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<p>The Government recognises that cash remains important to millions of people across
the UK and has committed to protecting access to cash. The Government published a
Call for Evidence on 15 October 2020 seeking views on the key considerations associated
with cash access, including deposit and withdrawal facilities, cash acceptance, and
regulatory oversight of the cash system.</p><p>The Government will ensure that regulators
have the right responsibilities and powers to oversee the cash system. As set out
in the Call for Evidence, effective coordination between the financial authorities
will continue to be critical, but the Government considers that there may also be
benefit in giving a single authority overall responsibility for ensuring the retail
cash system meets the needs of consumers and businesses. The Government’s view is
that the FCA may be well positioned to take on the function through legislation. The
Call for Evidence closed on the 25 November 2020. The Government is considering responses
and will set out next steps in due course.</p><p> </p><p>The Government also remains
closely engaged with the financial regulators, including through the Treasury-chaired
Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating
to COVID-19. In order to help control the virus, all businesses and individuals are
encouraged to follow the latest Government advice. It is important to wash your hands
regularly. To work safely, retailers have been recommended to minimise contact around
transactions, for example, considering using contactless payments. It remains the
individual retailer’s choice as to whether to accept or decline any form of payment,
including cash or card.</p>
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