A report from Merchant Machine last year found that if the current trend of declining cash usage in the UK continues, the country could become entirely cashless in just five years.
But with more than two million Brits still thought to be almost entirely reliant on cash in their daily lives, particularly the elderly, vulnerable and those in rural communities, the government has been forced to take action to maintain its availability.
New measures will be legislated for in the upcoming Financial Services and Markets Bill that will give the FCA powers to allow it to address cash access issues at both a national and local level.
The government has said it will soon set out its expectations for a reasonable distance for people to travel when depositing and withdrawing cash.
Economic secretary John Glen, said: “Millions of people across the UK still rely on cash, particularly those in vulnerable groups, and today we are delivering on our promise to ensure that...