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837507

registered interest
date	05/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer pursuant to the Answer of 1 February 2018 to Question 125390, how the £55 million fund for financial inclusion and capability initiatives will be allocated.
tabling member constituency	Manchester, Withington
tabling member printed	Jeff Smith
uin	126626
answer	answer is ministerial correction date of answer 08/02/2018 answer text <p>The government recently announced that up to £330 million will be unlocked from dormant accounts, £55 million of which is set to be used for financial inclusion and capability initiatives. Further details on the allocation process for this £55 million will be released in the spring.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 08/02/2018 17:26:58 answering member 4051 label Biography information for John Glen
tabling member	4456 label Biography information for Jeff Smith

833809

registered interest
date	30/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote alternative finance.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	125567
answer	answer is ministerial correction date of answer 07/02/2018 answer text <p>Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.</p><p> </p><p>The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.</p><p> </p><p>The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125562 125568 question first answered 07/02/2018 12:24:05 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

823221

registered interest
date	15/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what reassurances they can offer UK asset management firms in response to concerns regarding potential changes to delegation rules following Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL4712
answer	answer is ministerial correction date of answer 25/01/2018 answer text <p>The government recognises that the ability to delegate functions on a cross-border basis is vital to the strength of the UK asset management industry and the delivery of the best possible outcomes for investors.</p><p> </p><p>On 6 December 2017, the government published the Investment Management Strategy II, which sets out a long-term approach to ensure that the UK remains a competitive global centre for asset management.</p><p> </p><p>Within this strategy, the government outlined its view that delegation arrangements work well with appropriate oversight and regulatory cooperation. The government also committed to work with other jurisdictions to ensure global regulatory coherence within asset management and to preserve the ability to delegate functions, such as portfolio management, from one jurisdiction to another.</p> answering member printed Lord Bates question first answered 25/01/2018 16:11:27 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

819342

registered interest
date	09/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the usefulness of the EU legal concepts of reverse solicitation and indirect clearing arrangements in the event of a no-deal Brexit in financial services.
tabling member printed	Baroness Deech
uin	HL4546
answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>The Government is committed to pursuing an ambitious and comprehensive economic partnership with the EU. A no deal outcome is neither desired nor expected. However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached. Plans are well developed and have been designed to provide the flexibility to respond to a negotiated agreement, as well as preparing for the unlikely eventuality of leaving without a deal.</p> answering member printed Lord Bates grouped question UIN HL4547 HL4548 HL4549 question first answered 22/01/2018 15:44:23 answering member 1091 label Biography information for Lord Bates
tabling member	3756 label Biography information for Baroness Deech

819344

registered interest
date	09/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what legal analysis they have made of the structures that would permit ongoing provision of services from London to EU customers in the event of a no-deal Brexit in financial services.
tabling member printed	Baroness Deech
uin	HL4547
answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>The Government is committed to pursuing an ambitious and comprehensive economic partnership with the EU. A no deal outcome is neither desired nor expected. However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached. Plans are well developed and have been designed to provide the flexibility to respond to a negotiated agreement, as well as preparing for the unlikely eventuality of leaving without a deal.</p> answering member printed Lord Bates grouped question UIN HL4546 HL4548 HL4549 question first answered 22/01/2018 15:44:23 answering member 1091 label Biography information for Lord Bates
tabling member	3756 label Biography information for Baroness Deech

819345

registered interest
date	09/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of re-shaping UK financial services laws and regulations by, for example, removing parts of the Markets in Financial Instruments Directive II and the Solvency II Directive, with the aim of protecting UK business in the event of a no-deal Brexit in financial services.
tabling member printed	Baroness Deech
uin	HL4548
answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>The Government is committed to pursuing an ambitious and comprehensive economic partnership with the EU. A no deal outcome is neither desired nor expected. However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached. Plans are well developed and have been designed to provide the flexibility to respond to a negotiated agreement, as well as preparing for the unlikely eventuality of leaving without a deal.</p> answering member printed Lord Bates grouped question UIN HL4546 HL4547 HL4549 question first answered 22/01/2018 15:44:23 answering member 1091 label Biography information for Lord Bates
tabling member	3756 label Biography information for Baroness Deech

