The Queen's speech is always a hotly-anticipated date among those interested not only in politics but in the implications for various aspects of personal finance of the latest legislative programme. This may have been more so this time with a new government in place and with it a number of fresh ideas and approaches.
The speech today (May 25th) contained 22 bills relating to a broad range of topics, with some directly related to personal finance, while others will do so only in an oblique, rather than direct way - such as moves to shift the power to regulate banks from the Financial Services Authority to the Bank of England and a commitment to the promotion of equal pay, which could help women.
However, in some areas there are very clear and obvious commitments to money matters.
One of these concerns those whose pensions and savings were tied up in Equitable Life. Those who were policyholders in the firm before it collapsed can now expect to be compensated under a new bill.
In addition to this, there is the pensions and savings bill, which concerns the raising of the pensionable age to 66. The existing timetable would look to implement this for both men and women between 2024 and 2026, but under the bill this will be re-examined. The text of the proposals makes reference to the coalition agreement committing to this measure, although nobody will be waiting until the age of 66 for a pension before 2016.
A further provision of the bill will be to restore the link with earnings.
Of course, not every detail of every new law has been spelt out and this has raised concerns for some, such as the Finance & Leasing Association. Its director general Stephen Sklaroff stated: "The retail credit industry has seen an avalanche of new consumer protection regulation in recent months, much of which has yet to bed down."
Arguing against the introduction of too many additional rules sounds clearer, such as capping card rates, he added: "We will be seeking clarification of the government's plans soon as possible."
Once such plans are clarified, it may make clearer the direction the government plans to go in trying to influence the way personal finance in Britain as a whole is regulated.
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