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1656716
star this property registered interest false more like this
star this property date less than 2023-09-01more like thismore than 2023-09-01
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will take steps to commission a survey into public trust in the Financial Conduct Authority. more like this
star this property tabling member constituency City of Durham more like this
star this property tabling member printed
Mary Kelly Foy more like this
star this property uin 196460 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-09-07more like thismore than 2023-09-07
star this property answer text <p>Public trust in financial regulators is important. The Government has no current plans to commission a survey into public trust in the Financial Conduct Authority (FCA) but will keep such option under review in the future.</p> more like this
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property question first answered
less than 2023-09-07T12:50:02.087Zmore like thismore than 2023-09-07T12:50:02.087Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
4753
unstar this property label Biography information for Mary Kelly Foy more like this
1608730
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what data his Department holds on the number of people who have successfully sued the Financial Conduct Authority (FCA) using the bad faith or human rights carve-outs to the FCA's exemption from civil liability, set out in paragraph 25(3) of Part 4 of Schedule 1ZA of the Financial Services and Markets Act 2012. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176533 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>The government is not aware of any occasion where the FCA has been successfully sued for damages in the discharge of its functions.</p> more like this
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property question first answered
less than 2023-04-17T11:33:53.81Zmore like thismore than 2023-04-17T11:33:53.81Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1608731
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, on what basis the Government has decided whether or not the obligations placed on the Financial Conduct Authority under Section 29 of the Financial Services Act 2021 have been met by the regulator's decision to consult on and introduce its consumer duty, as opposed to a duty of care. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176534 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>Section 29 of 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. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.</p><p> </p><p>The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement 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>As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p><p>The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.</p><p> </p><p>The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.</p>
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property grouped question UIN
176535 more like this
176536 more like this
176537 more like this
star this property question first answered
less than 2023-04-17T12:30:43.64Zmore like thismore than 2023-04-17T12:30:43.64Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1608732
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority's Consumer Duty will constitute a duty of care in common law. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176535 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>Section 29 of 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. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.</p><p> </p><p>The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement 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>As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p><p>The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.</p><p> </p><p>The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.</p>
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property grouped question UIN
176534 more like this
176536 more like this
176537 more like this
star this property question first answered
less than 2023-04-17T12:30:43.687Zmore like thismore than 2023-04-17T12:30:43.687Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1608736
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department plans to take to introduce the duty of care promised by Section 29 of the Financial Services Act 2021. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176536 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>Section 29 of 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. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.</p><p> </p><p>The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement 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>As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p><p>The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.</p><p> </p><p>The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.</p>
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property grouped question UIN
176534 more like this
176535 more like this
176537 more like this
star this property question first answered
less than 2023-04-17T12:30:43.577Zmore like thismore than 2023-04-17T12:30:43.577Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1608738
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the adequacy of the degree to which consumer interests are weighted in the governance of the Financial Conduct Authority; and if he will make a statement. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176537 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>Section 29 of 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. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.</p><p> </p><p>The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement 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>As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p><p>The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.</p><p> </p><p>The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.</p>
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property grouped question UIN
176534 more like this
176535 more like this
176536 more like this
star this property question first answered
less than 2023-04-17T12:30:43.733Zmore like thismore than 2023-04-17T12:30:43.733Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1608743
star this property registered interest false more like this
star this property date less than 2023-03-29more like thismore than 2023-03-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his policies of the establishment of the Financial Regulator Assessment Authority in Australia following the Royal Commission on Misconduct in Banking, Superannuation and Financial Services Industry; and if he will make an assessment of the potential impact of establishing a similar consumer oversight body in the UK on accountability of the Financial Conduct Authority. more like this
star this property tabling member constituency North Somerset more like this
star this property tabling member printed
Dr Liam Fox more like this
star this property uin 176538 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-04-17more like thismore than 2023-04-17
star this property answer text <p>The government launched the Future Regulatory Framework (FRF) Review to ensure that the UK maintains a coherent, agile and internationally-respected approach to financial services regulation following the UK’s exit from the European Union. Consultations were published in October 2020 and November 2021, which both received over 100 responses.</p><p>The Financial Services and Markets Bill delivers the outcomes of the FRF Review, and repeals hundreds of pieces of retained EU law relating to financial services, which will give the regulators significant new rulemaking responsibilities.</p><p>The government has been clear that more responsibility for the regulators should be balanced with clear accountability, appropriate democratic input, and transparent oversight.</p><p>As a result, the Bill includes a package of measures to increase the accountability of the regulators to Parliament and HM Treasury, and enhance their engagement with stakeholders including consumer groups.</p> more like this
