FINANCIAL TIMESSaturday 22 February 2020 FTMoney| 5NEWS
K AT H A R I N E G E M M E L L
Britain’s new chancellor Rishi
Sunak has been urged to
include legislation in next
month’s Budget to protect
access to cash for millions of
consumerswhostillrelyonit.
A year ago, the Access to
Cash Review declared that the
UK’s cash system was on “the
verge of collapse” as digital,
contactlessandcardpayments
soared and bank branches
closed.
Now the independent panel
which produced the report has
warned that cash use has
reached a “tipping-point” as
the rate of decline accelerates,
and “will collapse without leg-
islation” as UK regulators do
not have enough legal powers
toprotectit.
Last year’s report predictedthat the UK would become
“virtually cashless” by
2035, but banking trade body
UK Finance now believes
this will happen within the
nextdecade.
Currently, around three in
10 transactions are made in
cash, but this is predicted to
drop to one in 10 within 10
years.
The panel noted that a quar-
ter of all ATMs now charge
customers to withdraw
their money, up from 7 per
cent a year ago, resulting in
charges to consumers rising by
£29min2019alone.
Rural banking services are
closing, an increasing number
of businesses are “going cash-
less” and Barclays’ threat to
end cash withdrawal services
viathePostOfficenetworkwas
only averted by public pres-
sure,thepanelsaid.
Itacknowledgedthatregula-
tors and the industry had
taken these issues “seriously”
butarguedthatasinitiativestoprotect access to cash are vol-
untary, they could not be
reliedon.
“To rely on commercial
companiestomaintainuniver-
sal cash access when they face
pressures from shareholders
to cut costs would be naive,”
the panel said. “We believe the
only way to manage the cashsystem is for the government
tolegislate.”
Suggested legislation would
obligate banks to provide suit-
ablecashaccessforcustomers,
including allowing consumers
to obtain free cashback with-
out having to make a purchase
at a wide range of pubs and
retailers.Natalie Ceeney, independ-
ent chair of the Access to Cash
Review, said she wanted to see
the UK follow the example of
Sweden, which recently intro-
duced legislation forcing all
major banks to offer cash serv-
ices, with sanctions for those
thatdidnotcomply.
“Regulators currently don’t
havethetoolsthattheyneedto
ensure that everyone who
needs cash can get it,” Ms
Ceeney said. “Now is the time
for the government to protect
cash and allow us to look
ahead to how we can prepare
for a digital future which
includeseveryone.”
The Treasury said: “Tech-
nology has transformed bank-
ing for millions of people,
but we know that many
still rely on cash. That’s
why we’ve invested £2bn to
ensure everyday banking
services are available at 11,500
Post Office branches across
theUK.
“We’re also working closelywith industry and regulators
to ensure everyone who needs
cashcanaccessit.”
Published in February last
year, the Access to Cash
Review looked at the shift
towards digital payments and
concluded that the UK was set
to “sleepwalk into a cashless
society”.
The report found that 17
per cent of the population
would struggle to cope in a
cashless society and it
would mean a loss of inde-
pendence and rising debt for
vulnerable people who need
cashtobudgeteffectively.
It suggested a series of
recommendations on how
regulators, government and
industry could manage the
shift and ensure digital pay-
ments and a viable cash
infrastructure were available
forall.
This fresh call to save cash
came the day before the
UK’s new polymer £20 note
cameintocirculation.Chancellor urged to legislate to protect cash
SPENDING
Cash use in the UK ‘will
collapse without laws’,
Sunak warnedA quarter of UK ATMs now charge customers to withdraw
cash— Bloomberg12 | FTMoney FINANCIAL TIMESSaturday22 February 2020
MANAGED FUNDS SERVICE
ORDER BOOK FOR RETAIL BOND DIVIDENDS DECLARED
TIDM Name Coupon Mat Price Wk Chng Yield Gross Period
Date RedYld
A2D1 A2Dominion 4.75% 18/10/22 107.300 -0.73 4.43 1.87 6 mth
A2D2 A2Dominion 4.5% 30/09/26 113.725 -0.50 3.96 2.13 6 mth
40LV Anglian Water Services 6.625% 21/08/23 118.850 -5.72 5.57 1.04 12 mth
AE57 Aviva 6.125% 14/01/36 121.800 3.52 5.03 3.90 12 mth
AA18 Barclays Bank 5.75% 14/09/26 122.525 0.95 4.69 1.89 12 mth
72NS British Telecomm 5.75% 17/12/28 129.660 1.11 4.43 1.84 12 mth
