The annual speech outlined the federal government’s legislative programme for upcoming parliamentary session, this time delivered by Prince Charles for the primary time as an alternative of the Queen. A spokesperson for Buckingham Palace mentioned the Queen wouldn’t be attending on account of “episodic mobility issues”.
Among the many 38 payments offered a lot of them targeted on assist for the UK economic system within the face of the cost-of-living disaster.
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Except for the measures concerning inflation administration and regional inequalities, one new programme the federal government introduced was The Monetary Providers and Markets Invoice, which builds on the Monetary Providers Act 2021 and “delivers on the bold imaginative and prescient” for the monetary companies sector set out by the Chancellor final yr, based on a HM Treasury launch.
The discharge said the Invoice would “benefit from the alternatives of Brexit” and revoke EU regulation on monetary companies, changing it with an “strategy to regulation that was designed for the UK”. It is going to additionally replace the aims of the regulators to “guarantee a better deal with progress and worldwide competitiveness”.
The laws may even reform guidelines round UK capital markets “to advertise funding”.
John Glen, financial secretary to the Treasury, mentioned Authorities are “reforming our monetary companies sector now we’ve left the EU to make sure it acts within the pursuits of communities and residents, creating jobs, supporting companies, and powering progress throughout all the UK”.
Following the announcement Hargreaves Lansdown referred to as for “a greater settlement for retail buyers” to be included.
“From higher entry to IPOs to harnessing the alternatives of modern applied sciences to permit companies to make use of knowledge to higher information shoppers, this is a chance to replace our guidelines for future,” mentioned Anne Fairweather, head of presidency affairs and public coverage on the firm.
In the meantime, Tom Selby, head of retirement coverage at AJ Bell referred to as on the federal government to “formally deal with considerations over the recommendation/steerage boundary”.
Banks compelled to reimburse
The Invoice may even require banks to reimburse rip-off losses on authorised push funds.
In a coverage paper the federal government famous the funds {industry} and Fee System Regulator have created “higher mechanisms” to reimburse victims, however mentioned it stays “inconsistent” and victims proceed to undergo losses.
The Invoice will give the regulator powers to pressure banks to compensate victims, with a compulsory reimbursement for anybody tricked into giving cash.
“The Authorities clearly doesn’t assume the banking {industry}’s voluntary system for reimbursing fraud victims is doing sufficient, because it has introduced plans to let the regulator pressure banks to compensate these scammed,” defined Laura Suter, head of non-public finance at AJ Bell.
She went on to flag the most recent figures from UK Finance present that for each £1 stolen solely 43p was returned to victims.
On-line Security Invoice carried over
Elsewhere the On-line Security Invoice was additionally carried over to this yr’s speech after been launched final yr.
“This Invoice is the right alternative to require serps and social media platforms to take away sham funding and impersonation scams promptly from their websites, and conduct the required due diligence to cease them from showing,” defined Matt Burton, chief danger officer at Quilter.
https://www.investmentweek.co.uk/information/4049432/queen-speech-announced-strengthen-financial-services-industry
