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1656125

	registered interest
	date	01/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Conduct Authority: Staff
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many and what proportion of (a) board members and (b) employees of the Financial Conduct Authority have previous experience in the sectors that they regulate.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	195831
	answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Information about FCA Board members and their professional experience can be found at www.fca.org.uk/about/who-we-are/fca-board.</p><p> </p><p>The FCA is an independent non-governmental body, and the Treasury does not hold information on the prior experience of FCA employees.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 10:41:39 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1656126

	registered interest
	date	01/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Payment Systems Regulator: Staff
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many and what proportion of (a) board members and (b) employees of the Payment Systems Regulator have previous experience in the sectors that they regulate.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	195832
	answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Information about PSR Board members and their professional experience can be found at: <a href="http://www.psr.org.uk/about-us/psr-governance" target="_blank">www.psr.org.uk/about-us/psr-governance</a></p><p> </p><p>The PSR is an independent non-governmental body, and the Treasury does not hold information on the prior experience of PSR employees.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 10:44:46 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1656127

	registered interest
	date	01/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Prudential Regulation Authority: Staff
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many and what proportion of (a) board members and (b) employees of the Prudential Regulation Authority have previous experience in the sectors that they regulate.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	195833
	answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Information about PRA Board members and their professional experience can be found at:</p><p>www.bankofengland.co.uk/about/people/prudential-regulation-committee</p><p> </p><p>The PRA is an independent non-governmental body, and the Treasury does not hold information on the prior experience of PRA employees.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 10:43:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1645336

	registered interest
	date	16/06/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential impact of proposals in the Prudential Regulation Authority Consultation CP 16/22 on the Implementation of the Basel 3.1 standards on the ability of small and medium-sized enterprises to raise funds against their commercial premises, and if he will make a statement.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	189941
	answer	answer is ministerial correction date of answer 22/06/2023 answer text <p>The Prudential Regulation Authority (PRA)’s, and HM Treasury’s, consultations on the Basel 3.1 standards closed on 30 March. This included the government’s proposals for deleting retained EU law including which relates to the prudential rules on small and medium-sized enterprises (SMEs) raising funds against their commercial premises. The detailed implementation of the Basel 3.1 package is being delegated to the UK’s expert regulator, the PRA, and its consultation requested information from firms on specific measures, including those relating to SME lending. The government and PRA are currently considering the responses.</p><p> </p><p>The government continues to work with the PRA and businesses closely to understand the impact of the proposed changes, including the impact on SME lending.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 22/06/2023 12:31:24 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1605679

	registered interest
	date	20/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the SME lending proposals in the PRA Consultation CP 16/22 on the Implementation of the Basel 3.1 standards, what assessment he has made of the potential impact of those standards on the supply of funding available to SMEs in (a) the UK and (b) Shipley constituency.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	169234
	answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>The Government is currently consulting on its proposals for Basel 3.1. This includes proposals for deleting retained EU law including those which relate to the prudential rules on SME lending. The detailed implementation of the Basel package however, has been delegated to the Prudential Regulation Authority (PRA) as the UK’s expert regulator. The PRA is consulting under an accountability framework agreed by Parliament, and has requested information from firms on specific measures including those relating to lending to SMEs.</p><p> </p><p>The consultation can be found here:</p><p><a href="https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards" target="_blank">https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards</a></p><p> </p><p>The Government continues to work closely with the PRA and businesses to understand the impact of potential changes including for the international competitiveness of the UK, the impact on SME lending and the nature of competition between banks that operate in the domestic market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 169235 169236 169237 question first answered 27/03/2023 14:08:18 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1605680

	registered interest
	date	20/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	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 the (a) Bank of England, (b) Prudential Regulation Authority and (c) Financial Conduct Authority on the potential impact of removing the support factor for SME lending.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	169235
	answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>The Government is currently consulting on its proposals for Basel 3.1. This includes proposals for deleting retained EU law including those which relate to the prudential rules on SME lending. The detailed implementation of the Basel package however, has been delegated to the Prudential Regulation Authority (PRA) as the UK’s expert regulator. The PRA is consulting under an accountability framework agreed by Parliament, and has requested information from firms on specific measures including those relating to lending to SMEs.</p><p> </p><p>The consultation can be found here:</p><p><a href="https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards" target="_blank">https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards</a></p><p> </p><p>The Government continues to work closely with the PRA and businesses to understand the impact of potential changes including for the international competitiveness of the UK, the impact on SME lending and the nature of competition between banks that operate in the domestic market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 169234 169236 169237 question first answered 27/03/2023 14:08:18 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1605681

