January 25, 2023 Cash Access UK appoints Elemental
Cash Access UK Ltd, the not-for-profit entity created by the UK’s largest retail financial institutions to protect access to cash, has appointed Elemental CoSec to support with Board governance.
In 2010, cash was the most frequent method of payment representing around 20 billion transactions per year. According to UK Finance in 2020 the number dropped to 6 billion. Yet many people, particularly vulnerable groups still rely on having access to cash day-to-day.
The newly formed company has been established to ensure customers of member firms, both consumers and small businesses, continue to have access to cash, deposit, and basic banking services in their local communities.
The 9 founding members are retail banks: Barclays, HSBC, Lloyds, NatWest, Danske Bank, Santander, TSB, Virgin Money, and the building society Nationwide. Cash Access UK is wholly owned by its members.
Elemental has been appointed by the Board following a competitive tender process to provide Board and Committee support and ongoing company secretarial services. Elemental’s appointment comes following the recent high-profile hires of Natalie Ceeney as the Chair and Gareth Oakley, who joins from Lloyds Banking Group, as CEO.
Kate Owen, Director of Governance at Elemental said: “Elemental looks forward to combining our considerable experience of financial services and member organisation governance to the important challenge of ensuring that communities that need access to cash continue to have it”.
Gareth Oakley, CEO of Cash Access UK said: “We’re delighted to be working with Elemental, who will bring enormous value to the company during these early months and beyond. Good governance is vital in making sure we deliver for our members and their customers, and having Elemental on board will help us lay strong foundations from the very start.”
The new entity incorporated late in 2022 and launches fully on the 1 February
Elemental is an award-winning integrated professional services firm offering joined-up support across corporate governance, company secretarial, and accounting. They partner with boards, law firms, and in-house legal and accounting teams. Elemental advises a number of boards and committees of listed companies on implementing governance frameworks and best practices. The Chartered Governance Institute named Elemental ‘Service Provider of the Year” 2021 and 2022.