The Financial Markets and Services Bill, announced this week at the opening of the British Parliament, includes plans to ensure that Continuous access to cash withdrawal and deposit facilitiesAs well as helping victims of financial fraud.
In the declaration, the British Government considers that “cash remains an important means of payment for millions of people across the UK, particularly vulnerable groups, and the Government is committed to preserving it”, by monetary infrastructure in the country This is sustainable in the long term.
In the words of Treasury Economic Secretary John Glenn, “We know that access to cash remains vital to many people, especially those in vulnerable groups. We have promised that we will protect it, and through this act, we are delivering on that promise.” .
The new legislation, which seeks to preserve and strengthen the UK’s position as a global leader in financial services after Brexit, will also allow the Payment Systems Regulator (PSR) Require banks to compensate losses resulting from fraud of authorized payments, totaling hundreds of millions of pounds each year.
“We are standing up for victims of financial fraud, which can have a devastating impact, by ensuring that the regulator is able to act so that banks compensate people who have lost their money through no fault of their own,” Glenn said.
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