CONSUMER champion Which? is calling on the UK Government to appoint a regulator to protect access to cash as a combination of bank branch and cashpoint closures risks leaving people struggling to pay for essential goods and services.

And its campaign has received the backing of Ceredigion MP Ben Lake, who has consistently raised concerns over the impact of bank closures which he says pose a “significant risk” especially to rural communities.

Despite the increased popularity of digital and card payments - which have proven vulnerable to IT failures - having access to cash is still a necessity for many.

New figures obtained by Which? show cashpoints disappeared at a rate of 488 per month between June 2018 and December 2018 with over 250 free-to-use machines also closing monthly due to changes in the way the UK’s cash machine network is funded.

Which? is concerned that the double blow of cashpoint and bank closures – including seven branch closures in Ceredigion since 2015 - is leaving communities struggling to access the cash they rely on.

There are now no banks left on the high street in Llandysul or Newcastle Emlyn, with both towns now having to rely on mobile banking services. NatWest also closed its branch in Cardigan last year.

Which? fears that people will be left vulnerable without a non-digital payment alternative as access to cash declines across the UK and wants the UK Government to appoint a regulator with sole responsibility for the cash infrastructure to ensure consumers and businesses can continue accessing cash.

Mr Lake said: “The perennial closure of high street banks and ATM cashpoints have left many people struggling to access the cash they need – with severe consequences for communities and businesses.

“Limited access to broadband and the declining ATM and bank branch network in Ceredigion presents a significant risk to our communities. Despite technological progress, there are still substantial black spots in Wales where digital payments simply aren’t possible.

"Many people also use cash as a way of managing their household budgets and avoiding debt. Some find managing cash online difficult, even with paper statements, because the numbers seem abstract. The tangibility of cash makes it easier for some people to keep track.

“And it will be the most vulnerable and the poor who are impacted most as they are forced to travel much further to access cash they need to pay for local goods and services.”

“I’m pleased to back Which? with their campaign to appoint a regulator to protect access to cash and a sustainable cash infrastructure for as long as people need it."

Jenni Allen, managing director, Which? Money, said: “We have serious concerns that the alarming rate of cashpoint and bank branch closures risks leaving people facing an uphill battle to access the cash they rely on.

“The Government must appoint a regulator to oversee these changes and ensure no-one is excluded and left struggling to go about their daily lives.”