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1146669

registered interest
date	26/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to Operation Yellowhammer HMG Reasonable worst case planning assumptions paragraph 16, what estimate he has made of the proportion of insurance payments from UK insurers into the EU which would be delayed in the event of the UK leaving the EU without a deal; and what estimate his Department has made of the potential length of any such delays.
tabling member constituency	Vale of Clwyd
tabling member printed	Chris Ruane
uin	291263
answer	answer is ministerial correction date of answer 01/10/2019 answer text <p>As the question notes, HMG’s Operation Yellowhammer planning assumptions are not a prediction, but a reasonable worst-case scenario. The specifics on the length and proportion of affected policies would depend on each individual case – by definition, any delays would relate to exceptional cases which therefore cannot be estimated.</p><p> </p><p>However, substantial progress has been made towards mitigating this risk. The Bank of England’s Financial Stability Report shows that UK insurers’ actions in restructuring their business have made good progress towards being able to service the majority of their £61 billion of EU liabilities after Brexit - £56 billion of this liability is expected to be addressed by 31 October. Temporary regimes announced by EU states are expected to further reduce the residual ‘at risk’ liabilities.</p><p> </p><p>The FCA expects insurers to let customers know if there will be any changes to the way policies are serviced after the UK leaves the EU. Information on gov.uk makes it clear that customers concerned about the status of their insurance policy should contact their provider.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/10/2019 15:17:12 answering member 4051 label Biography information for John Glen
tabling member	534 label Biography information for Chris Ruane

1145753

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Thomas Cook: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions (a) he, (b) his Ministers and (c) his officials have had with the management of the Royal Bank of Scotland on Thomas Cook UK between 14 September 2019 and the collapse of that company.
tabling member constituency	Scunthorpe
tabling member printed	Nic Dakin
uin	290754
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>The government manages its shareholding in RBS at arm’s length on a commercial basis through UK Government Investments Ltd (UKGI). UKGI's role is to manage the investment, not the bank itself. RBS retains its own independent board and management team for strategic and operational decision-making, including in relation to commercial lending, and the government has no role in such decision-making.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 12:38:59 answering member 4051 label Biography information for John Glen
tabling member	4056 label Biography information for Nic Dakin

1145767

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal savings: Fees and charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of capping (a) all charges, (b) custody charges and (c) transfer charges on (i) SIPPs and (ii) ISAs.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	291041
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>Government and regulators have undertaken a range of initiatives in relation to charges on investment products.</p><p> </p><p>The Financial Conduct Authority (FCA) has conducted an extensive market study into the asset management sector, including the examination of costs and charges. They have introduced a range of remedies to address the issues they found. In particular, the FCA have strengthened and clarified the duty on managers of investment funds to act in the best interests of their investors. New rules will require asset managers to assess the value for money of each fund against a non-exhaustive list of prescribed elements, including whether charges are reasonable in relation to the costs incurred in delivering the service, and the quality of the service provided. The managers must conclude that each fund offers good VfM or take corrective action if it does not and explain the assessment annually in a report made available to the public.</p><p>The FCA also identified concerns that charges might not always be visible to investors and that investors might not pay sufficient attention to charges or understand what they represent. In response, the FCA introduced a single all-in fee to increase the visibility of all charges taken from the fund and impose more discipline on overspend relative to charging estimates.</p><p> </p><p>The FCA has also considered the role of charges as part of its work on competition in non-workplace pensions, including self-invested pension plans (SIPPs). They found that charges in this market are often too complex for consumers to be able to compare and that similar customers can pay very different charges. The FCA concluded that it would not be appropriate to recommend direct price intervention such as a cap at this stage, but it is considering next steps in the context of its upcoming work on driving value for money across the pensions sector. The FCA’s Feedback Statement on this topic is seeking views on what remedies would be appropriate and will close in October 2019.</p><p> </p><p>Early exit charges were banned or capped in personal pension schemes, including SIPPs, from March 2017. Information obtained by the FCA and the Pensions Regulator (TPR) showed that early exit charges presented a barrier to accessing the pension freedoms for a significant minority of people in personal and occupational pension schemes. Following consultation, the Government took steps to remove these barriers by capping early exit charges at 1% for existing scheme members and banning them for new members.</p><p> </p><p>The charges imposed in respect of investments held within Stocks and Shares ISAs are a matter for individual ISA managers. ISA managers must allow investors to transfer existing Stocks and Shares ISAs to an alternative manager.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 12:36:59 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1145782

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	North West: Industry
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the fiscal effect of the UK leaving the EU without a deal on the (a) automotive industry, (b) pharmaceutical industry and (c) food industry in the North West in the subsequent (i) three months and (ii) six months.
tabling member constituency	Garston and Halewood
tabling member printed	Maria Eagle
uin	290684
answer	answer is ministerial correction date of answer 03/10/2019 answer text <p>The Government has been stepping up preparations for this outcome. We have made more than £8 billion available to prepare for EU Exit since the referendum, including £2.1 billion specifically for No Deal planning.</p><p> </p><p>The government is monitoring businesses and sectors which may be exposed to short-term difficulties as a result of EU Exit. We are considering how best to support businesses across the country in the run up to or immediately after EU Exit.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 290685 question first answered 03/10/2019 18:13:50 answering member 4051 label Biography information for John Glen
tabling member	483 label Biography information for Maria Eagle

