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1137972
star this property registered interest false more like this
star this property date less than 2019-07-09more like thismore than 2019-07-09
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 Institutions: Switzerland more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they intend to permit Swiss financial institutions to continue to operate in London until the UK leaves the EU. more like this
star this property tabling member printed
Lord Willoughby de Broke more like this
star this property uin HL17071 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-23more like thismore than 2019-07-23
star this property answer text <p>Switzerland is an important financial partner for the UK. Swiss financial institutions can operate in the UK in line with existing applicable UK and EU law.</p><p>The UK has also taken steps to ensure the continuity of this relationship once we exit the European Union, including the transition of the EU-Swiss Direct Insurance Agreement into a UK-Swiss Direct Insurance Agreement.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-23T11:16:12.257Zmore like thismore than 2019-07-23T11:16:12.257Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1775
star this property label Biography information for Lord Willoughby de Broke more like this
1129583
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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 Bank Services: Proof of Identity more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether all existing banking customers must provide proof of identification to banks to check for possible money laundering; if so, under which regulations this policy was brought in; whether an impact assessment was carried out on the costs to customers, particularly those in rural areas, of any such requirements; and what estimate they have made of the total cost of any such policy. more like this
star this property tabling member printed
Lord Vinson more like this
star this property uin HL16068 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text The Money Laundering Regulations 2017 (‘the Regulations’) do not require banks to carry out customer due diligence – including identity checks—on all existing customers. The Regulations instead require banks to take a proportionate approach to applying customer due diligence checks commensurate with the risk of money laundering. The legal requirements on banks to carry out customer diligence for existing customers are set out in Regulations 27(8)(9) and 29(7). The Joint Money Laundering Steering Group’s guidance provides further detail on applying these requirements.<p> </p><p>The impact assessment for the transposition of the 4th EU Money Laundering Directive (which led to the most recent revision of the regulations) estimates the total cost of the changes made, while concluding that industry has difficulty in identifying costs caused by the money laundering regulations. This is particularly the case for customer due diligence as many of these are costs that a prudent business would take on in any case as a matter of commercial practice, to comply with UN or EU sanctions, or to protect themselves and their customers from fraud. The full impact assessment is available on gov.uk.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-18T15:20:03.29Zmore like thismore than 2019-06-18T15:20:03.29Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1807
star this property label Biography information for Lord Vinson more like this
1134338
star this property registered interest false more like this
star this property date less than 2019-06-24more like thismore than 2019-06-24
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 Money Laundering more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 18 June (HL16068), what guidance they provide, if any, to banks and other businesses about ensuring that routine anti-money laundering checks do not cause stress to customers, particularly when those banks or businesses have not been made aware of any change to the circumstances of and have no concerns as to the identity of an existing customer as set out in regulation 27(8) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), and when those organisations may not be required to conduct such checks. more like this
star this property tabling member printed
Lord Vinson more like this
star this property uin HL16623 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-08more like thismore than 2019-07-08
star this property answer text <p>HM Treasury is responsible for the Money Laundering Regulations 2017, which set out the high-level requirements on regulated businesses to combat money laundering. These Regulations are not prescriptive in setting out how customer due diligence (CDD) checks must be carried out, and instead require businesses to take a proportionate approach. Each business will therefore have their own policies based on their assessment of risks.</p><p> </p><p>Specific guidance for banks on applying customer due diligence measures and ongoing monitoring of customers is included in guidance published by the Joint Money Laundering Steering Group. This guidance is approved by HM Treasury, and it highlights that a firm must apply CDD measures at appropriate times to its existing customers on a risk-sensitive basis.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-08T13:15:55.217Zmore like thismore than 2019-07-08T13:15:55.217Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1807
star this property label Biography information for Lord Vinson more like this
1139588
star this property registered interest false more like this
star this property date less than 2019-07-16more like thismore than 2019-07-16
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 Money Laundering more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 8 July (HL16623), whether the requirement for business to “take a proportionate approach” and create “their own policies based on their assessment of risk” means that customer due diligence checks by businesses and banks for existing customers who have not given any cause for concern are optional. more like this
star this property tabling member printed
Lord Vinson more like this
star this property uin HL17235 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-23more like thismore than 2019-07-23
star this property answer text <p>The Money Laundering Regulations 2017 are clear that all relevant persons (such as banks) must apply customer due diligence (CDD) measures if the person establishes a business relationship (regulation 27). Whilst CDD measures include conducting ongoing monitoring of a business relationship, as outlined in my previous answer, the extent of the measures taken must reflect the risk assessment carried out by the relevant person under regulation 18(1) and its assessment of the level of risk arising in any particular case. Therefore, if a customer is deemed low risk, the extent of ongoing CDD measures would be tailored to that risk assessment and minimum monitoring would be expected.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-23T11:15:00.607Zmore like thismore than 2019-07-23T11:15:00.607Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1807
star this property label Biography information for Lord Vinson more like this
1139104
star this property registered interest false more like this
star this property date less than 2019-07-15more like thismore than 2019-07-15
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 Public Sector: Pensions more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have, if any, to change the pension arrangements for senior public servants, especially doctors in the NHS, as they approach retirement. more like this
star this property tabling member printed
Lord Trefgarne more like this
star this property uin HL17189 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-19more like thismore than 2019-07-19
star this property answer text <p>The government keeps public sector pensions policy under constant review in the context of the wider public finances.</p><p> </p><p>The Secretary of State for Health and Social Care will shortly publish a consultation on proposals for a new flexibility for senior clinicians in the NHS pension scheme via the introduction of a 50:50 option.</p><p> </p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-19T11:07:28.673Zmore like thismore than 2019-07-19T11:07:28.673Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1813
