Julie Marson, MP for Hertford and Stortford, voted for the Government’s plans to ensure free access to cash in Hertford and Stortford and across the country.
Millions of people are set to benefit from the new legislation. The move will mean that the most vulnerable in society can continue to withdraw and deposit cash for free.
The Financial Services and Markets Bill, which passed one of its final hurdles on Monday night in the House of Commons, contains a provision which means the financial services regulator will have the power over major banks and building societies to preserve access to cash for those who need it.
The Government Minister responsible for the Bill, Andrew Griffith MP, said that whilst speed, and convenience of digital payments opens a world of opportunity for people and businesses, the reality is that so many still depend upon access to cash, particularly our most vulnerable.
This is especially the case in Hertford and Stortford – Ware has lost all six of its high street banks in recent years. In Hertford, HSBC recently closed with NatWest set to follow this summer too.
The guarantee in the Bill follows action taken by the Government to protect access to cash over recent years – including the Financial Services Act 2021 introduced changes to support the widespread offering of cashback without a purchase by shops and businesses.
Commenting on the news, Ms Marson said:
“Many people in Hertford and Stortford rely on high street banks and I have long been concerned about the growing trend towards their closure.
“I wrote to the Economic Secretary to the Treasury on this issue earlier this year and even met with LINK, the operator of the UK’s largest ATM network, to explore the potential for new access to cash services in our area.
“I absolutely welcome this action from the Government to ensure free access to cash in the future. I know that this guarantee will be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment.”