1145783

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	North West: Industry
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent fiscal steps his Department has taken to mitigate the effect of the UK leaving the EU without a deal on the (a) automotive industry, (b) pharmaceutical industry and (c) the food industry in the North West; and if he will make a statement.
tabling member constituency	Garston and Halewood
tabling member printed	Maria Eagle
uin	290685
answer	answer is ministerial correction date of answer 03/10/2019 answer text <p>The Government has been stepping up preparations for this outcome. We have made more than £8 billion available to prepare for EU Exit since the referendum, including £2.1 billion specifically for No Deal planning.</p><p> </p><p>The government is monitoring businesses and sectors which may be exposed to short-term difficulties as a result of EU Exit. We are considering how best to support businesses across the country in the run up to or immediately after EU Exit.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 290684 question first answered 03/10/2019 18:13:50 answering member 4051 label Biography information for John Glen
tabling member	483 label Biography information for Maria Eagle

1145836

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Governor of the Bank of England on when the Governor's term of office ends.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	290812
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>It was <a href="https://www.gov.uk/government/news/mark-carneys-term-extended-and-sir-jon-cunliffe-re-appointed-at-the-bank-of-england" target="_blank">announced</a> on 11 September 2018 that the Chancellor and Governor had agreed that the Governor’s term would be extended until 31 January 2020.</p><p> </p><p>The process to appoint the next Governor of the Bank of England was <a href="https://www.gov.uk/government/news/chancellor-launches-search-for-next-governor-of-the-bank-of-england" target="_blank">launched</a> in April. The process is on track. We will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 290814 290902 question first answered 30/09/2019 12:26:44 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin

1145839

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England: Public Appointments
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what his timescale is for assessing the appointability of the shortlisted candidates for the position of Bank of England Governor that were submitted to his predecessor.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	290814
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>It was <a href="https://www.gov.uk/government/news/mark-carneys-term-extended-and-sir-jon-cunliffe-re-appointed-at-the-bank-of-england" target="_blank">announced</a> on 11 September 2018 that the Chancellor and Governor had agreed that the Governor’s term would be extended until 31 January 2020.</p><p> </p><p>The process to appoint the next Governor of the Bank of England was <a href="https://www.gov.uk/government/news/chancellor-launches-search-for-next-governor-of-the-bank-of-england" target="_blank">launched</a> in April. The process is on track. We will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 290812 290902 question first answered 30/09/2019 12:26:44 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin

1145840

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to publish the results of the regulation of pre-paid funeral plans consultation.
tabling member constituency	Glasgow South
tabling member printed	Stewart Malcolm McDonald
uin	290815
answer	answer is ministerial correction date of answer 03/10/2019 answer text <p>HM Treasury launched a call for evidence on the regulation of pre-paid funeral plans in June 2018. The call for evidence confirmed that consumer detriment is present in the pre-paid funeral plan sector and that there is broad demand for the sector to come under compulsory regulation.</p><p> </p><p>Consequently, the government intends to bring the pre-paid funeral plan market within the remit of the Financial Conduct Authority and has consulted on the proposed legislative framework to implement this proposal. The consultation closed on 25 August and the government is currently reviewing the responses. A response to the consultation will be published in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/10/2019 18:05:10 answering member 4051 label Biography information for John Glen
tabling member	4461 label Biography information for Stewart Malcolm McDonald

1145897

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Institutions: Investment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to encourage financial institutions to adopt investment policies which consider (a) human and (b) labour rights.
tabling member constituency	Birmingham, Edgbaston
tabling member printed	Preet Kaur Gill
uin	291068
answer	answer is ministerial correction date of answer 03/10/2019 answer text <p>The government is committed to enhancing the stewardship role of financial institutions, in particular asset managers. This includes their responsibility to monitor and actively engage with the companies they invest in and hold such companies to account on material issues.</p><p> </p><p>The Financial Reporting Council (FRC) has consulted on a revised Stewardship Code which will set high expectations on institutional investors about how they allocate, manage and oversee capital on behalf of their beneficiaries and clients. Signatories will need to report on how they have considered material environmental, social and governance (ESG) factors, and how directors of the companies they invest in have applied section 172 of the Companies Act, in their investment and stewardship decision-making. The revised Code will be published later in 2019.</p><p> </p><p>The Financial Conduct Authority (FCA) and the FRC have also published a joint discussion on paper on stewardship, which seeks to advance the debate about what effective stewardship should look like, what the minimum expectations should be for financial services firms who invest for clients and beneficiaries, the standards the UK should aspire to and how these might best be achieved. The discussion paper closed on 30 April and the FCA and FRC will publish a feedback statement later in the financial year 2019/20.</p><p> </p><p>Government is also committed to ensuring that individuals are able to invest in line with their values and has supported the establishment of the Impact Investing Institute and the Green Finance Institute, which will aim to bring such investments into the mainstream.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/10/2019 18:09:40 answering member 4051 label Biography information for John Glen
tabling member	4603 label Biography information for Preet Kaur Gill

1146029

registered interest
date	25/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England: Public Appointments
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to announce to Parliament the identity of the individual selected to be the next Governor of the Bank of England.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	290902
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>It was <a href="https://www.gov.uk/government/news/mark-carneys-term-extended-and-sir-jon-cunliffe-re-appointed-at-the-bank-of-england" target="_blank">announced</a> on 11 September 2018 that the Chancellor and Governor had agreed that the Governor’s term would be extended until 31 January 2020.</p><p> </p><p>The process to appoint the next Governor of the Bank of England was <a href="https://www.gov.uk/government/news/chancellor-launches-search-for-next-governor-of-the-bank-of-england" target="_blank">launched</a> in April. The process is on track. We will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 290812 290814 question first answered 30/09/2019 12:26:44 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin