In a letter to the Treasury Committee, the Chancellor has announced the formation of the Joint Authorities Cash Strategy (JACS) Group. The membership of the Group will be HM Treasury, the BoE, FCA and PSR.
The aims of the group are to:
- Facilitate co-ordination between the authorities;
- Provide comprehensive oversight of the cash infrastructure;
- Assess steps to make the cash infrastructure more resilient and efficient;
- Consider how best to ensure access to cash for those in need of it; and
- Co-ordinate the response to the Access to Cash Review.
Nicky Morgan, chair of the Treasury Committee, welcomed the move, and urged the Government to implement the Access to Cash Review recommendations urgently and in full. She also pressed HM Treasury to assess services that no longer accept cash, and to make cash policy an explicit responsibility of the relevant Treasury minister.