New law to protect access to cash announced in Queen's Speech

11 May 2022

New laws to protect access to cash and help victims of financial scams were announced in the Queen's Speech at the state opening of parliament on 10 May.

The new Financial Services and Markets Bill will 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, totalling hundreds of millions of pounds each year. This will ensure victims are not left paying for fraud through no fault of their own.

These measures form part of wider plans that the government says will maintain and enhance the UK's position as a global leader in financial services.

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.'

Copyright

© 2022 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.