The UK government is stepping up efforts to ensure that people have access to cash and scam victims are better protected.
The measures were announced as part of the new Financial Services and Markets Bill.
The government aims to ensure the continued availability of withdrawal and deposit facilities across the country through the bill.
It will also ensure that the cash infrastructure in the country is sustainable in the long term.
Furthermore, the bill will authorise payment systems regulators to force banks to offer compensation to victims of “authorised push payment (APP)” scams.
These efforts are part of the plan to bolster the UK’s position as a ‘global leader’ in the financial services space.
Economic Secretary to the Treasury John Glen said: “We know that access to cash is still vital for many people, especially those in vulnerable groups. 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.”
Among the critical elements of the bill is revoking and replacing EU law on financial services with those that are designed for the UK such as the Solvency II legislation.
It also seeks to update the objectives of the financial services regulators to focus on growth and competitiveness.
In December 2021, leading retail banking players in the UK joined forces to share services to ensure access to cash.