	registered interest
	date	20/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the proposals on SME lending in the PRA Consultation CP 16/22 on the Implementation of the Basel 3.1 standards, what assessment he has made of the effectiveness of those proposals on meeting the PRA’s mandate to promote competition in the banking sector.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	169236
	answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>The Government is currently consulting on its proposals for Basel 3.1. This includes proposals for deleting retained EU law including those which relate to the prudential rules on SME lending. The detailed implementation of the Basel package however, has been delegated to the Prudential Regulation Authority (PRA) as the UK’s expert regulator. The PRA is consulting under an accountability framework agreed by Parliament, and has requested information from firms on specific measures including those relating to lending to SMEs.</p><p> </p><p>The consultation can be found here:</p><p><a href="https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards" target="_blank">https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards</a></p><p> </p><p>The Government continues to work closely with the PRA and businesses to understand the impact of potential changes including for the international competitiveness of the UK, the impact on SME lending and the nature of competition between banks that operate in the domestic market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 169234 169235 169237 question first answered 27/03/2023 14:08:18 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1605682

	registered interest
	date	20/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the proposals on SME lending in the PRA Consultation CP 16/22 on the Implementation of the Basel 3.1 standards, what assessment he has made of the impact of the proposals on the ability of challenger banks to compete with the principal six banks on SME lending.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	169237
	answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>The Government is currently consulting on its proposals for Basel 3.1. This includes proposals for deleting retained EU law including those which relate to the prudential rules on SME lending. The detailed implementation of the Basel package however, has been delegated to the Prudential Regulation Authority (PRA) as the UK’s expert regulator. The PRA is consulting under an accountability framework agreed by Parliament, and has requested information from firms on specific measures including those relating to lending to SMEs.</p><p> </p><p>The consultation can be found here:</p><p><a href="https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards" target="_blank">https://www.bankofengland.co.uk/prudential-regulation/publication/2022/november/implementation-of-the-basel-3-1-standards</a></p><p> </p><p>The Government continues to work closely with the PRA and businesses to understand the impact of potential changes including for the international competitiveness of the UK, the impact on SME lending and the nature of competition between banks that operate in the domestic market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 169234 169235 169236 question first answered 27/03/2023 14:08:18 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1565 label Biography information for Sir Philip Davies

1541460

	registered interest
	date	11/11/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Civil Servants
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the civil service headcount for their Department was on (a) 15 November 2022 and (b) 1 February 2020.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	84844
	answer	answer is ministerial correction date of answer 21/11/2022 answer text <p>The number of Civil Servants employed by HM Treasury as at the closest month end dates to those requested are:</p><p> </p><p> </p><table><tbody><tr><td><p><strong>Date</strong></p></td><td><p><strong>Paid Headcount</strong></p></td></tr><tr><td><p>31/01/2020</p></td><td><p>1601</p></td></tr><tr><td><p>31/10/2022</p></td><td><p>2080</p></td></tr></tbody></table><p> </p><p>National Statistics on Civil Service employment numbers, both overall and by department, are published each quarter by the Office for National Statistics (ONS) as part of their Public Sector Employment statistical release.</p><p> </p><p>The latest figures were published 13 September 2022 and showed the position as at 30 June 2022. The next figures will be published 13 December for the end of September position.</p><p> </p><p>More timely workforce information is also published by departments in the interests of transparency on gov.uk each month. This monthly workforce management information (MWMI) includes additional breakdowns on department and agency employment numbers e.g. showing contingent labour, grade breakdowns and associated costs.</p><p> </p><p>The department continued to grow throughout 2020-21, as work on planning the transition from our exit from the EU continued and the department responded to the COVID-19 crisis. In 2021-22 the Treasury continued to respond to COVID-19 and to Russia’s invasion of Ukraine, and took on new responsibilities such as the establishment of the UK Infrastructure Bank, as well as setting up the new economic campus in Darlington. The size of the Treasury’s workforce in 2021- 22 remained broadly consistent with that of the previous year.</p><p> </p><p>Treasury will meet its departmental Spending Review commitments, in doing this we will continue to seek opportunities for efficiencies, in line with the steer in the Autumn Statement.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 21/11/2022 16:51:44 answering member 4519 label Biography information for James Cartlidge
	tabling member	1565 label Biography information for Sir Philip Davies

