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1697852

registered interest
date	21/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to publish a report on the impact of Consumer Duty on consumer contact with financial services firms in the 12 months since it's establishment.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	19809
answer	answer is ministerial correction date of answer 26/03/2024 answer text <p>The Government has no plans to publish a report on the impact of the Consumer Duty.</p><p> </p><p>The Consumer Duty was introduced by the Financial Conduct Authority (FCA), which is operationally independent from Government and is directly accountable to Parliament for how it carries out its functions. The FCA has committed to monitoring the outcomes experienced by different consumer groups, including those in vulnerable circumstances, to check they are not being disadvantaged as a result of the Duty. It also publishes information about the implementation of the Consumer Duty by firms, including examples of good practice and areas for improvement, on its website: https://www.fca.org.uk/firms/consumer-duty</p><p> </p><p>The Financial Services and Markets Act 2023 introduced a new requirement on the financial services regulators to keep their rules under review, and to publish a statement of policy for how they conduct rule reviews. The FCA’s rule review framework can be found at: <a href="https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework" target="_blank">https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework</a>.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 26/03/2024 15:42:29 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1682067

registered interest
date	15/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with the FCA on the effectiveness of its consumer duty in upholding standards of financial services for customers.
tabling member constituency	Belfast South
tabling member printed	Claire Hanna
uin	9699
answer	answer is ministerial correction date of answer 22/01/2024 answer text <p>The Government is committed to ensuring the UK has world-leading levels of regulatory operational effectiveness and to ensuring that consumers of financial services have appropriate protections in place. The Consumer Duty aims to ensure that firms act to deliver good outcomes and seeks to set a higher and clearer standard of care that firms owe their customers.</p><p> </p><p>Treasury ministers meet regularly with the FCA to discuss a range of topics including the Consumer Duty.</p><p> </p><p>With any new policy intervention, it is appropriate to consider how effective it has been in meeting its objectives, once such an assessment can be made. The Financial Services and Markets Act 2023 introduced a new requirement on the financial services regulators to keep their rules under review, and to publish a statement of policy for how they conduct rule reviews. The FCA’s rule review framework can be found at https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/01/2024 10:28:26 answering member 4639 label Biography information for Bim Afolami
tabling member	4827 label Biography information for Claire Hanna

1666657

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with counterparts in (a) Canada, (b) the European Union and (c) other jurisdictions on alignment of the (i) definition and (ii) interpretation of fiduciary duty.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203734
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203735 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666658

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support the UK’s investment industry in meeting their fiduciary duty to consumers.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203735
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203734 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1537026

registered interest
date	27/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they consider that the new Consumer Duty set out by the Financial Conduct Authority in their policy statement PS22, published on 9 July, is the same as a general duty of care; and if not, what the differences are.
tabling member printed	The Lord Bishop of St Albans
uin	HL2980
answer	answer is ministerial correction date of answer 09/11/2022 answer text <p>The Consumer Protection from Unfair Trading Regulations 2008 (CPRs) prohibit traders from engaging in unfair commercial practices towards consumers. The CPRs already prohibit practices that contravene the requirements of professional diligence, which is defined as the standard of special skill and care that a trader may reasonably be expected to exercise towards consumers, commensurate with either honest market practice or the general principle of good faith.</p><p> </p><p>The Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial services providers a duty of care over their customers. This was in response to concerns from Parliamentarians and others, who wanted to reduce levels of consumer harm in financial services.</p><p> </p><p>The FCA published a final Policy Statement on its new Consumer Duty on 27 July 2022, following two consultations in May and December 2021.</p><p> </p><p>The FCA has set out its views on how the Consumer Duty satisfies the requirement for it to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.</p><p> </p><p>The FCA, as an operationally independent regulator, is responsible for implementing and enforcing its Consumer Duty rules. It would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p> answering member printed Baroness Penn grouped question UIN HL2981 HL2982 question first answered 09/11/2022 11:52:05 answering member 4726 label Biography information for Baroness Penn
tabling member	4308 label Biography information for The Lord Bishop of St Albans

1537027

registered interest
date	27/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of whether the new Consumer Duty set out by the Financial Conduct Authority in their policy statement PS22, published on 9 July, will be effective.
tabling member printed	The Lord Bishop of St Albans
uin	HL2981
answer	answer is ministerial correction date of answer 09/11/2022 answer text <p>The Consumer Protection from Unfair Trading Regulations 2008 (CPRs) prohibit traders from engaging in unfair commercial practices towards consumers. The CPRs already prohibit practices that contravene the requirements of professional diligence, which is defined as the standard of special skill and care that a trader may reasonably be expected to exercise towards consumers, commensurate with either honest market practice or the general principle of good faith.</p><p> </p><p>The Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial services providers a duty of care over their customers. This was in response to concerns from Parliamentarians and others, who wanted to reduce levels of consumer harm in financial services.</p><p> </p><p>The FCA published a final Policy Statement on its new Consumer Duty on 27 July 2022, following two consultations in May and December 2021.</p><p> </p><p>The FCA has set out its views on how the Consumer Duty satisfies the requirement for it to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.</p><p> </p><p>The FCA, as an operationally independent regulator, is responsible for implementing and enforcing its Consumer Duty rules. It would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p> answering member printed Baroness Penn grouped question UIN HL2980 HL2982 question first answered 09/11/2022 11:52:05 answering member 4726 label Biography information for Baroness Penn
tabling member	4308 label Biography information for The Lord Bishop of St Albans

1506180

registered interest
date	08/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of imposing on financial services firms a general duty of care towards their consumers.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	49706
answer	answer is ministerial correction date of answer 23/09/2022 answer text <p>The Government is committed to ensuring that consumers of financial services are appropriately protected whilst preserving the competitiveness of the UK financial services sector.</p><p>The Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. This was in response to concerns from Parliamentarians, who wanted to reduce levels of consumer harm in financial services.</p><p>Following extensive engagement with stakeholders, the FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty. The Consumer Duty will clarify and raise expectations for the standard of care that should be provided by financial services firms to consumers, and ensure consumers benefit from a higher level of care from financial services firms.</p><p>The FCA, as an operationally independent regulator, is responsible for implementing and enforcing its Consumer Duty rules. It would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/09/2022 05:16:10 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1487072

registered interest
date	06/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to raise standards in finance with a fair trading mark.
tabling member constituency	Huddersfield
tabling member printed	Mr Barry Sheerman
uin	31744
answer	answer is ministerial correction date of answer 14/07/2022 answer text <p>The Government wants to ensure that everyone, regardless of their background or income, has access to useful and affordable financial products and services. These include products and services such as banking, payment services, credit products and insurance.</p><p> </p><p>The Government also shares FairLife’s aims of ensuring that people build financial capability, meaning that they are able to use, and maximise their use of, products and services made available by the financial services industry.</p><p> </p><p>Government policy on financial capability focuses on ensuring that people can access the guidance they need and have the confidence and skills to manage their money well.</p><p> </p><p>To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. The Chancellor, the Economic Secretary to the Treasury and HMT officials regularly meet with a wide range of organisations to exchange views, collaborate and inform our policy development and delivery. The government would welcome a discussion with FairLife as part of this engagement and HM Treasury officials will get in touch with them to arrange this.</p><p><strong> </strong></p> answering member constituency North East Bedfordshire answering member printed Richard Fuller grouped question UIN 31745 31746 question first answered 14/07/2022 13:26:13 answering member 3912 label Biography information for Richard Fuller
tabling member	411 label Biography information for Mr Barry Sheerman

1487073

registered interest
date	06/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will consider supporting the work of FairLife to raise standards in finance by adopting a fair trading mark for financial firms.
tabling member constituency	Huddersfield
tabling member printed	Mr Barry Sheerman
uin	31745
answer	answer is ministerial correction date of answer 14/07/2022 answer text <p>The Government wants to ensure that everyone, regardless of their background or income, has access to useful and affordable financial products and services. These include products and services such as banking, payment services, credit products and insurance.</p><p> </p><p>The Government also shares FairLife’s aims of ensuring that people build financial capability, meaning that they are able to use, and maximise their use of, products and services made available by the financial services industry.</p><p> </p><p>Government policy on financial capability focuses on ensuring that people can access the guidance they need and have the confidence and skills to manage their money well.</p><p> </p><p>To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. The Chancellor, the Economic Secretary to the Treasury and HMT officials regularly meet with a wide range of organisations to exchange views, collaborate and inform our policy development and delivery. The government would welcome a discussion with FairLife as part of this engagement and HM Treasury officials will get in touch with them to arrange this.</p><p><strong> </strong></p> answering member constituency North East Bedfordshire answering member printed Richard Fuller grouped question UIN 31744 31746 question first answered 14/07/2022 13:26:13 answering member 3912 label Biography information for Richard Fuller
tabling member	411 label Biography information for Mr Barry Sheerman

1487074

registered interest
date	06/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will meet with FairLife to discuss the potential merits of a fair trading mark for firms in the financial sector.
tabling member constituency	Huddersfield
tabling member printed	Mr Barry Sheerman
uin	31746
answer	answer is ministerial correction date of answer 14/07/2022 answer text <p>The Government wants to ensure that everyone, regardless of their background or income, has access to useful and affordable financial products and services. These include products and services such as banking, payment services, credit products and insurance.</p><p> </p><p>The Government also shares FairLife’s aims of ensuring that people build financial capability, meaning that they are able to use, and maximise their use of, products and services made available by the financial services industry.</p><p> </p><p>Government policy on financial capability focuses on ensuring that people can access the guidance they need and have the confidence and skills to manage their money well.</p><p> </p><p>To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. The Chancellor, the Economic Secretary to the Treasury and HMT officials regularly meet with a wide range of organisations to exchange views, collaborate and inform our policy development and delivery. The government would welcome a discussion with FairLife as part of this engagement and HM Treasury officials will get in touch with them to arrange this.</p><p><strong> </strong></p> answering member constituency North East Bedfordshire answering member printed Richard Fuller grouped question UIN 31744 31745 question first answered 14/07/2022 13:26:13 answering member 3912 label Biography information for Richard Fuller
tabling member	411 label Biography information for Mr Barry Sheerman