Which? responds to the second reading of the Financial Services and Markets Bill

Rocio Concha, Which? Director of Policy and Advocacy, said: "Thanks to Which? campaigning, this important legislation will pave the way for protection of access to cash, as well as give reassurance to consumers that they will receive greater protection against suffering losses if they fall victim to a bank transfer scam. "Millions of people use cash to pay for everyday essentials and keep track of their finances amid the soaring cost of living. "We would now like to see the government go even further by guaranteeing minimum levels of access to cash without fees being charged, and we will work with them to support and monitor progress on their commitments in this Bill."
ENDS Notes to Editors

- Which? research has found that almost a quarter of free-to-use ATMs have vanished since 2018 and almost half of the UK's bank branches have closed since 2015, leaving many customers who rely on face-to-face banking services and cash to pay for everyday essentials at risk of being cut adrift.

- Which? has campaigned for mandatory reimbursement for most victims of authorised push payment fraud, and have repeatedly exposed the weaknesses of the current voluntary industry code that has led to inconsistent outcomes for victims depending on who they bank with.