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1110704

registered interest
date	09/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	World Economy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of a recent International Monetary Fund forecast regarding the impact of a no-deal Brexit as a risk to global economic growth.
tabling member printed	Lord Taylor of Warwick
uin	HL15168
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The government has not assessed the International Monetary Fund’s World Economic Outlook April 2019 publication. The IMF is an independent organisation. Their analysis of the UK and global economy represents their own views.</p> answering member printed Lord Young of Cookham question first answered 25/04/2019 10:52:11 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108873

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to provide clarity surrounding new sales rules for UK asset managers in the event of a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14980
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Treasury is in frequent contact with firms regarding their contingency planning for EU exit. UK asset managers that are using the EU “passport” to serve clients in the EEA have undertaken and will continue to carry out contingency plans with respect to their operations in the EEA in order to be ready for a no deal scenario. Some European countries have introduced measures to ensure that UK asset managers will continue to be able to service EEA clients.</p><p> </p><p>The Government has undertaken the necessary work to ensure that we have a stable and functioning domestic framework for asset managers at the point of leaving the EU without a deal. This includes establishing the ‘temporary marketing permissions regime’ which enables EEA funds to continue to be able to market into the UK for up to 3 years. These measures have been welcomed across the UK asset management industry.</p> answering member printed Lord Bates question first answered 15/04/2019 14:53:14 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108874

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of reports suggesting that Brexit may have cost the UK approximately 2.4 per cent of GDP due to a fall in investment.
tabling member printed	Lord Taylor of Warwick
uin	HL14981
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>Despite the uncertainty around Brexit, the economy remains resilient. We are currently enjoying the longest unbroken quarterly growth streak of any G7 nation, employment is at a record high and regular wages are growing at their fastest pace in over a decade. The government's priority is to continue to press the case for an orderly Brexit that delivers on the result of the referendum and ends the uncertainty facing businesses and consumers.</p><p> </p> answering member printed Lord Bates question first answered 15/04/2019 14:57:44 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108876

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Claims Management Services: Regulation
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 impact of sector regulation on closures of financial claims management firms; and of the impact that could have on consumers.
tabling member printed	Lord Taylor of Warwick
uin	HL14982
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The government conducted an impact assessment for the transfer of the responsibility of Claims Management Companies (CMCs) regulation from the Claims Management Regulator (CMR) to the Financial Conduct Authority (FCA), and the FCA have also assessed the costs to industry.</p><p> </p><p>The number of CMCs has declined for several years, and if this trend continues, compliance costs for the industry will likely reduce. Remaining CMCs will now be required to meet FCA rules and higher standards of conduct. This will increase trust and confidence in the sector, which will benefit consumers and CMCs.</p> answering member printed Lord Bates question first answered 15/04/2019 14:28:53 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1105372

registered interest
date	26/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	British Nationals Abroad: EU Countries
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 impact that a no-deal Brexit could have on possible delays experienced by British citizens at the borders of EU countries.
tabling member printed	Lord Taylor of Warwick
uin	HL14835
answer	answer is ministerial correction date of answer 09/04/2019 answer text <p>The European Commission has indicated that member states will need to carry out more stringent checks on UK nationals arriving in the EU in a No Deal scenario. While the UK government cannot know how these checks will impact passengers, departments are working with relevant operators and airlines to prepare mitigations in the event of increased queues and delays.</p> answering member printed Lord Bates question first answered 09/04/2019 11:46:39 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1104674

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to improve measures to support those with problem debt.
tabling member printed	Lord Taylor of Warwick
uin	HL14799
answer	answer is ministerial correction date of answer 08/04/2019 answer text The government is taking a proactive approach to support those in problem debt. First, the government has increased funding for publicly-funded debt advice to over £56 million in this financial year, enough to provide support to over 530,000 people. This advice helps vulnerable consumers to seek expert help with their debts and get their finances back on track.<p> </p><p>Second, the government is also implementing its manifesto commitment to introduce a breathing space and statutory debt repayment plan. The polices aim to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing.</p> answering member printed Lord Bates question first answered 08/04/2019 15:24:56 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1104676

