Access to Cash Review makes fresh recommendations

No 6 - Access to Cash Review Main Recommendations

Access to Cash Review team highlight issues with more retailers offering cashback in consultation response.

The letter in response to the Treasury proposals confirms many retailers have to pay 3-4% for all transactions through their merchant, making the costs of cashback unsustainable.

The team also suggest the Post Office's banking and cash services should be brought under the Financial Conduct Authority's (FCA) regulatory remit.

At the same time, they agree the FCA should be appointed as regulator overseeing cash distribution but point out the Authority would need extra resources to take on the extra work.

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