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1307211

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Sudan
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the Government's guidance is to UK-based banks on allowing money transfers to Sudan-based bank accounts.
	tabling member constituency	Coventry South
	tabling member printed	Zarah Sultana
	uin	179605
	answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>HM Treasury is responsible for the Money Laundering Regulations, which set out the high-level requirements on regulated firms to combat money laundering and ensure that key professionals verify their customers’ identities.</p><p>The Regulations are not prescriptive in setting out how firms should carry out customer due diligence and instead require firms to take a proportionate approach commensurate with their assessment of the risk. Each firm will therefore have their own policies on identification and customer due diligence, including on when additional, more comprehensive checks should be undertaken.</p><p>Specific guidance on how banks should conduct customer due diligence is published by the Joint Money Laundering Steering Group. This includes guidance on assessing the money laundering and terrorist financing risk associated with individual countries.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:54:26 answering member 4051 label Biography information for John Glen
	tabling member	4786 label Biography information for Zarah Sultana

1307782

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Shares: Sales
	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 effect on short selling the financial market of The Short Selling (Notification Thresholds) Regulations 2021; and what plans he has to bring forward legislative proposals to regulate short selling in the future.
	tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
	tabling member printed	Stuart C McDonald
	uin	179172
	answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>Short selling is regulated in the UK under the Short Selling Regulation, introduced in 2012. As with all regulation, the Treasury works closely with the regulators and market participants to monitor the effectiveness of the regulatory regime, in line with the government’s objectives of supporting economic growth and financial stability.</p><p><strong> </strong></p><p>The Short Selling (Notification Thresholds) Regulations 2021 lowered the threshold for the reporting of net short positions to the Financial Conduct Authority (FCA), in relation to the issued share capital of a company that has shares admitted to trading on a trading venue, to 0.1%. HM Treasury will continue to consider with the FCA whether the notification threshold remains appropriate given market conditions.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:55:58 answering member 4051 label Biography information for John Glen
	tabling member	4393 label Biography information for Stuart C McDonald

1307374

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Myanmar Economic Holdings: Sanctions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether the sanctions placed on Myanmar Economics Holdings Ltd on 25 March 2021 include (a) financial services and (b) insurance.
	tabling member constituency	Aberavon
	tabling member printed	Stephen Kinnock
	uin	179145
	answer	answer is ministerial correction date of answer 15/04/2021 answer text <p>Yes. Myanmar Economics Holdings Ltd was designated under the Global Human Rights Sanctions Regulations on 25 March 2021. The Regulations impose financial sanctions through a targeted asset freeze on designated persons. This involves the freezing of funds and economic resources (non-monetary assets, such as property or vehicles) of designated persons and ensuring that funds and economic resources are not made available to or for the benefit of designated persons, either directly or indirectly. The asset freeze prohibits the payment of insurance premiums in the absence of a licence from the Office of Financial Sanctions Implementation (OFSI).</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2021 15:54:49 answering member 4051 label Biography information for John Glen
	tabling member	4359 label Biography information for Stephen Kinnock

1308020

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if the Government will take steps to ensure that victims of the Equitable Life scandal receive full compensation for their losses.
	tabling member constituency	Newport West
	tabling member printed	Ruth Jones
	uin	179543
	answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>The Equitable Life Payment Scheme closed to claims in 2015. There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:50:45 answering member 4051 label Biography information for John Glen
	tabling member	4716 label Biography information for Ruth Jones

1306998

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Payments
	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 relevant stakeholders on bringing forward legislative proposals to allow cashback without a purchase.
	tabling member constituency	Inverclyde
	tabling member printed	Ronnie Cowan
	uin	178727
	answer	answer is ministerial correction date of answer 20/04/2021 answer text <p>The Government has supported an amendment to the Financial Services Bill that will introduce legislative changes to allow for the widespread offering of cashback without a purchase by shops and other businesses.</p><p>The Government’s view is that cashback without a purchase has the potential to be a valuable facility to cash users, and to play an important role in the UK’s cash infrastructure. The recent Call for Evidence on Access to Cash invited views on this issue. It noted that cashback with a purchase was the second most frequently used method for withdrawing cash in the UK behind ATMs in 2019. There were 123 million cashback transactions when using a debit card to make a purchase amounting to a total value of £3.8 billion.</p><p>Pre-existing legislation, which derives from the EU’s Second Payment Services Directive, has meant that if a merchant wanted to offer cashback without requiring the customer to make a purchase, that shop, or its agent, would have to be authorised or registered with the Financial Conduct Authority (FCA). This presents a significant burden for many businesses.</p><p>This legislative change to enable cashback without a purchase will allow merchants to offer this service without being authorised or registered with the FCA. It is only possible now that the UK has left the EU and is a welcome step towards protecting access to cash for the future.</p><p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/04/2021 15:12:06 answering member 4051 label Biography information for John Glen
	tabling member	4465 label Biography information for Ronnie Cowan

