Joint Authorities Cash Strategy Group: update
This document provides an update on developments within the UK’s cash infrastructure and the work of the Joint Authorities Cash Strategy (JACS) Group.
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The government announced that the Treasury would create and chair the Joint Authorities Cash Strategy (JACS) Group as part of its response to the Call for Evidence on Cash & Digital Payments in the New Economy. Acknowledging the UK already has experienced and well-established financial regulators, the Group brings together the Bank of England, Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) to ensure comprehensive oversight of the overall cash infrastructure across the UK. This is so that the UK’s cash infrastructure remains resilient, cost effective, sustainable and can meet the needs of users, particularly in a future environment of lower cash usage.
This document provides an update on developments within the UK’s cash infrastructure and the work of JACS Group members, including:
- how current regulatory oversight maps onto the end-to-end cash infrastructure
- key trends in the use of cash and in cash withdrawals and deposits
- the state of, and key pressures on, the overall end-to-end cash infrastructure across the UK
- major industry initiatives that JACS Group members are tracking and engaging with, and what actions members themselves are undertaking
The members of the JACS Group continue to work closely during the COVID-19 pandemic to ensure the provision of access to cash in light of the impact of COVID-19, including bank branch and ATM closures. During this period, the FCA is convening a regular Banking Access Coordination Group (BACG), bringing together members of the JACS Group with industry to maintain access to essential banking services. The FCA have supported this by publishing their expectations on essential banking services and, with the PSR, their joint approach to maintain access to cash.