UK plans new law to protect access to cash

This content was published on May 10 2022-13:22

London, May 10 (EFE). The British government’s legislative programme, which Prince Charles read in Parliament on Tuesday, includes a new law aimed at protecting access to cash in this country and helping victims of financial fraud.

Britain’s Treasury said in a statement that the new Financial Services and Markets Bill, announced in what is known as the “Queen’s Speech” and introduced at the opening of Parliament, will support consumers by protecting their access to cash.

The project will “ensure that cash deposit and withdrawal facilities continue to be available across the UK and that the country’s cash infrastructures are sustainable in the long term.”

The Treasury states that cash “remains an important means of payment for millions of people across the country, particularly those in vulnerable groups, and that the government is committed to preserving it.”

The new law would also allow the country’s payment systems regulator to require banks to recoup losses incurred as a result of fraud, which amount to hundreds of millions of pounds annually.

These measures are part of broader plans to maintain and enhance the country’s position as a global leader in financial services, reduce red tape while maintaining high regulatory standards, and ensure the sector continues to meet the needs of individuals and businesses.

Treasury Secretary, John Glenn, said in the memo.

Glenn added that access to cash “remains vital for many people, particularly those in vulnerable groups”.

The politician added, that the bill would “take advantage of the most opportunities for Brexit, and establish a coherent, agile and internationally respected approach to regulating financial services, which is appropriate for the UK”.

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The bill would, for example, abolish some existing EU laws on financial services, and replace them with ones designed for this country.

It will also reform the rules governing capital markets in this country, the engine of the British economy, in order to encourage investment. EFE

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