PSR responds to second Footprint Report from LINK
Free-to-use ATMs play a vital role in helping people access their money. The latest figures show that in August a number ATMs in more remote areas (‘protected’ ATMs) stopped operating. This remains a concern for us and we are working closely with, and receiving regular updates from, LINK’s senior team to ensure it delivers on its commitments to protect the broad spread of free to use ATMs.
We also note and welcome the extra transparency that LINK has built into the latest report which gives greater clarity about why and where protected ATMs have closed, and what it is doing to have them replaced as soon as possible.
An update on the PSR’s work
The banks that use the LINK network to allow customers to withdraw their cash are a key player in this market. Last month we said we would be contacting the largest banks to seek their commitment to ensuring a widespread network of free to use ATMs, and we have now had responses from them all. It is encouraging that they have reiterated their commitment to making sure people can continue to access their cash.
We will be meeting with the banks, LINK, the Financial Conduct Authority and Bank of England to discuss the matter further and agree next steps. Only by working together will we be able to deliver a genuinely workable solution in this important area.
We announced last month our intention to give a Specific Direction to LINK. The consultation on the Specific Direction has closed and we are now considering the consultation feedback. The proposed Direction would require LINK to fully develop its policies and processes for applying and implementing its commitments and to report to us on a regular basis.
In addition, we have continued to look to the future to better understand how people want to access cash in the future and the role that regulation can play.