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1 Jul 2021

Independents' Day UK is a campaign that exists to support and promote businesses across the UK all year round, but with an annual focus on July 4th: ‘Independents' Day' itself.

1 Jul 2021

HM Treasury has launched a consultation on delivering more frequent business rate revaluations in England

1 Jul 2021

The European Parliament and Council have reached a provisional agreementto exclude e-bikes from insurance obligations. It is part of complete set of rules to better protect road accident...

1 Jul 2021

The web and mobile platform, Hubtiger, is offering an exclusive webinar to ACT members to demonstrate how cycle shops can manage all workshop operations in just one app.

30 Jun 2021

Join UK Power Network on 7th July 2021, 14.00-15.00 to hear key findingsfrom the White Van Plan project and how they could collaborate to support SMEs and drive towards a Net Zero future.

30 Jun 2021

With the recent extension to the Strong Customer Authentication (SCA) enforcement date to 14th March 2022, this webinar is aimed at eMerchantsto help them understand the industry approach to...

17 Jun 2021

The Disability Confident scheme supports employers with the tools to make the most of the talents disabled people can bring to the workplace.

17 Jun 2021

Join the Secretary of State for the Department for BEIS, Rt Hon Kwasi Kwarteng MP, for the next in a seriesof live panel discussions on 23rd June at 10:30 AM

16 Jun 2021

The Bank of England have released details about the new polymer £50 note featuring the mathematician Alan Turing.

16 Jun 2021

Multi-factor authentication (MFA) is an extra layer of protection for your account login credentials and business data.

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Government Supports Amendment to Introduce Cashback Without Purchase

Posted on in Business News , Cycles News

TheTill Government has agreed an amendment to the Financial Services Bill which will enable shops to offer cashback to customers without making a purchase.

IRC member ACS (the Association of Convenience Stores) reported the amendment to the House of Lords Financial Services Bill, tabled by Conservative Peer Lord Holmes of Richmond, will remove an existing requirement for retailers to register with the Financial Conduct Authority to offer cashback without an in-store purchase within the same transaction.

In its written submission to a HM Treasury call for evidence on the future of the UK's cash system, ACS called for the Government to ensure that retailers are not obligated to offer this service and those who do must be guaranteed fair remuneration.

ACS chief executive James Lowman said: "Over two thirds of retailers offer cash back to customers, so we welcome the extension of retailers offer cashback without having to purchase products.

"A number of useful trials on extending the use of cashback without purchase are underway, and there is still much more we need to learn about how this can be offered securely and viably for retailers. We shouldn't view cashback without purchase as a full replacement for a properly functioning and funded ATM network."

Supplying cashback without purchase will not be mandatory for any retailers. The change will come into force two months after Royal Assent of the Bill, which is expected shortly.

Lord True, speaking on behalf of the Government in the Lords said: "Industry will have discretion to make the service available across the United Kingdom. Where the service is offered, customers will be able to walk into a local business that wishes to participate, such as a corner shop, café or pub, and withdraw cash without having to make an accompanying purchase."

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