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property question first answered
less than 2023-04-17T12:34:16.443Zmore like thismore than 2023-04-17T12:34:16.443Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
223
unstar this property label Biography information for Sir Liam Fox more like this
1506178
star this property registered interest false more like this
star this property date less than 2022-09-08more like thismore than 2022-09-08
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether his Department is taking steps to help ensure that the Financial Conduct Authority has a (a) robust complaints process and (b) appropriate compensation scheme for cases of regulatory failure. more like this
star this property tabling member constituency Glasgow North more like this
star this property tabling member printed
Patrick Grady more like this
star this property uin 49704 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-09-23more like thismore than 2022-09-23
star this property answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA has statutory immunity from claims for damages under the Financial Services and Markets Act 2000. The Government believes this is important in allowing the FCA to take a robust approach to regulation and to focus its resources on pursuing its objectives without the distraction of claims that may frustrate these efforts, or the risk that firms can delay supervisory interventions through vexatious litigation. The FCA’s ability to act robustly is important to millions of consumers across the country.</p><p> </p><p>Given this statutory immunity, it is vital that those directly affected by the FCA’s actions have an avenue to have matters put right where the FCA has failed in carrying out its role. The Financial Services Act 2012 requires that the FCA establishes a complaints scheme and appoints, with the Treasury’s approval, an independent person (the Complaints Commissioner) who can investigate complaints.</p><p> </p><p>The complaints scheme is an informal mechanism for investigating complaints and ensuring that there is transparency around the way the FCA operates whilst not undermining the principle of the FCA’s statutory immunity. The activities of the Complaints Commissioner are governed by the framework set out in legislation and in the regulators’ Complaints Scheme. The Complaints Commissioner has powers to recommend the payment of compensation by the FCA and to require the FCA to publish its response to any recommendation that the Complaints Commissioner makes. The Complaints Commissioner does not have powers to compel the FCA to pay compensation. It is not a court, nor is there a right of appeal for the FCA if the investigator makes an adverse finding against it. The FCA remains solely accountable for the decisions it makes over how to use its funds.</p><p> </p><p>The FCA is a self-financing organisation funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. The Government has no role in the FCA’s budgeting or the setting of the levy. The FCA, like other public authorities, has the ability to make compensation payments on a voluntary (‘ex gratia’) basis. The FCA publishes their approach to these payments as part of the information on their complaints scheme.</p>
star this property answering member constituency Arundel and South Downs more like this
star this property answering member printed Andrew Griffith more like this
star this property grouped question UIN
49703 more like this
49705 more like this
star this property question first answered
less than 2022-09-23T05:14:05.51Zmore like thismore than 2022-09-23T05:14:05.51Z
unstar this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
4432
unstar this property label Biography information for Patrick Grady more like this
1457472
star this property registered interest false more like this
star this property date less than 2022-04-14more like thismore than 2022-04-14
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to the Future Regulatory Framework Review, what assessment he has made of the potential impact on economic stability of proposals to introduce new statutory objectives of competitiveness and growth for the Financial Conduct Authority. more like this
star this property tabling member constituency Feltham and Heston more like this
star this property tabling member printed
Seema Malhotra more like this
star this property uin 153969 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-04-26more like thismore than 2022-04-26
star this property answer text <p>The government intends to provide for a greater focus on growth and international competitiveness through the introduction of new secondary objectives for the PRA and the FCA.</p><p>As the regulators take on additional responsibilities for determining the rules that financial services firms must follow, it is right that their objectives reflect the importance of the financial services sector as an engine of growth for the wider economy, and the need to support the future of the UK as a global financial centre.</p><p>These new secondary objectives will complement the regulators’ existing objectives of ensuring that UK firms remain safe and sound, that the UK’s markets function well, that there is effective competition in the interests of consumers, and that consumers of financial services receive an appropriate degree of protection. The government has always been clear that the UK will remain a global leader in promoting high international standards, while ensuring that the financial services sector is delivering for businesses and consumers across the UK.</p><p> </p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2022-04-26T13:50:24.537Zmore like thismore than 2022-04-26T13:50:24.537Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4253
unstar this property label Biography information for Seema Malhotra more like this
1272916
star this property registered interest false more like this
star this property date less than 2020-12-30more like thismore than 2020-12-30
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Conduct Authority remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to the findings of Dame Elizabeth Gloster's report, The LCF Review and Raj Parker's report, The Connaught Review, if he will commission an independent inquiry into the FCA; and if he will make a statement. more like this
star this property tabling member constituency Linlithgow and East Falkirk more like this
star this property tabling member printed
Martyn Day more like this
star this property uin 133053 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-01-14more like thismore than 2021-01-14
star this property answer text <p>As set out in my Written Ministerial Statement on 17 December 2020 the Government welcomes the Financial Conduct Authority’s (FCA) commitment to implement all of Dame Elizabeth’s and Mr Parker’s recommendations, and to address the issues and concerns identified in full. The FCA’s responses to both reports detail the changes they have made over several years and commits to accelerate this ongoing programme of reform through their Transformation Programme.</p><p> </p><p>The FCA will report publicly on the progress of its Transformation Programme until such time as the recommendations from both reviews have been substantially implemented, as set out in the FCA CEO’s letter to me on 17 December 2020 which is available on gov.uk.</p><p> </p><p>The Treasury will be engaging closely with the FCA to monitor implementation of the recommendations.</p><p> </p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 133054 more like this
star this property question first answered
less than 2021-01-14T15:15:13.387Zmore like thismore than 2021-01-14T15:15:13.387Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4488
unstar this property label Biography information for Martyn Day more like this