BRU1 Bruntwood 6% 24/07/20 101.690 0.31 5.90 1.96 6 mth
BUR1 Burford 6.5% 19/08/22 100.500 -1.55 6.47 6.27 6 mth
ENQ1 EnQuest 7% 15/04/22 90.850 -0.48 7.71 12.39 12 mth
ERO1 Eros International 6.5% 15/10/21 80.750 -0.47 8.05 22.50 6 mth
AG99 GlaxoSmithKline 5.25% 19/12/33 144.165 0.06 3.64 1.43 6 mth
MCAP Golden Lane Housing (RCB) 4.375% 29/07/21 102.750 -1.38 4.26 2.39 12 mth
72VH Hammerson 6% 23/02/26 118.615 3.04 5.06 2.45 6 mth
35LS HSBC Bank 5.375% 22/08/33 133.400 11.18 4.03 2.18 6 mth
BR06 HSBC Bank 6.5% 07/07/23 115.925 -1.13 5.61 1.54 6 mth
ICG2 Intermadiate Capital 6.25% 19/09/20 101.750 -0.53 6.14 3.17 12 mth
ICG3 Intermadiate Capital 5% 24/03/23 105.150 -0.95 4.76 3.17 12 mth
IPF1 International Personal Finance 6.125% 08/05/20 100.185 -0.36 6.11 5.24 6 mth
LAD2 Ladbrokes 5.125% 16/09/22 105.350 -0.49 4.86 2.89 6 mth
LSE1 London Stock Exchange 4.75% 02/11/21 105.160 -0.56 4.52 1.63 6 mth
NG1Q National Grid 1.25% v 06/10/21 126.135 -1.07 0.99 -11.76 6 mth
17JI Nestle Finance International 2.25% 30/11/23 105.615 -1.44 2.13 0.72 6 mth
PAG1 Paragon 6% 05/12/20 102.250 -0.83 5.87 3.08 6 mth
PAG2 Paragon 6.125% 30/01/22 105.235 -0.59 5.82 3.26 6 mth
PFP1 Places for People 1% v 31/01/22 122.675 -0.10 0.82 -8.69 6 mth
PMO1 Premier Oil 5% 11/12/20 102.075 -1.33 4.90 2.37 6 mth
PFG7 Provident Financial 7% 14/04/20 98.685 -2.34 7.09 16.27 12 mth
PF21 Provident Financial 6% 27/09/21 100.790 -1.51 5.95 5.46 6 mth
BC41 Prudential 6.875% 20/01/23 114.710 -6.04 5.99 1.59 6 mth
SVTL Severn Trent 1.3% v 11/07/22 123.550 0.22 1.05 -6.94 6 mth
41NW Severn Trent 6.25% 07/06/29 138.945 -0.13 4.50 1.48 6 mth
TSC5 Tesco Bank 5% 21/11/20 101.490 -0.94 4.93 2.97 12 mth
UTG1 Unite Group 6.125% 12/06/20 101.775 -0.47 6.02 0.33 6 mth
VO32 Vodafone 5.9% 26/11/32 143.210 1.16 4.12 1.76 12 mthData compiled on 20 February
Source: MorningstarCompany Type Amount Pay date
Analog Devices Inc 0.620 10-Mar
ARMOUR Residential REIT Inc 0.170 27-Mar
BHP Group PLC 0.498 24-Mar
Boule Diagnostics AB 0.600 14-May
CTT Systems AB 3.250 7-Apr
Ferrari NV 1.130 5-May
Garmin Ltd 0.610 31-Mar
Golden Ocean Group Ltd 0.462 19-Mar
Hochschild Mining PLC 0.018 2-Jun
HSBC Holdings PLC 0.161 14-Apr
InterContinental Hotels Group PLC 0.658 14-May
KBC Group SA/NV 2.500 14-May
Kerry Group PLC Class A 0.551 15-May
Kontoor Brands Inc 0.519 20-Mar
Leggett & Platt Inc 0.400 15-Apr
Ontex Group NV 0.800 3-Jun
ProfilGruppen AB B 5.000 28-Apr
RPS Group PLC 0.020 15-May
Sherwin-Williams Co 1.340 13-Mar
Valora Holding AG 6.250 30-Mar
Data compiled on 20 February
Source: Morningstar
RESULTS DUE
Company Type Date
Afarak Group Oyj Prelim 28-Feb
Capital & Counties Properties PLC Prelim 26-Feb
Clinigen Group PLC Interim 25-Feb
Croda International PLC Prelim 25-Feb
Dechra Pharmaceuticals PLC Interim 24-Feb
Foxtons Group PLC Prelim 28-Feb
Hellenic Petroleum SA Prelim 27-Feb
Hikma Pharmaceuticals PLC Prelim 27-Feb
Inchcape PLC Prelim 27-Feb
InnovaDerma PLC Interim 25-Feb
Man Group PLC Prelim 28-Feb
Morgan Advanced Materials PLC Prelim 25-Feb
National Express Group PLC Prelim 27-Feb
Revolution Bars Group PLC Interim 26-Feb
SC Fondul Proprietatea SA Prelim 28-Feb
Serco Group PLC Prelim 26-Feb
Vesuvius PLC Prelim 27-Feb
Vistry Group PLC Prelim 27-Feb
Wood Group (John) PLC Prelim 27-Feb
WPP PLC Prelim 27-Feb
Data compiled on 20 February
Source: Morningstar
INVESTMENT TRUST DATA
Company NAV EPS DPS
AEW UK REIT Ord 0.95 10.00 0.02
Axiom European Financial Debt Fund 1.05 -8.00 0.02
Blackstone/GSO Loan Financing 0.92 -3.00 0.03
Bluefield Solar Income Fund 1.17 12.00 0.02
Chenavari Capital Solutions 0.89 0.00 0.01
City Merchants High Yield Ord 1.92 10.00 0.03
Custodian REIT Ord 1.03 6.00 0.02
CVC Credit Partners Euro Opps EUR 1.01 -5.00 0.01
CVC Credit Partners Euro Opps GBP 1.07 -5.00 0.01
Ediston Property Investment Company 1.00 6.00 0.00
Fair Oaks Income 2017 Ord 0.81 4.00 0.01
Foresight Solar Ord 1.04 11.00 0.02
GCP Asset Backed Income 1.04 7.00 0.02
Greencoat UK Wind 1.20 18.00 0.02
Ground Rents Income Fund Plc 1.10 -2.00 0.01
Livermore Investments Ord 0.83 3.00 0.03
Polar Capital Global Financials Ord 1.49 4.00 0.02
SQN Secured Income Ord 0.92 4.00 0.01
Target Healthcare REIT 1.06 4.00 0.02
TwentyFour Select Monthly Income Ord 0.96 4.00 0.01
Data compiled on 20 February
Source: Morningstar
Data provided by Morningstarhttp://www.morningstar.co.uk