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12 Aug 2024

Austrian kid's bike brand, Woom has entered the UK market. Having had success in 30 other countries and sales of over 1 million units, Woom bikes will be distributed by UK trade partners online...

12 Aug 2024

Leading magazine Cycling Weekly has put dozens of helmets to the test and has rounded up what it thinks are the best of the bunch right.

30 Jul 2024

More than £17.5m for the first phase of a major new sustainable transport scheme has been announced by Liverpool City Region's mayor Steve Rotheram.

30 Jul 2024

The widespread popularity of e-bikes and e-scooters means "it is a bit of a wild west out there" in terms of safety, an electric bike shop owner has told the BBC.

30 Jul 2024

A bill announced in the King’s Speech that would address the potential fire risks associated with e-bikes and lithium-ion batteries, has been welcomed.

30 Jul 2024

The new government are being urged to end the previous culture war-based approach to active travel and start investing properly in safe bike routes.
 

30 Jul 2024

An independent bike shop in Stroud recently offered a community bike ride to local people. ACT member The Ark Cycles opened Ark Community Shop Ride to cyclists of all ages and skill levels.

26 Jul 2024

The government’s announcement in the recent King’s Speech regarding e-bike battery safety and the regulation of online marketplaces is a welcome step forward towards improving safety...

18 Jul 2024

Cytech training provider Activate Cycle Academy is to exhibit at the GT Malverns Classic Mountain Bike Festival 2024, an event often described as the “Glastonbury of mountain...

15 Jul 2024

The cycling industry is “ripe” for smart investment, and a renewed wave of merger and acquisition deals, as it looks ahead to a profitable 2025 and “significant” medium...

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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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