ICA Contribution to UK HM Treasury’s Access to Cash Consultation
The International Currency Association ICA welcomes the opportunity to contribute to the HM Treasury’s consultation on Access to Cash and commends HM Treasury for taking action on this crucial issue. Cash is an essential factor for personal freedom and privacy as well as social inclusion, and is the only means of payment that is itself a public good.
The ICA is the voice of the currency industry. Our membership covers design, production, manufacturing and distribution of banknotes and coins. We are the first industry body of its kind with a membership made up of businesses that span the sector. Our association is headquartered in the UK and our members are based across the world and are active across the globe. Please consultwww.currencyassociation.org for a full list of our members.
The HM Treasury consultation on Access to Cash comes at a significant and timely moment. The ICA hopes that the results of this Consultation will be able to inspire actions by the UK government which will also be able to serve as guidelines to other countries. We were delighted to be able to contribute to HM’s Treasury 2020 call for evidence and applaud the resulting legislation to allow for cashback without a purchase, which the UK government legislated for as part of the recent Financial Services Act 2021. As noted in your consultation, whilst the cash system remains stable and cash provision remains strong, further proposals and subsequent legislation can stand to ensure that cash continues to be a viable payments option for the long term.
The contribution of the ICA is complementary to individual contribution of the association’s members.