However, experts are warning that not every person affected by financial fraud will “get their money back”. In the Queen’s Speech earlier today (May 10), the Financial Services and Markets Bill was announced at the state opening of Parliament. This legislation has been introduced to better protect consumer cash from potential threats by ensuring further access to withdrawal and deposit facilities across the country.
However, the most notable aspect of the bill is that banks will be forced by UK regulators to reimburse victims of authorised push payment fraud.
Upon announcing the plan, the Government’s Economic Secretary Joe Glen, outlined why such support is vital for the country.
Mr Glen explained: “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.
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“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.”
Experts believe this latest intervention by Boris Johnson’s…
