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UK introduces law to protect access to cash

The British government’s legislative program, which Prince Charles read out in parliament on Tuesday, includes a new law aimed at…

By admin , in news , at May 10, 2022



The British government’s legislative program, which Prince Charles read out in parliament on Tuesday, includes a new law aimed at Protect access to cash in this country and help victims of financial fraud.

The British Treasury said in a release that the new Financial Services and Markets Bill, 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 the continued availability of cash deposit and withdrawal facilities across the UK and that the country’s cash infrastructure is sustainable for the long term.”

the treasure reminds Cash “remains an important method of payment for millions” across the country, especially among vulnerable groups, and the government is committed to protecting it.”

The new law would allow the country’s payment systems regulator to reimburse banks for losses resulting from the fraud, which amounts to hundreds of millions of pounds annually.

These measures are part of broader plans 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 is accessible to individuals and businesses. To meet the needs of businesses.

“We have been reforming financial services since we left the European Union (EU) to ensure that they serve the interests of communities and citizens, create jobs, support businesses, and serve the needs of the entire nation. Let’s grow in the UK. Kingdom,” Treasury Secretary of State John Glenn said in the note.

Glenn said that access to cash “is important to many people, especially those in vulnerable groups.”

The bill, added the politician, “will take advantage of the majority of Brexit opportunities, establishing a coherent, agile and internationally respected approach to financial services regulation that is appropriate for the United Kingdom”.

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

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