BoE prepares to supervise wholesale cash distribution

Law change grants central bank powers to intervene in cash distribution network

New ten pound note

The Bank of England has stated how it plans to supervise wholesale cash distribution, after the UK government passed legislation giving the central bank new powers to protect access to cash.

The Financial Services and Markets Act 2023 gives the BoE the power to set binding codes of practice that are designed to address specific risks to cash infrastructure. It also gives the central bank the power to gather information, direct firms to take action, and apply sanctions if necessary.

As cash

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