The new Financial Services and Markets Bill, announced as part of the Queen's speech, will provide increased protections for those still dealing with cash. Access to cash remains vital for many people across the UK, including the more vulnerable in society. The government has committed to preserving the use of cash as an option even as the UK becomes more reliant on digital banking and payments.
The new Bill will support consumers by protecting access to cash and help ensure the continued availability of withdrawal and deposit facilities across the UK. The Bill will also enable the Payment Systems Regulator to require banks to reimburse authorised push payment (APP) scam losses, protecting individuals who are the victims of fraud.
HM Treasury has published the following listing of the main elements of the Bill:
- Revoking retained EU law on financial services and replacing it with an approach to regulation that is designed for the UK. This includes the Solvency II legislation governing the regulation of insurers, which the government has committed to reform.
- Updating the objectives of the financial services regulators to ensure a greater focus on growth and international competitiveness.
- Reforming the rules that regulate the UK’s capital markets, the engine of the UK economy, to promote investment.
- Ensuring that people across the UK continue to be able to access their own cash with ease.
- Introducing additional protections for those investing or using financial products, and to make it safer and support the victims of scams.
More details will be available when the Bill is formally introduced.