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to work with banks to protect UK businesses against invoice fraud.
tabling member printed	Lord Taylor of Warwick
uin	HL14801
answer	answer is ministerial correction date of answer 08/04/2019 answer text The Government takes fraud extremely seriously and recognises the devastating impacts these crimes can have. The Government has created the Joint Fraud Taskforce, which brings together government, the banks and law enforcement to develop a collective response to fraud. The objectives of the Taskforce are to protect the public and businesses from fraud, reduce the impact of fraud on victims, and increase the disruption and prosecution of fraudsters.<p> </p>It has also been made easier to report fraud to law enforcement. Action Fraud is the UK’s reporting centre for fraud and cybercrime, providing a central point of contact for information about fraud and financially motivated internet crime. answering member printed Lord Bates question first answered 08/04/2019 15:36:49 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1092465

registered interest
date	20/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
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 impact of uncertainty on the UK financial services sector's preparations for a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14719
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>The Treasury is in frequent contact with firms and regulators regarding their contingency planning for EU exit. Firms that are using the EU “passport” to serve clients in the EEA recognise that further steps to legal certainty remain, and are taking the sensible step of carrying out contingency planning with respect to their operations in the EEA in order to be ready for a scenario in which the UK leaves the EU without a deal.</p><p> </p><p>The Government is also doing the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in any scenario and to minimise disruption for UK households and businesses. As the Bank of England’s Financial Policy Committee set out in its Financial Policy Summary in March 2019, the core of the UK financial system, including banks, dealers and insurance companies, is resilient to, and prepared for, the wide range of risks it could face, including a worst case disorderly Brexit.</p><p> </p><p>That being said, we are committed to preserving our competitive position in financial services after the UK leaves the EU. An implementation period is the most effective means of ensuring a smooth and orderly exit from the EU. That is why we continue to believe leaving the EU with the deal negotiated, including an implementation period, is the best approach.</p> answering member printed Lord Bates question first answered 03/04/2019 10:57:07 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1082436

registered interest
date	05/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of reports from the Bank of England and European Central Bank that there may be significant market volatility in the event of a disorderly Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14273
answer	answer is ministerial correction date of answer 19/03/2019 answer text <p>Leaving the EU with a deal remains the Government’s top priority. An Implementation Period is the most effective approach to ensuring a smooth and orderly exit from the EU.</p><p>The Government has taken action to minimise disruption for UK households and businesses regardless of the outcome, including by introducing temporary regimes for EEA firms operating in the UK.</p><p>As the FPC set out in its latest Financial Policy Summary, the core of the UK’s financial system is resilient to, and prepared for, the wide range of risks it could face, including a disorderly Brexit. And while the FPC has noted that significant market volatility is to be expected in a disorderly Brexit, it has also noted that markets have proved able to function effectively through volatile periods. Major UK banks also are also able to withstand severe market disruption and, as a further prudent precaution, the Bank of England has operations in place to lend in all major currencies.</p><p> </p> answering member printed Lord Bates question first answered 19/03/2019 13:11:59 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1081686

registered interest
date	04/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of reports that some people who have used credit to buy their cars are being overcharged on interest payments; and how they are working with financial regulators to help address this issue.
tabling member printed	Lord Taylor of Warwick
uin	HL14219
answer	answer is ministerial correction date of answer 18/03/2019 answer text <p>On 1 April 2014 the Government transferred regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). The Government has given the FCA robust powers to protect consumers and supports the work undertaken by the FCA to reduce consumer harm in this sector.</p><p> </p><p>In 2017 the FCA announced a review of the motor finance sector, publishing its final findings in March 2019. In their report, the FCA expressed concern about the extent to which broker discretion is allowed over interest rates in certain commission structures and said that they are considering possible responses, such as strengthening existing provisions and banning certain commission structures.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.</p> answering member printed Lord Bates question first answered 18/03/2019 13:28:39 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick