Call for regulator to protect access to cash as banks and ATMs disappear from streets

A REGULATOR who will protect access to cash is needed as consumers face the double blow of ATMs and banks closing at an “alarming” rate, according to Which?

The consumer group said figures show that cashpoints disappeared at a rate of 488 per month between June and December last year – with over 250 free-to-use machines also closing monthly.

It said it is also concerned about bank closures leaving communities struggling, with 3,300 UK branches closing their doors since 2015.

“Urgent regulatory action” to manage these changes and intervene when necessary to protect cash as a payment method is needed, Which? said.

It warned that people will be shut out of paying for goods and services if the UK is allowed to drift into a cashless society.

Despite the rise of digital banking and contactless payments, Which? previously found nearly three-quarters (73%) of people still use cash frequently.

The consumer group is highlighting the issue in a campaign called Freedom to pay. Our way.

The campaign calls for the Government to appoint a regulator with sole responsibility for the cash infrastructure to ensure consumers and businesses can continue accessing cash.

Previous Which? research has found the UK has lost two-thirds of its branch network in the last 30 years.

And Which? said that IT glitches – including the high-profile problems last year suffered by TSB – have caused chaos for consumers.

Jenni Allen, managing director, Which? Money, said: “We have serious concerns that the alarming rate of cashpoint and bank branch closures risks leaving people facing an uphill battle to access the cash they rely on.

“Cash is also a vital backup as fallible digital payments grow in popularity – so the Government must appoint a regulator to oversee these changes and ensure noone is excluded and left struggling to go about their daily lives.”

Concerns about ATM closures were heightened last year when a row broke out about changes to the future funding of cashpoints.

ATM network Link recently said cash machine operators are to be given “super premiums” to help keep ATMs in remote areas open from April.