STORY
The Government has introduced new financial services legislation which ministers say will support growth, increase investment and strengthen consumer protections. The Financial Services and Markets Bill is intended to modernise regulation of the sector, support lending to businesses and maintain the UK’s position as a leading global financial centre.
The Bill includes measures to widen access to credit unions, simplify regulation and update the statutory framework for the bank ring-fencing regime. The Government said the reforms would help financial firms make decisions more quickly, reduce overlapping regulation and make it easier for businesses, including smaller firms, to access finance.
Ministers said the legislation would also improve consumer protections, including clearer terms and conditions and changes to the Financial Ombudsman Service to help resolve disputes more quickly. The Government said the Bill would also include a power, subject to an independent review, to protect access to face-to-face banking services where communities rely on them, particularly in rural areas and for people who are not online.