1541301

	registered interest
	date	09/11/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many employees in his Department work on matters related to covid-19.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	83586
	answer	answer is ministerial correction date of answer 17/11/2022 answer text <p>HMT takes a flexible and dynamic approach to resourcing in order to meet Government priorities. Many staff working on matters related to COVID-19 do so alongside its other policy priorities. We do not routinely record the number of full time equivalent civil servants who work on individual policy initiatives.</p><p> </p><p>As at end March 2022, HM Treasury had 2,045 paid full time equivalent staff <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1092103/HMT_Annual_Report_and_Accounts_2021-22.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1092103/HMT_Annual_Report_and_Accounts_2021-22.pdf</a></p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 17/11/2022 16:04:02 answering member 4519 label Biography information for James Cartlidge
	tabling member	1565 label Biography information for Sir Philip Davies

1455005

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Public Expenditure
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will detail the losses and special payments valued at under £300,000 for his departmental group as defined by section A4.10.7 in his Department's guidance, Managing Public Money, for (a) 2018-19, (b) 2019-20 and (c) 2020-21.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	148134
	answer	answer is ministerial correction date of answer 04/04/2022 answer text <p>The department has recorded losses and special payments below £300,000 for the years in question as follows:</p><p> </p><table><tbody><tr><td><p>2020-21</p></td><td><p>2019-20</p></td><td><p>2018-19</p></td></tr><tr><td><p>£127,481</p></td><td><p>£89,850</p></td><td><p>£146,936</p></td></tr></tbody></table><p> </p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 04/04/2022 16:28:45 answering member 4527 label Biography information for Helen Whately
	tabling member	1565 label Biography information for Sir Philip Davies

1435585

	registered interest
	date	25/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to ensure that his Department and its agencies remove all internal covid-19 related policies, restrictions and mask mandates.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	129773
	answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>Throughout the pandemic, the Treasury has followed government guidance in setting out its internal COVID-19 related policies. The Treasury continues to follow this guidance and align its policies accordingly.</p><p> </p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 04/03/2022 09:20:12 answering member 4527 label Biography information for Helen Whately
	tabling member	1565 label Biography information for Sir Philip Davies

1420760

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department is having with the Financial Conduct Authority to ensure that the UK benefits from the potential of the digital assets sector.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120692
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120693 120694 120695 question first answered 16/02/2022 15:01:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420761

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stocks and Shares: Blockchain
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that companies issuing their own securities on blockchain are not all considered crypto asset service providers.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120693
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120694 120695 question first answered 16/02/2022 15:01:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420762

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the Financial Conduct Authority's role in protecting consumers of digital assets and the effect of regulation on stimulating technological innovation.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120694
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120695 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420764

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if his Department will have discussions with the Financial Conduct Authority on the merits that digital assets can bring to UK economy.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120695
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120694 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1349596

	registered interest
	date	22/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Protective Clothing
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what his current policy is on the wearing of face coverings in his (a) Department, (b) departmental agencies and (c) related bodies during the covid-19 outbreak.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	38207
	answer	answer is ministerial correction date of answer 10/09/2021 answer text <p>Throughout the pandemic, the Civil Service / HM Treasury and its agencies and related bodies has followed, and continues to follow, the latest government guidance in relation to managing the risk of COVID-19 in the workplace, including any variations between the four nations of the UK.</p><p> </p><p>In England, the BEIS ‘Working Safely during coronavirus (COVID-19)’ guidance provides sensible precautions employers can take to manage risk and support their staff. The guidance is available via this link: <a href="https://www.gov.uk/guidance/working-safely-during-covid-19/offices-factories-and-labs#offices-7-2" target="_blank">https://www.gov.uk/guidance/working-safely-during-covid-19/offices-factories-and-labs#offices-7-2</a>.</p><p> </p><p>It is for individual employers to determine which mitigations are appropriate to adopt as they review their workplace risk assessments in light of the updated guidance. Face coverings, which are no longer required by law, are one possible mitigation employers could adopt if the situation warranted it.</p><p> </p><p>HM Treasury fully supports individuals who choose to wear a face covering in the workplace.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 10/09/2021 09:07:38 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	1565 label Biography information for Sir Philip Davies

