UK plans new law to protect access to cash

© Reuters. UK plans new law to protect access to cash

London, May 10 (.).- The British Government’s legislative programme, which Prince Charles read out in Parliament on Tuesday, includes new laws aimed at protecting access to cash in the country and helping victims of financial fraud.

The new Financial Services and Markets Act, announced in what is known as the “Queen’s Speech” and presented at the opening of Parliament, will support consumers by protecting their access to cash, the UK Treasury said in a release.

The project will ensure “the availability of sustainable cash deposit and withdrawal facilities across the UK and that the country’s cash infrastructure is sustainable over the long term.”

The Treasury Department warned that cash “continues to be an important method of payment for millions of people across the country, especially in vulnerable groups, and that the Government is committed to preserving it.”

The new law will also allow the country’s Payment System Regulator to require banks to compensate for losses suffered as a result of fraud, which is equivalent to hundreds of millions of pounds per year.

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

“We are reforming financial services now that we leave the European Union (EU) to ensure that they act in the interests of communities and citizens, create jobs, support business and drive growth across the UK,” the Secretary of State for the Treasury said in a statement. that note.

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

The bill, the politician added, “will make the most of Brexit opportunities, establishing a coherent, agile and internationally respected approach to financial services regulation, suitable for Great Britain”.

The bill would repeal, for example, some of the remaining EU laws on financial services, and replace them with other laws designed for the country.

It will also reform the rules governing the country’s capital markets, the engine of the British economy, to promote investment.

Elena Eland

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