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1668086

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-Payment
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what is their estimate of the number of pre-paid funeral plan customers who lost the money they had invested prior to the sector becoming fully regulated by the Financial Conduct Authority in July 2022.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL34
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>The government recognises the difficulty and challenges facing those who have lost money because their funeral plan providers have been shown to be unable to fulfil the promises they made to their customers.</p><p> </p><p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.</p><p> </p><p>The two largest providers that have gone into administration since the government legislated are Safe Hands, with approximately 46,000 customers and One Life, with approximately 14,000 customers. We also understand that some smaller providers have entered administration.</p><p> </p><p>During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.</p><p> </p><p>In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL35 question first answered 21/11/2023 12:10:33 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1668087

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what action they took in respect of Safe Hands Funeral Plans following concerns raised in 2017 by Fairer Finance and the Funeral Planning Authority.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL35
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>The government recognises the difficulty and challenges facing those who have lost money because their funeral plan providers have been shown to be unable to fulfil the promises they made to their customers.</p><p> </p><p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.</p><p> </p><p>The two largest providers that have gone into administration since the government legislated are Safe Hands, with approximately 46,000 customers and One Life, with approximately 14,000 customers. We also understand that some smaller providers have entered administration.</p><p> </p><p>During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.</p><p> </p><p>In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL34 question first answered 21/11/2023 12:10:32 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1668110

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement by the then Chancellor of the Exchequer on 23 September 2022 to remove the cap on bankers' bonuses (HC Deb col 936), what consideration they have given to curbing any risk-taking in the financial sector which may occur as a result of the removal of that cap; and further to the finding in the High Pay Centre report Analysis of UK CEO Pay in 2022, published in August, that FTSE 100 CEO pay rose by 16 per cent in 2022, what consideration they have given to curbing the pay of senior staff in the financial sector, including by implementing the then Prime Minister's plans for the reform of boardroom governance in July 2016 by ensuring worker representation in boardrooms.
tabling member printed	Baroness O'Grady of Upper Holloway
uin	HL64
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>As the Chancellor set out in the Edinburgh Reforms last year, the government remains committed to high standards and to a robust regulatory environment that safeguards the UK’s financial stability.</p><p> </p><p>The PRA and FCA, who are responsible for rules on remuneration, are operationally independent from government and have statutory objectives to promote safety, soundness, and effective market functioning.</p><p> </p><p>The removal of the bonus cap is entirely a decision by the independent regulators.</p> answering member printed Baroness Vere of Norbiton question first answered 21/11/2023 12:34:22 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4977 label Biography information for Baroness O'Grady of Upper Holloway

1668122

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Reclaim Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government how much money has been paid out to claimants by The Reclaim Fund in each of the past five years, following enactment of the Dormant Bank and Building Society Accounts Act 2008.
tabling member printed	Lord Young of Cookham
uin	HL81
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>Reclaim Fund Ltd (RFL) has distributed the following amounts in each of the past five years to dormant account owners:</p><p> </p><table><tbody><tr><td><p><strong>Year</strong></p></td><td><p><strong>2017</strong></p></td><td><p><strong>2018</strong></p></td><td><p><strong>2019</strong></p></td><td><p><strong>2020</strong></p></td><td><p><strong>2021/22</strong></p></td><td><p><strong>2022/23</strong></p></td></tr><tr><td><p>Reclaims (£m)</p></td><td><p>15.7</p></td><td><p>13.9</p></td><td><p>12.9</p></td><td><p>12.9</p></td><td><p>15.4</p></td><td><p>15.3</p></td></tr></tbody></table><p>In line with its statutory obligation, RFL continues to meet customer reclaims in perpetuity. Reclaim rates have remained broadly consistent since the inception of the Dormant Assets Scheme in 2011.</p> answering member printed Baroness Vere of Norbiton question first answered 21/11/2023 17:01:32 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	57 label Biography information for Lord Young of Cookham