On 11 June 2019, HM Treasury published the Terms of Reference for the new Joint Authorities Cash Strategy (JACS) Group.
The JACS Group will be chaired by HM Treasury and will also involve the FCA, the Payment Systems Regulator and the Bank of England. The goal of the JACS Group is to inform and co-ordinate members’ activities related to cash. The JACS Group has four objectives, namely to:
- bring its members together in a collaborative forum to facilitate dialogue and coordination of their individual responsibilities and activities;
- ensure that the responsibilities of each member remain clear and relevant, in light of changing payment trends and innovations, and identify any overlaps and gaps in responsibilities and activities;
- inform the approach of each member through the consideration of relevant evidence regarding cash and digital payments and, where appropriate, advising on key developments outside the payments industry or from countries outside the UK that may affect policy development; and
- co-ordinate the actions taken by members in this area.
Once established, the JACS Group will meet approximately every quarter.