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Was there a hidden boost in Queen’s Speech for YOU?

Was there a hidden boost in Queen’s Speech for YOU? New legislation that could boost your home

Sunny outlook: The queen's speech was packed with new legislation that could improve her finances

Sunny outlook: The queen’s speech was packed with new legislation that could improve her finances

From protecting victims of scams to ending fake reviews, the queen’s speech was packed with new legislation that could improve her finances. Read by the Prince of Wales in Parliament last week, here’s what the new measures could mean for you.

The End of Subscription Traps: Most of us sign up for a ‘free’ trial subscription and then forget to cancel before payments are deducted from our bank account or credit card.

The new rules will mean businesses must remind customers when a special introductory offer ends or when a contract is about to automatically renew. ‘

Underwriting traps are a huge nuisance apparently costing us £1.8bn,” says Sarah Coles, senior personal finance analyst at Hargreaves Lansdown. “Forcing companies to warn people before payment is made could be the push we need to cancel on time.”

Fake reviews prohibited: Millions of us rely on online reviews to make decisions about the products and services we choose. But as The Mail on Sunday reported last year, around half of all online reviews are fake.

New legislation is put in place to ban fake reviews. It is illegal to order or offer false reviews or post reviews without ensuring that they are real.

Over time, that should give consumers more confidence that the reviews they read are genuine and prevent them from making costly mistakes.

Protection for Christmas savings clubs: The money deposited in the savings clubs will be protected from the bankruptcy of companies. Many households deposit money in a savings club throughout the year to spend on Christmas or other important events, such as weddings.

Strict new laws will require all prepaid schemes, including Christmas savings clubs, to protect customers’ money with insurance or in trust accounts. In theory, it means that the funds should still be protected even if the company goes bankrupt. The Mail on Sunday has long campaigned for better protection for savers using these services, following the collapse of the Farepak club 16 years ago, when 116,000 savers lost £40m.

Free ATMs and Shared Banking Centers: I hope that access to cash is finally better protected, thanks to a new Law on Markets and Financial Services.

This aims to ensure that everyone can withdraw and deposit cash for free. The Mail on Sunday ‘Keep Our Cash Campaign’ has long demanded that communities have access to money, through commercial banks and free ATMs.

1652603155 671 Was there a hidden boost in Queens Speech for YOU

Five million people in the UK rely on cash for budgeting. Older and vulnerable people suffer in particular when an ATM or bank branch closes and people cannot easily access cash. The measures are likely to include shared bank branches in communities where the last bank branch has closed.

Natalie Ceeney, president of the Access to Cash Action Group, says: “Free access to money is essential for the most vulnerable people in society who use it for daily budgeting.”

Pension annuities could get a boost: Plans to dismantle the European Union bureaucracy around the financial industry could help boost annuity rates. The new rules will mean insurance companies will be able to free up more money for investments, which in turn should allow them to offer higher annuity rates. Last year, a £100,000 pension fund could have bought you a one-time annuity of £4,882. Under the changes, the actuary’s experts believe this could rise to around £5,700 a year. The boost would only apply to people making new annuity deals.

Vote for your neighbor’s extension: A planning permission shake-up could mean residents can vote on whether to allow building extensions on their street. The changes are expected to give residents a greater say in local development.


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