Chamberlain urges Government to ensure Access to Cash

The FCA announced new rules stating that assessments and alternatives would be put in place prior to banks being shut down in the future. However, the new rules did not address places where services have already been shut down with no alternative in place.

Speaking in the Chamber, Chamberlain said:

“I welcome the new FCA rules in relation to access to cash.

“One of the key things that it sets out is the fact that banks should not close their branches before an assessment has taken place and those new alternatives have been put in place.

“In Cupar, we’ve already seen the closure of the Bank of Scotland. We’ve seen the problems over the summer in relation to replenishment of the remaining cash machines.

“Can we have a debate on Government time about these FCA rules and how we ensure that communities who have already lost their services, do get the replacement assessments that they’re supposed to get?”

Chamberlain later added:

“North East Fife has faced a serious amount of ATM closures, the figure is now 8.6 ATMs per 10,000 residents which is nowhere near enough.

“The closure of banks in St Andrews and Cupar, as well as the closure of 9 Post Offices in 2021 alone, has made accessing cash extremely difficult.

“Accessing cash is important for many people in North East Fife, including the many local businesses, as well as for our older population who typically prefer physical cash.

“That is why it’s so important that measures are put in place to ensure communities who have already lost their services are given suitable alternatives.”