The government has said the new Financial Services and Markets Bill, announced in today’s Queen’s Speech will support consumers by ‘protecting access to cash’.
Cash remains an important payment method for millions of people across the UK, particularly those in vulnerable groups, and the government said it is committed to preserving it.
The Bill will also enable the Payment Systems Regulator to require banks to reimburse authorised push payment (APP) scam losses, totalling hundreds of millions of pounds each year. This will ensure victims are not left paying for fraud through no fault of their own
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.”
