The Queen’s Speech will be delivered tomorrow (May 10) when the government will set out its priorities for the months ahead, with the industry hoping to see online scams, financial services bill, and levelling up commitments make an appearance.
The Queen’s Speech marks the state opening of parliament and outlines the programme of legislation the government intends to progress during the new parliamentary session.
Here’s what advisers and providers might expect from tomorrow’s speech:
Online Safety Bill
In March, a bill aiming to protect internet users from scams and hold tech giants to account came one step closer to becoming law after being introduced to parliament.
The online safety bill was read in the House of Commons on March 17, nearly a year after the first draft was published.
It requires social media platforms, search engines and other apps and websites to protect children and tackle illegal activity, all while maintaining freedom of speech.
Ofcom, the industry regulator, will also be given the power to fine companies up to 10 per cent of their annual global turnover if they do not comply with the laws.
The bill has been updated a number of times since the first draft was published in May 2021.
Changes include bringing paid-for scam adverts on social media and search engines into scope, after intense pressure from a coalition of consumer groups, charities and financial services industry bodies.
Quilter’s chief risk officer Matt Burton, said: “Having been…
