The Queen’s Speech, delivered at the official opening of parliament on May 10, proposed new regulations to protect access to cash and assist victims of financial frauds.
The new Financial Services and Markets Bill will ensure that withdrawal and deposit services are available throughout the United Kingdom.
The Payment Systems Regulator will be allowed to order banks to recover authorised push payment (APP) fraud losses, which amount to hundreds of millions of pounds each year, under the terms of the bill. As a result, victims will not be forced to pay for fraud through no fault of their own.
These steps are part of a broader strategy, according to the government, to retain and strengthen the UK’s position as a global financial services leader.
Economic Secretary to the Treasury, John Glen, said:
‘We are reforming our financial services sector now we have left the EU to ensure it acts in the interests of communities and citizens, creating jobs, supporting businesses and powering growth across all of the UK.
‘We know that access to cash is still vital for many people, especially those in vulnerable groups. We promised we would protect it, and through this Bill we are delivering on that promise.
‘We are also sticking up for victims of financial scams that can have a devastating impact by ensuring the regulator can act to make banks reimburse people who have lost money through no fault of their own.’
Link – HMRC PRESS RELEASE