1344600

	registered interest
	date	07/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to section 1E of the Financial Services and Markets Act 2000 on the competition objective, what assessment he has made of the performance of the Financial Conduct Authority in respect of the anti-money laundering / counter terrorist financing registration of cryptoasset businesses.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	29003
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The FCA’s competition objective, as set out in section 1E of the Financial Services and Market Act 2000 (FSMA), requires the FCA to promote effective competition in the interests of consumers in markets for regulated financial services. Activities relating to cryptoassets do not constitute regulated financial services, except where a cryptoasset qualifies as a Specified Investment under the Regulated Activities Order or is e-Money. The FCA’s competition objective therefore does not apply with respect to most markets for cryptoassets. Where a cryptoasset is a Specified Investment or e-Money, the cryptoasset business should already have been registered with the FCA for anti-money laundering supervision, independently of the new supervisory regime for cryptoasset businesses.</p><p> </p><p>The FCA’s decision to extend the Temporary Registration Regime for cryptoasset businesses to 31 March 2022 will allow firms that are currently on the temporary register to continue operating whilst their applications are assessed, and preserve consumers’ access to a range of cryptoasset firms in the intervening period. This strikes an appropriate balance between mitigating the risk of money laundering in the cryptoasset sector, and ensuring that cryptoasset businesses based in the UK, and the customers they serve, are not subject to undue disruption.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 29004 question first answered 15/07/2021 14:27:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1344601

	registered interest
	date	07/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	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 effectiveness of the Financial Conduct Authority’s recent extension of the Temporary Registration Regime for cryptoasset businesses.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	29004
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The FCA’s competition objective, as set out in section 1E of the Financial Services and Market Act 2000 (FSMA), requires the FCA to promote effective competition in the interests of consumers in markets for regulated financial services. Activities relating to cryptoassets do not constitute regulated financial services, except where a cryptoasset qualifies as a Specified Investment under the Regulated Activities Order or is e-Money. The FCA’s competition objective therefore does not apply with respect to most markets for cryptoassets. Where a cryptoasset is a Specified Investment or e-Money, the cryptoasset business should already have been registered with the FCA for anti-money laundering supervision, independently of the new supervisory regime for cryptoasset businesses.</p><p> </p><p>The FCA’s decision to extend the Temporary Registration Regime for cryptoasset businesses to 31 March 2022 will allow firms that are currently on the temporary register to continue operating whilst their applications are assessed, and preserve consumers’ access to a range of cryptoasset firms in the intervening period. This strikes an appropriate balance between mitigating the risk of money laundering in the cryptoasset sector, and ensuring that cryptoasset businesses based in the UK, and the customers they serve, are not subject to undue disruption.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 29003 question first answered 15/07/2021 14:27:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1343306

