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'More ambitious approach' needed towards preserving access to cash

The Federation of Small Businesses (FSB) has stated that a 'more ambitious approach' is needed in regard to making sure access to cash is preserved.

09 Feb 2024

The Federation of Small Businesses (FSB) has stated that a 'more ambitious approach' is needed in regard to making sure access to cash is preserved.

The FSB's statement comes following a Financial Conduct Authority (FCA) consultation on the matter, which outlined proposals to protect and widen access to cash.

However, the FSB believes that the proposals 'could go further'. Its own recommendations include:

  • developing a more comprehensive cash assessment process that is more responsive to a wider range of local needs
  • publishing assessment outcomes and making processes transparent
  • responding to a wider range of trigger events to undertake a cash assessment in a local area.

Martin McTague, National Chair of the FSB, said: 'A small business must be free to choose which payment options it wishes to accept, including cash. To enable this, it's vital for the infrastructure required for cash to remain available in all areas.

'Cash access is too important to be left to innumerable individual commercial decisions which, taken together, represent a significant threat to people and businesses' ability to withdraw, process and deposit cash.'

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020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

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Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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