819346

registered interest
date	09/01/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the value of tax incentives to cushion the transition to a no-deal Brexit in financial services should that occur.
tabling member printed	Baroness Deech
uin	HL4549
answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>The Government is committed to pursuing an ambitious and comprehensive economic partnership with the EU. A no deal outcome is neither desired nor expected. However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached. Plans are well developed and have been designed to provide the flexibility to respond to a negotiated agreement, as well as preparing for the unlikely eventuality of leaving without a deal.</p> answering member printed Lord Bates grouped question UIN HL4546 HL4547 HL4548 question first answered 22/01/2018 15:44:24 answering member 1091 label Biography information for Lord Bates
tabling member	3756 label Biography information for Baroness Deech

810085

registered interest
date	20/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing regulations on the extent to which financial institutions can offer retail customers products that include (a) contracts for difference and (b) other derivative instruments.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	120551
answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The government has not made an assessment. Contracts for Difference (CfDs) and other derivative products are regulated by the Financial Conduct Authority (FCA). The FCA have expressed concerns about the distribution of CfDs to retail clients, and the European Securities and Markets Authority (ESMA) have recently announced that they are considering imposing restrictions on these CfDs. As the independent regulator, the FCA have indicated that they are supportive of these proposals. As ESMA’s powers are temporary, the FCA are considering appropriate permanent product intervention measures, which the FCA indicated would take in to account any prospective ESMA measures. The FCA continually reviews all financial products, including derivative products, to assess the risks to investor protection.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:33:25 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel

800668

registered interest
date	04/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what progress is being made by the Financial Conduct Authority on developing a definition of duty of care for financial services providers; and what plans the Government has to bring forward legislation to protect those with (a) mental health issues and (b) cancer from pressures from financial services providers.
tabling member constituency	Stroud
tabling member printed	Dr David Drew
uin	117289
answer	answer is ministerial correction date of answer 12/12/2017 answer text <p>The government believes that the Financial Conduct Authority (FCA), as the UK’s independent conduct regulator for the financial services industry, is best placed to evaluate the merits of a duty of care for financial services providers. We therefore welcome the FCA’s commitment to publish a Discussion Paper on the subject, which the FCA plans to publish after the UK’s withdrawal from the EU.</p><p> </p><p>UK banks’ and building societies’ treatment of their customers is already governed by the FCA in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers. The FCA’s Handbook also requires firms to identify particularly vulnerable customers, and to deal with such customers appropriately. In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 12/12/2017 14:51:41 answering member 4095 label Biography information for Steve Barclay
tabling member	252 label Biography information for Dr David Drew

794481

registered interest
date	23/11/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what plans he has to promote the UK as a global financial centre?
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	115454
answer	answer is ministerial correction date of answer 28/11/2017 answer text <p>The UK is home to the world’s preeminent financial centre. In addition to our natural advantages, such as a central time zone and the English language, we have strengths across all the major sectors – banking, asset management, and insurance – alongside a globally respected regulatory system, and world-class legal and professional services.</p><p> </p><p>The government is committed to further enhancing this position, as well as strengthening the UK’s already world-leading positions in the markets of the future, whether in FinTech, green and sustainable finance, or rupee and renminbi products. In addition, the government maintains an open and constructive dialogue with the financial services sector. This includes through the Financial Services Trade and Investment Board, which is tasked with boosting and promoting the competitive position of UK financial services.</p><p> </p><p>The UK also holds a number of annual Economic and Financial Dialogues (EFD) with key emerging markets, such as the UK-Brazil EFD last held in July, the UK-China EFD taking place this December, and the UK-India EFD which will take place again next year. These EFDs are Chancellor led Treasury to Treasury dialogues, aimed at increasing financial cooperation and establishing the UK as the partner of choice for priority overseas markets.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 28/11/2017 17:50:46 answering member 4095 label Biography information for Steve Barclay
tabling member	163 label Biography information for Sir Stephen Timms