Tuesday, June 2, 2020

FSB blasts Barclays over Post Office cash decision

FSB National Chairman Mike Cherry has blasted the decision by Barclays to stop its customers getting cash through Post Offices, saying the decision will hurt small firms and shoppers nationwide.

Responding to the launch of the House of Commons Businesses, Energy and Industrial Strategy Committee’s ‘Future of the Post Office Network’ report, he’s called on the bank to think again.

He said: “At a time when high streets are struggling, and banks are shutting branches, the role of the Post Office in local communities has never been more crucial. But this important cross-party report makes clear, in no uncertain terms, that our post offices are not receiving the support they need.

“The Post Office cannot fulfil the vital role we need it to play in improving financial inclusion unless the banks are fully behind it. Barclays’ decision to stop its customers accessing cash at post offices will hurt small business owners and shoppers all over the county – especially in rural areas. The bank must think again.

“The fact that sub-postmasters are now struggling to make ends meet and unable to take holidays is not acceptable. Sub-postmasters run businesses that are central to the success of local communities. They should be recognised as such.

“The outsourcing of Crown Post Office services to WH Smith needs to be watched carefully. If this business is going to continue to play a central role in the PO network, it needs to sign the Prompt Payment Code and make an unequivocal commitment to responsible supply chain practice.

“More broadly, there is a bigger conversation to be had about how we create a financial services network that is both comprehensive and commercially viable. The Committee is absolutely right to talk about using the post office network as a foundation for building true community hubs – these should encompass Wi-Fi lounges, meeting spaces for small businesses and access to Local Enterprise Partnership and Growth Hub resources.

“Between the Post Office, banks, Treasury, regulators, local government, card issuers, ATM companies, LINK and broadband providers, there are certainly enough actors in the financial inclusion space. The challenge is getting them to effectively collaborate to the benefit of all.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Revenue rise and return to profit for Lutterworth cyber security solutions provider

Lutterworth-based cyber security solutions provider Intercede is looking forward to "a further year of progress" as newly released preliminary results for the year ended...

Hotel Brooklyn to open second hotel in Leicester

Hotel Brooklyn, a Bespoke Hotels brand, is set to open its second hotel in Leicester in summer 2022, following the launch of its Manchester...

Hundreds of jobs to be cut at Triumph Motorcycles

240 people are to be made redundant in the UK at Hinckley-headquartered Triumph Motorcycles, with global job cuts said to be at 400. The move...

Slow pandemic support sees businesses plan to scrap banking provider

41% of businesses are planning to change their banking provider due to the slow support that has been offered during the COVID-19 outbreak. This is...

XCellR8 founder joins Nottingham scientific research charity’s Board of Trustees 

Dr Carol Treasure, the Founder and CEO of specialist animal-free contract testing laboratory XCellR8, has joined the Board of Trustees of Fund for the...

Related news

Digital marketing agency appoints three new directors

Hallam, the Nottingham-based digital marketing agency, has appointed three new directors as part of its strategic restructure. Charlotte Tomlinson (Media Director), Matt Berry (Client Services...

Revenue rise and return to profit for Lutterworth cyber security solutions provider

Lutterworth-based cyber security solutions provider Intercede is looking forward to "a further year of progress" as newly released preliminary results for the year ended...

Hotel Brooklyn to open second hotel in Leicester

Hotel Brooklyn, a Bespoke Hotels brand, is set to open its second hotel in Leicester in summer 2022, following the launch of its Manchester...

Hundreds of jobs to be cut at Triumph Motorcycles

240 people are to be made redundant in the UK at Hinckley-headquartered Triumph Motorcycles, with global job cuts said to be at 400. The move...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close