The collaboration, achieved through the Cash Access Action Group (CAG), marks the start of a commitment to ensure widespread access to cash and banking services for communities where services are limited.
Under the new model, any community facing the closure of a basic cash service, such as a bank branch or ATM, will have their needs assessed independently by LINK. LINK will then determine whether a solution should be provided to meet the cash needs of that community based on the community as a whole – not just customers or members of a bank or building society.
Pinsent Masons partners Angelique Bret, Angus McFadyen and Andrew Barber advised CAG and UK Finance on various aspects of the deals.
Commenting on the deal, Pinsent Masons senior partner Andrew Barber said:
“In an increasingly online world, it is easy to forget that access to cash is still vital for millions of people and that it is important to ensure that those who need access can do it. This unique collaboration is a fantastic step towards that and I can’t wait to see how the band’s work evolves and the positive impact they will have.
LINK has already assessed most communities where closures have occurred over the past year and in 2022 they will provide free ATMs in a number of communities, new dedicated cash services in 30 branches across the post office and shared banking centers in parts of the UK. .