Bank of England to ensure that the regulatory oversight and activity supports an end-to-end cash infrastructure that remains resilient, cost effective, sustainable and can meet the needs of users.

The members of the Group continue to engage closely to monitor latest trends, including the impact of COVID-19. The Group will publish an update on its activities in due course.

Treasury Ministers and officials meet with a wide range of stakeholders as part of ongoing policy development and implementation.

The Government recognises that widespread free access to cash is extremely important to the day-to-day lives of many consumers and businesses. The published summary of responses to the Call for Evidence on Cash and Digital Payments, in 2019, set out the Government’s policy to support digital payments while safeguarding access to cash for those who need it.

To support this, the Government launched the Joint Authorities Cash Strategy (JACS) Group – which brings together HM Treasury, the Payment Systems Regulator, Financial Conduct Authority and Bank of England – to ensure comprehensive regulatory oversight of the end-to-end cash infrastructure.

The Terms of Reference for the JACS Group were published in June 2019. The Group has met in May 2019, July 2019, and February 2020. The JACS Group will publish a public update on its activities in due course.

Following a Call for Evidence on Cash & Digital Payments, and in recognition of changing payment trends, the Government has set up the Joint Authorities Cash Strategy (JACS) Group.

Chaired by the Treasury, this group brings together the key regulators to co-ordinate regulatory work to support nationwide cash access. The JACS Group is considering the whole end-to-end cash infrastructure, of which ATMs are a subset, and will publicly update on industry and regulatory activity in the Autumn.

Regarding ATMs specifically, as you know, the Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision and holding LINK to account over LINK’s commitments to preserve the broad geographic spread of the UK’s ATM network. LINK cancelled its third interchange fee reduction (the fee which funds free-to-use ATMs), due in January 2020, and put on hold its fourth reduction, due in January 2021, pending further review.

The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions.

As part of our response to the Call for Evidence on access to cash, the Government announced that the Treasury would set up and chair the Joint Authorities Cash Strategy (JACS) Group.

The Group brings together the Bank of England, Payments Systems Regulator and Financial Conduct Authority. This was in recognition of the need to ensure joined-up oversight of the UK’s cash infrastructure, in light of the changing behaviours and preferences of consumers and businesses.

The Group will coordinate strategy across members, to ensure that the roles and responsibilities of each regulator remain clear and relevant, and that the effects of regulatory activities are evaluated across the full end-to-end cash system. The Group does not affect the statutory responsibilities of individual regulators.

The Group is up and running and further details of its activities will be announced in due course.

As part of our response to the Call for Evidence on access to cash, the Government announced that the Treasury would set up and chair the Joint Authorities Cash Strategy (JACS) Group.

The Group brings together the Bank of England, Payments Systems Regulator and Financial Conduct Authority. This was in recognition of the need to ensure joined-up oversight of the UK’s cash infrastructure, in light of the changing behaviours and preferences of consumers and businesses.

The Group will coordinate strategy across members, to ensure that the roles and responsibilities of each regulator remain clear and relevant, and that the effects of regulatory activities are evaluated across the full end-to-end cash system. The Group does not affect the statutory responsibilities of individual regulators.

The Group is up and running and further details of its activities will be announced in due course.

As part of our response to the Call for Evidence on access to cash, the Government announced that the Treasury would set up and chair the Joint Authorities Cash Strategy (JACS) Group.

The Group brings together the Bank of England, Payments Systems Regulator and Financial Conduct Authority. This was in recognition of the need to ensure joined-up oversight of the UK’s cash infrastructure, in light of the changing behaviours and preferences of consumers and businesses.

The Group will coordinate strategy across members, to ensure that the roles and responsibilities of each regulator remain clear and relevant, and that the effects of regulatory activities are evaluated across the full end-to-end cash system. The Group does not affect the statutory responsibilities of individual regulators.

The Group is up and running and further details of its activities will be announced in due course.