	registered interest
	date	02/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the Government's timetable is for publishing a draft Bill on protecting access to cash in response to its consultation on legislative proposals; and what plans he has for how that draft legislation will relate to joint work by the Financial Conduct Authority, Payment Service Regulator and banking industry to protect access to cash.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	26092
	answer	answer is ministerial correction date of answer 08/07/2021 answer text <p>The Government’s consultation on proposals for protecting access to cash for the long term will be open until 23 September 2021. Following the consultation, the Government will set out next steps for delivering on its commitment for legislating to protect access to cash.</p><p>The consultation is available at: <a href="https://www.gov.uk/government/consultations/access-to-cash-consultation" target="_blank">https://www.gov.uk/government/consultations/access-to-cash-consultation</a>.</p><p> </p><p>As detailed in its consultation, the Government proposes that the Financial Conduct Authority (FCA) becomes the lead regulator for oversight of the retail cash system, including having responsibility for monitoring and enforcing new legislative cash access requirements. In adopting this approach, the Government intends that the Payment Systems Regulator (PSR) and Bank of England continue with their existing functions with regards to cash; coordinated actions by the FCA and PSR on cash as part of the COVID-19 response have shown that joint working between the regulators, at both strategic and operational levels, is working effectively.</p><p> </p><p>The Government has, and continues to be, closely engaged with the FCA, PSR, Bank of England, and industry in developing its cash access proposals, including through the Joint Authorities Cash Strategy Group, which provides a forum for the public bodies to formally co-ordinate respective approaches to access to cash. The Group is chaired by HM Treasury and attended by the Bank of England, PSR, and FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 26093 question first answered 08/07/2021 13:01:25 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1343309

	registered interest
	date	02/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will give overall responsibility to the Financial Conduct Authority (FCA) for maintaining a well-functioning cash system; and what discussions his Department has had with the FCA on that matter.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	26093
	answer	answer is ministerial correction date of answer 08/07/2021 answer text <p>The Government’s consultation on proposals for protecting access to cash for the long term will be open until 23 September 2021. Following the consultation, the Government will set out next steps for delivering on its commitment for legislating to protect access to cash.</p><p>The consultation is available at: <a href="https://www.gov.uk/government/consultations/access-to-cash-consultation" target="_blank">https://www.gov.uk/government/consultations/access-to-cash-consultation</a>.</p><p> </p><p>As detailed in its consultation, the Government proposes that the Financial Conduct Authority (FCA) becomes the lead regulator for oversight of the retail cash system, including having responsibility for monitoring and enforcing new legislative cash access requirements. In adopting this approach, the Government intends that the Payment Systems Regulator (PSR) and Bank of England continue with their existing functions with regards to cash; coordinated actions by the FCA and PSR on cash as part of the COVID-19 response have shown that joint working between the regulators, at both strategic and operational levels, is working effectively.</p><p> </p><p>The Government has, and continues to be, closely engaged with the FCA, PSR, Bank of England, and industry in developing its cash access proposals, including through the Joint Authorities Cash Strategy Group, which provides a forum for the public bodies to formally co-ordinate respective approaches to access to cash. The Group is chaired by HM Treasury and attended by the Bank of England, PSR, and FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 26092 question first answered 08/07/2021 13:01:25 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1338481

	registered interest
	date	21/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Training
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Written Statement of 15 December 2020, HCWS652, what steps he has taken to phase out unconscious bias training in his Department.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	19541
	answer	answer is ministerial correction date of answer 29/06/2021 answer text <p>The Government does not believe that such training achieves its intended aims, and after the announcement in December, the Treasury removed all unconscious bias training and reference to it from our online learning management system. We have also stopped this being mandatory training for new starters.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 29/06/2021 14:33:51 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	1565 label Biography information for Sir Philip Davies

1331970

	registered interest
	date	10/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the mean length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	13887
	answer	answer is ministerial correction date of answer 18/06/2021 answer text <p>The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.</p><p> </p><p>Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p> </p><p>The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.</p><p> </p><p>The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 13888 13889 13890 13891 13892 13893 13894 13895 13897 13898 13899 13900 13901 question first answered 18/06/2021 10:56:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1331971

	registered interest
	date	10/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the median length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	13888
	answer	answer is ministerial correction date of answer 18/06/2021 answer text <p>The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.</p><p> </p><p>Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p> </p><p>The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.</p><p> </p><p>The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 13887 13889 13890 13891 13892 13893 13894 13895 13897 13898 13899 13900 13901 question first answered 18/06/2021 10:56:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1331972

	registered interest
	date	10/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the maximum length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	13889
	answer	answer is ministerial correction date of answer 18/06/2021 answer text <p>The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.</p><p> </p><p>Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p> </p><p>The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.</p><p> </p><p>The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 13887 13888 13890 13891 13892 13893 13894 13895 13897 13898 13899 13900 13901 question first answered 18/06/2021 10:56:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies