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Cashless society to leave more people vulnerable, MPs warn

Money-Cash-20-Note-Currency-GBP-700x450.jpgMPs have warned that groups like the elderly and poor could be further disenfranchised by the move to a cashless society if banks are not forced to retain a physical presence.

In a report released today, the Treasury select committee says that despite the rapid move towards contactless, mobile payments and online banking, a lack of government intervention could mean lead to the UK “inadvertently becoming a cashless society”.

The committee notes rural areas have some of the largest populations of elderly and health-impaired individuals, but have been hit by some of the greatest cuts to branches, while access to ATMs continues to be raised as an issue by many elderly groups who require cash to pay for services like carers, cleaners and transport.

Treasury committee chair Nicky Morgan says: “Financial inclusion of vulnerable customers…should be of the utmost priority for financial services providers, the government and financial regulators.

“If the financial services market is unwilling to innovate to halt the closure of bank branches, market intervention by government or the [FCA] may be necessary to force banks to provide a physical network for consumers.”

The committee questions whether making a fiduciary-style duty legally binding for retail financial services companies could be used to address the gap.


Fairstone secures £200m FUM with Leicester purchase

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FCA: RDR and FAMR review to look at firms’ robo offerings

The FCA says its review of RDR and FAMR will assess whether they have increased innovation in financial advice. An update published on the FCA’s website today sheds light on themes in the call for input to the review of RDR and FAMR that is expected to be published in the near future. It says […]

The right voice and singing too soon: The Wells Street Journal

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LGIM announces pre-Brexit board shuffle up

Legal & General Investment Management has made three new appointments to the board of its Dublin-based European business, LGIM Managers (Europe). LGIM head of investment operations Lee Toms has been elected with immediate effect. Toms is joined by head of European institutional distribution and head of Germany, Volker Kurr, and head of finance, John Craven. […]


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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