1307134

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Death
	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 for relatives of the recently deceased of requiring all UK registered financial institutions to register with the Death Notification Service.
	tabling member constituency	St Albans
	tabling member printed	Daisy Cooper
	uin	178697
	answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>Protecting vulnerable consumers, including those impacted by bereavement, is a key priority for the Government, and the Government expects the fair treatment of vulnerable consumers to be taken seriously by firms, and embedded into their culture, policies and processes.</p><p> </p><p>The Death Notification Service (DNS) was launched in 2018 by members of the trade body UK Finance, to allow consumers to notify a number of financial institutions of a person's death, at the same time. It aims to make the process easier for those who have suffered a bereavement. At present, 24 financial services companies take part in the service, including major retail banks and building societies. While the Government is supportive of the DNS, it is fully independent from Government and membership of the service is currently voluntary.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:57:25 answering member 4051 label Biography information for John Glen
	tabling member	4769 label Biography information for Daisy Cooper

1307933

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme: Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether eligibility for the Bounce Back Loan Scheme is dependent on an applicant holding a bank account with a bank that is accredited under that scheme.
	tabling member constituency	Foyle
	tabling member printed	Colum Eastwood
	uin	179682
	answer	answer is ministerial correction date of answer 15/04/2021 answer text <p>The Government launched the Bounce Back Loan Scheme (BBLS) on 4 May 2020 to ensure that the smallest businesses could access loans from £2,000 up to £50,000, capped at 25% of turnover in a matter of just days. As of 21 March, over 1.5 million UK businesses have received Bounce Back Loans worth over £46 billion. Please note the scheme has now closed to new applications.</p><p> </p><p>Whilst the scheme was open, there was no requirement under the scheme rules for borrowers to hold a bank account with an accredited lender to be eligible for a facility. However, decisions on what products were offered to individual businesses were fully delegated to lenders.</p><p> </p><p>Under the scheme rules applicants were required to make a number of declarations to self-certify their eligibility, for example, that they will only use funds solely for the economic benefit of their business. Accredited lenders also carried out anti-fraud, know-your-customer and anti-money laundering checks as part of the application process.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2021 16:01:50 answering member 4051 label Biography information for John Glen
	tabling member	4846 label Biography information for Colum Eastwood

1308141

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing: Coventry
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of free-to-use ATMs that have closed in (a) Coventry North East constituency and (b) Coventry in each of the last five years; and what assessment he has made of the effect of such closures on levels of financial exclusion in those areas.
	tabling member constituency	Coventry North East
	tabling member printed	Colleen Fletcher
	uin	179161
	answer	answer is ministerial correction date of answer 15/04/2021 answer text <p>The Government recognises that access to cash remains important for many individuals and businesses across the UK. It has committed to legislate to protect access to cash and ensure that the UK’s cash infrastructure is sustainable for the long term.</p><p> </p><p>To progress this work, the Government published a Call for Evidence on Access to Cash in October 2020. The Call for Evidence sought views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system. The Government is considering responses to the Call for Evidence and will set out next steps in due course.</p><p> </p><p>The Government also created the Joint Authorities Cash Strategy Group in 2019, which has provided a forum for the public bodies to formally co-ordinate respective approaches to access to cash. This is chaired by HM Treasury and attended by the Bank of England, Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA). The Group published an update on the actions of the Group’s members in July 2020. This included work led by the PSR and FCA to develop a comprehensive picture of cash access infrastructure across the UK.</p><p> </p><p>With regards to ATMs, LINK (the scheme that runs the UK’s largest ATM network) publishes the total of free-to-use ATMs across the UK online. As of March 2021, they reported that there were around 41,000 free-to-use ATMs in the UK – this reflects ATMs that may have been located in premises closed in response to the COVID-19 pandemic. LINK’s Monthly ATM Footprint Report also publishes information monthly on the break down by constituency.</p><p> </p><p>LINK has existing arrangements in place to protect free-to-use ATMs that do not have another free-to-use ATM or Post Office within one kilometre. LINK’s members have also made £5 million available to fund ATMs at the request of communities with poor access to cash. The PSR has powers to regulate LINK and is holding it to account over its commitment to protect the broad geographic spread of free-to-use ATMs.</p><p> </p><p>The Government also continues to be fully supportive of the Post Office Banking Framework Agreement. The agreement allows 95% of business and 99% of personal banking customers to carry out their everyday banking at 11,500 Post Office branches in the UK.</p><p> </p><p>The Government is deeply committed to ensuring that individuals, regardless of their background or income, have access to useful and affordable financial products and services, including banking, payment services, credit, insurance, use of financial technology. To promote financial inclusion, the Government works closely together with regulators and stakeholders from the public, private and third sectors.</p><p> </p><p>The Government reports annually on progress on financial inclusion. HMT published the latest Financial Inclusion Report, covering the period 2019-20, in November 2020. This can be found online at gov.uk <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/935985/Financial_Inclusion_Report_2020.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/935985/Financial_Inclusion_Report_2020.pdf</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2021 15:54:41 answering member 4051 label Biography information for John Glen
	tabling member	4378 label Biography information for Colleen Fletcher

