The Queen’s Speech 2022:
Yesterday Prince Charles delivered the Queen’s speech due to Her Majesty being unable to attend with mobility issues. The speech covered a range of areas – there was a total of 38 Bills which the serving Conservative government hopes to pass. This is up from 30 Bills the year before. To have a look at the full list of Bills, click here. The main Bill we want to focus on in this piece is the Financial Services and Markets Bill.
The Financial Services and Markets Bill:
The aim of this new Bill is to protect and strengthen the UK’s financial services sector as well as acting in the interests of all communities. By revoking the EU law on financial services and replacing it with a UK-specific form of legislation, the government hopes that red tape will be cut. There are also plans to update the objectives of financial services regulators as well as providing additional protections for those investing and using financial products. You can read more about this here.
Additional features of this Bill will see banks having to keep their high street branches and cash machines open so that people can still have access to paper money. This will see protection for elderly and vulnerable citizens who may be left behind if there were to be a transition to a cashless society. Johnson also stated that there would be a crackdown on internet scams.
Writing for the NACFB morning briefing, Paul Goodman, our MD and NACFB Chair, said: “We’ll be monitoring the effect of these proposed changes closely and although the initial impact areas will be the crypto and insurance markets, the same model will in time impact our clients also.”
By Elicia Boni – Digital Marketing and Content Executive
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