star this property label Biography information for Lord Trefgarne more like this
1129572
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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 Bank Services: Internet more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to remain closely aligned to any new EU security regulations for online banking transactions after Brexit. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16057 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”), which are intended to reduce fraud and increase payments security, came into force on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September 2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the Act”) will bring into UK law all directly applicated EU regulations which are operative at exit day, as defined by the Act, or at the end of the proposed Implementation Period if the withdrawal agreement reached between the Government and the EU is ratified. This includes operative Regulatory Technical Standards (RTS). The Act also permits ministers to make amendments which correct deficiencies in these regulations, if that is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December 2018). It proposes to substantially maintain these technical standards in UK law, to support consumer protection and to provide firms with certainty and clarity about the systems they have been building.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-18T15:19:22.827Zmore like thismore than 2019-06-18T15:19:22.827Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
1130631
star this property registered interest false more like this
star this property date less than 2019-06-06more like thismore than 2019-06-06
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 Cash Dispensing: Rural Areas more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the impact of the decline in the number of free-to-use cash machines on rural communities. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16175 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-20more like thismore than 2019-06-20
star this property answer text <p>The Government recognises that widespread free access to cash remains important to the day-to-day lives of many people and businesses in the UK. At Spring Statement 2018, the Treasury launched a Call for Evidence on Cash &amp; Digital Payments. This sought to gather evidence on how changing preferences for cash and digital payments impact on different sectors, regions and demographics. In its response document, the Government reiterated its policy is to safeguard access to cash for those who need it while supporting digital payments.</p><p> </p><p>LINK, the scheme that runs the UK’s ATM network, has committed to maintain the broad geographical coverage of the ATM network in the UK. LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. Furthermore, LINK recently announced new additional premiums to safeguard the presence of free-to-use ATMs in remote and deprived areas.</p><p> </p><p>The Government-established Payment Systems Regulator, which regulates LINK, is closely monitoring developments within ATM provision and has used its powers to hold LINK to account over its commitments.</p><p> </p><p><strong> </strong></p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-20T11:28:32.62Zmore like thismore than 2019-06-20T11:28:32.62Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
1133482
star this property registered interest false more like this
star this property date less than 2019-06-19more like thismore than 2019-06-19
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 Services: Equality more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what steps they have taken to ensure that the UK financial sector (1) increases its diversity, and (2) ensures equal pay. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16517 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-02more like thismore than 2019-07-02
star this property answer text It is the Government’s aspiration to see diversity across the UK economy, and HM Treasury’s Women in Finance Charter reflects our ambition to see an improved gender balance in the financial services industry. So far, over 330 financial services firms have signed the Charter, committing to implement strategic actions to improve their gender balance in senior positions.<p> </p>Regarding wider work to improve diversity in the UK labour market, we are supporting the government commissioned Hampton-Alexander review to push for 33% of all board and senior leadership positions to be held by women by 2020 in the FTSE 350. Government also fully supports the Parker Review, which recommends that FTSE100 and 250 boards should have at least one director of colour by 2021 and 2024, respectively. The Prime Minister also launched the Race at Work Charter and a consultation on mandatory ethnicity pay reporting as part of a package of measures to make the workplace fairer for people from ethnic minority groups. Over 150 employers have signed the Race at Work Charter, including a number of financial services firms.<p> </p>Equal pay for men and women doing the same work, equivalent work or work of equal value, has been a legal requirement since 1970. The Government remains fully committed to the Equal Pay protections in the Equality Act 2010.<p> </p>In 2017, the Government introduced regulations requiring large employers across all sectors, including financial services, to publish the differences in what they pay their male and female staff in average salaries and bonuses annually. The gender pay gap is caused by many factors and does not necessarily mean an employer has breached equal pay laws. Transparency is key to highlighting gender-based differences in pay and enabling employees to hold their employers to account, particularly where equal pay law may have been breached.
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-02T16:02:39.73Zmore like thismore than 2019-07-02T16:02:39.73Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
1134330
star this property registered interest false more like this
star this property date less than 2019-06-24more like thismore than 2019-06-24
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 Cryptocurrencies: Regulation more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to regulate the use of new crypto-currencies created by large technology companies; and what steps they are taking to protect private financial information in that sector. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16615 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-08more like thismore than 2019-07-08
star this property answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, large technology companies developing cryptoassets clearly raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce<sup><sup>[1]</sup></sup> to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Government takes the protection and privacy of personal data extremely seriously. All organisations, especially the biggest global tech firms who process private financial data containing personal information, must comply with the GDPR and the UK's Data Protection Act 2018, which poses strict obligations on organisations to ensure that UK citizen's data is stored safely and securely.</p><p> </p><p>[1] Comprised of HM Treasury, the FCA, and the Bank of England</p><p> </p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-08T13:47:25.253Zmore like thismore than 2019-07-08T13:47:25.253Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
1135096
star this property registered interest false more like this
star this property date less than 2019-06-26more like thismore than 2019-06-26
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 Inheritance Tax more like this
unstar this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16723 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-09more like thismore than 2019-07-09
star this property answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-09T16:39:20.767Zmore like thismore than 2019-07-09T16:39:20.767Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this