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1131989

registered interest
date	13/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Treasury: Contracts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what contracts his Department has awarded in each of the last five years that were positively assessed on criteria for (a) UK content, (b) socio-economic weighting and (c) most economically advantageous tender.
tabling member constituency	North Durham
tabling member printed	Mr Kevan Jones
uin	264356
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>Contracts are awarded to suppliers submitting the most economically advantageous tender demonstrating the delivery of value for money.</p><p> </p><p>Crown Commercial Service, who act as HM Treasury’s commercial arm, have a policy of always considering social value, and building it into its commercial agreements wherever it is appropriate.</p><p> </p><p>The Government wants UK companies to be successful in public procurement but it is unlawful to negatively assess a bid from a foreign supplier, or a supplier with a foreign supply chain.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 18/06/2019 12:45:23 answering member 4320 label Biography information for Robert Jenrick
tabling member	1438 label Biography information for Mr Kevan Jones

1131999

registered interest
date	13/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to respond to the Office of Tax Simplification's November 2018 report on inheritance tax.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	264345
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The first report on Inheritance Tax published by the Office of Tax Simplification (OTS) in November 2018 made a number of recommendations to simplify the administration of the tax. The OTS has committed to publishing a second report in 2019 on simplifying the tax from a technical and design standpoint and the Government will consider their recommendations carefully. Any policy changes to Inheritance Tax will be considered by the Chancellor at fiscal events.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 18/06/2019 07:56:23 answering member 3991 label Biography information for Jesse Norman
tabling member	1409 label Biography information for Mr Gregory Campbell

1131182

registered interest
date	11/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Winter Fuel Payment
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 administrative cost of means testing winter fuel payments.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	263079
answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>The Confidence and Supply Agreement with the Democratic and Unionist Party, sets out that there will be no change to the universal nature of the Winter Fuel Payment.</p><p> </p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 17/06/2019 16:07:39 answering member 4097 label Biography information for Elizabeth Truss
tabling member	1409 label Biography information for Mr Gregory Campbell

1131377

registered interest
date	11/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	263057
answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>The administrators for London Capital &amp; Finance (LCF) are currently estimating recoveries for investors affected by LCF’s failure.</p><p>The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF’s administrators and the Financial Conduct Authority to understand more about LCF’s activities and whether there are grounds for compensation.</p><p>If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2019 14:30:39 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1130881

registered interest
date	10/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy that Independent Governance Committees attached to contract-based workplace pensions have a duty to monitor the suitability of the retail fund choices available to scheme members.
tabling member constituency	Wallasey
tabling member printed	Ms Angela Eagle
uin	262256
answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 262255 262257 question first answered 13/06/2019 13:34:39 answering member 4051 label Biography information for John Glen
tabling member	491 label Biography information for Dame Angela Eagle

1130934

registered interest
date	10/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Benefit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what processes his Department uses with further education institutions to verify a child's full-time attendance in education in relation to the eligibility for child benefit payments.
tabling member constituency	Birmingham, Ladywood
tabling member printed	Shabana Mahmood
uin	262339
answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>HMRC does not approach education institutions to verify information regarding eligibility for child benefit payments. The claimant is required to provide all the information necessary to support their claim. Details on how to claim can be found on <a href="https://www.gov.uk/child-benefit/how-to-claim" target="_blank">GOV.UK</a></p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 13/06/2019 15:41:38 answering member 4097 label Biography information for Elizabeth Truss
tabling member	3914 label Biography information for Shabana Mahmood

1131016

registered interest
date	10/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Consumer Information
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of advice given to retirees accessing their pension funds for the first time.
tabling member constituency	Newcastle-under-Lyme
tabling member printed	Paul Farrelly
uin	262271
answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The Government works closely with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure that the market for pensions advice works well, competitively and fairly, especially as consumers now have a wider variety of choice, with the onset of pension freedoms.</p><p>In 2017, the FCA published the results from its Assessing Suitability Review (ASR I) which looked at pension and investment advice delivered during 2015. The review showed that generally financial advice was suitable in 93.1% of cases, across a statistically representative sample of the entire market. The FCA are undertaking further work looking at the market for pensions transfer advice.</p><p>In August 2015 HM Treasury and the FCA launched the Financial Advice Market Review (FAMR) and have since then implemented its recommendations to ensure the financial advice market works better for consumers. The government and FCA are conducting a review of FAMR throughout 2019.</p><p>The Government is also committed to ensuring that people have access to free-to-access financial guidance and information on the options available to them when accessing their Defined Contribution pension, which is why PensionWise, now part of the Money and Pensions Service (MAPS), was set up in 2015.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:25:01 answering member 4051 label Biography information for John Glen
tabling member	1436 label Biography information for Paul Farrelly

1130468

registered interest
date	06/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personation: Credit Rating
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 help ensure the credit ratings of victims of identity fraud are protected.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	261141
answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>In 2014, the Government transferred regulatory responsibility for consumer credit from the Office of Fair Trading to the Financial Conduct Authority (FCA), including regulatory responsibility for Credit Reference agencies (CRAs). CRAs are a key part of the credit market and enable lenders to assess whether an individual has the ability to repay any credit that is offered.</p><p>CRAs can advise consumers to add a Notice of correction (of up to 200 words) to their credit report explaining any special circumstances. The content of the Notice should be taken into account alongside the information on the consumer’s report.</p><p>Furthermore, the Credit Industry Fraud Avoidance System (CIFAS) is an independent fraud prevention service which has developed a system used by the credit industry and other organisations to prevent fraud. If a lender believes it may have detected a fraud or attempted fraud, a CIFAS marker may be put on an individual’s credit reference file. No one should be refused credit just because of a CIFAS marker, and these markers are not included in a credit score. It is intended to warn lenders and to protect innocent consumers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:48:56 answering member 4051 label Biography information for John Glen
tabling member	1447 label Biography information for Andrew Rosindell

1130526

registered interest
date	06/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of how often the annual tapered allowance results in a person being taxed more than 100 per cent of the pensions relief they would have received if they had not reached the allowance limit.
tabling member constituency	Central Ayrshire
tabling member printed	Dr Philippa Whitford
uin	261239
answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2016/17 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p>The tapered annual allowance is therefore focussed on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>For those who incur annual allowance tax charges, the charge recoups the excess tax relief on the benefits that they have accrued in that year above their annual allowance. The charge is levied at an individual’s marginal rate. For example, an individual with a salary above £150,000 would be taxed at 45% on pension accrual above their annual allowance.</p><p> </p><p>It is not possible to estimate the precise effects of the tapered annual allowance on an individual’s total remuneration without knowing their specific circumstances.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 261240 question first answered 11/06/2019 13:41:45 answering member 4051 label Biography information for John Glen
tabling member	4385 label Biography information for Dr Philippa Whitford

1129549

registered interest
date	04/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Barlow Clowes: Insolvency
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 role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds.
tabling member printed	Lord Myners
uin	HL16034
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners