A government task force looking at consumer finance in the UK has made several recommendations regarding Link, the leading ATM switching network.
Although the Payments Systems Task Force, which is part of the Office of Fair Trading, praised the scheme for recent innovations it also said that it needs changes to its governance. The Link network allows account holders of most UK banks to withdraw cash from all but a handful of the country’s 57,900 ATMs without charge.
The task force reported that members of the Link scheme should continue to work with the Post Office to find a way to allow free cash withdrawals at Post Office counters for all consumers holding a current account with a major financial institution.
Other recommendations included opening up ownership of the Link Interchange Network company to new bodies, not restricted to banks and building societies as is currently the case. A smaller board with independent directors should be introduced and the degree of separation between the card scheme and the company should be increased, the report added.