1307794

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Coronavirus
	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 representatives of the Financial Conduct Authority on enabling lenders to (a) restructure and (b) extend loans in light of the covid-19 outbreak.
	tabling member constituency	Newton Abbot
	tabling member printed	Anne Marie Morris
	uin	179126
	answer	answer is ministerial correction date of answer 15/04/2021 answer text <p>The Government is committed to regulating only where there is a clear case for doing so, in order to avoid putting additional costs on lenders that would ultimately lead to higher costs for business customers. Business lending is unregulated and is not generally within the scope of the Financial Conduct Authority's (FCA's) conduct rules.</p><p> </p><p>However, the Government has provided unprecedented support to businesses through the emergency Covid-19 loan schemes which have been open since March 2020: over 1.6 million businesses have accessed over £75 billion of finance through the schemes to date.</p><p> </p><p>Whilst it is important that businesses are responsible for repaying any facility they take out, to help businesses repay their loans the Government has taken steps to give them time to get back on their feet. This includes “Pay as You Grow” (PAYG) options for the Bounce Back Loan Scheme (BBLS), giving businesses the option to: repay their BBLS facility over ten years, move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times), or to pause their repayments entirely for up to six months.</p><p> </p><p>The Government has also amended the Coronavirus Business Interruption Loan Scheme (CBILS) rules to allow lenders to extend loan terms from six to a maximum of ten years at their discretion and where they judge that the borrower is in difficulty and this will help them repay their loan, helping to reduce their monthly repayments.</p><p> </p><p>Businesses which need support should discuss options with their lenders, who are best placed to offer tailored engagement based on individual business’ circumstances.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2021 15:36:49 answering member 4051 label Biography information for John Glen
	tabling member	4249 label Biography information for Anne Marie Morris

1307970

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts: Developing Countries
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions officials in his Department are having with their counterparts in G7 countries on providing debt relief that supports climate and nature investments in developing countries.
	tabling member constituency	Rother Valley
	tabling member printed	Alexander Stafford
	uin	179712
	answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>Support for low-income countries and tackling climate change are key priorities for the UK as G7 and COP26 Presidents this year.</p><p> </p><p>We are concerned by the debt vulnerabilities low-income countries face, which have been exacerbated by the Covid-19 pandemic. This month the G20, with full support from the G7, agreed to a six-month extension to the Debt Service Suspension Initiative (DSSI), which will continue to provide countries with additional fiscal space to respond to the crisis, and to free up resources to fund social, health, economic and climate measures. The G7 is also committed to the successful implementation of the Common Framework, which as we look to prioritizing a longer-term approach to addressing debt vulnerabilities, is the most effective mechanism to help countries achieve debt sustainability. The fiscal headroom provided by the Common Framework will allow low-income countries to spend on productive investments that are aligned with Sustainable Development Goals.</p><p> </p><p> </p><p>As part of our G7 and COP26 Presidency, we are seeking to improve the quantity, quality, effectiveness and accessibility of public climate finance and working to ensure that every financial decision – public and private – takes climate change into account. This will help to ensure that countries have the resources they need to reach their climate and nature goals.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:52:50 answering member 4051 label Biography information for John Glen
	tabling member	4866 label Biography information for Alexander Stafford