UK Finance responds to Tuesday’s Queen’s Speech

David Postings, Chief Executive of UK Finance, responds to the details laid out in the Queen’s Speech in Parliament today (10 May).

“We strongly welcome the announcement in the Queen’s Speech that the Government will bring forward a Financial Services Bill and a further Economic Crime Bill, which we see as two key pieces of legislation for financial services.

“The Financial Service Bill provides the opportunity to tailor the UK’s regulatory framework and so create a more competitive financial services sector post-Brexit, supporting jobs and investment across the country.

“The Economic Crime Bill will be crucial in helping to address money-laundering and the growth in fraud and scams, which are now the most prevalent type of crime in the UK. The Bill should focus on measures that prevent fraud happening in the first place and provide greater enforcement powers to tackle those who commit economic crime.

“We look forward to working with the Government and Parliament on the development of the detailed proposals in both Bills.”

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