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651859

	registered interest
	date	05/12/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Overseas Students
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the financial contribution of overseas students to the UK economy.
	tabling member printed	The Lord Bishop of Winchester
	uin	HL3840
	answer	answer is ministerial correction date of answer 14/12/2016 answer text <p>The Government estimated in 2013 that overseas students (EU and non-EU) in higher education in the UK contributed £9.7 billion to the UK economy in 2011, through tuition fees and living expenditure.</p><p> </p><p>The Department for Education will publish a new estimate of the total value of education exports to the UK economy shortly, based on data from 2014. This will include updated estimates on the financial contribution of overseas students.</p> answering member printed Lord Young of Cookham question first answered 14/12/2016 16:49:04 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4256 label Biography information for The Lord Bishop of Winchester

605482

	registered interest
	date	18/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Insurance Companies: Greater London
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have made an assessment of the impact of the potential loss of EU passporting rights on the international insurance and reinsurance companies operating in London, following the UK's departure from the EU.
	tabling member printed	The Earl of Kinnoull
	uin	HL2402
	answer	answer is ministerial correction date of answer 01/11/2016 answer text <p>The Government is committed to getting the best possible deal for the UK financial services sector following the UK's departure from the EU.</p><p> </p><p>The insurance sector is diverse and the Government recognises that many firms are focused on domestic markets only. However, the Government understands that EU market access is important to the London Market, a leading global centre of expertise for specialist and commercial insurance, which provides valuable services to businesses in the EU and internationally.</p><p> </p><p>The Government has already engaged with international insurance and reinsurance companies and other key stakeholders in the insurance sector, and will continue to do so over the coming weeks and months. We are carefully analysing the impacts that withdrawal from the EU will have on their businesses, consumers and on other related economic activities. We will listen to concerns, aim to limit uncertainty in the transition and ensure our new relationship with the EU works for such businesses.</p> answering member printed Lord Young of Cookham question first answered 01/11/2016 13:14:27 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4354 label Biography information for The Earl of Kinnoull

654265

	registered interest
	date	07/12/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	State Retirement Pensions: Females
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what plans they have to support disabled women who rely for income on permanent health insurance policies that cover them until the age of 60, the default retirement age at the time the policies were bought, and will now not receive a state pension until the age of 65 to 67.
	tabling member printed	The Countess of Mar
	uin	HL3930
	answer	answer is ministerial correction date of answer 19/12/2016 answer text <p>The decision to equalise the State Pension age for men and women dates back to the Pensions Act 1995. The Government provides benefits to support those unable to work to State Pension age due to a health condition or disability. People in this position may be eligible for Employment and Support Allowance, which provides income replacement for people with a health condition or disability, and Personal Independence Payment, which helps with some of the extra costs caused by long-term health or disability.</p> answering member printed Lord Young of Cookham question first answered 19/12/2016 16:11:58 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1861 label Biography information for The Countess of Mar

1137972

	registered interest
	date	09/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Switzerland
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Willoughby de Broke
	uin	HL17071
	answer	answer is ministerial correction date of answer 23/07/2019 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> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:16:12 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1775 label Biography information for Lord Willoughby de Broke

621140

	registered interest
	date	25/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what is their latest estimate of the effect of the loss of value of the pound sterling on the 2016–17 estimated budget deficit.
	tabling member printed	Lord Wigley
	uin	HL2657
	answer	answer is ministerial correction date of answer 08/11/2016 answer text <p>There have been no new estimates for the 2016-17 budget deficit since March 2016. The independent Office for Budget Responsibility will produce an updated forecast for the 2016-17 budget deficit at the Autumn Statement on 23 November. This will take into account the most recent economic data, including changes in exchange rates and their independent judgments.</p><p> </p> answering member printed Lord Young of Cookham question first answered 08/11/2016 15:56:58 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	547 label Biography information for Lord Wigley

621909

	registered interest
	date	26/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Heathrow Airport
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what estimate they have made of the Barnet Consequential Payments to the devolved administrations arising from the proposed third runway at Heathrow Airport.
	tabling member printed	Lord Wigley
	uin	HL2715
	answer	answer is ministerial correction date of answer 03/11/2016 answer text <p>We do not expect there to be Barnett consequential payments arising from the third runway itself at Heathrow Airport, because the scheme is privately financed.</p><p> </p><p>Heathrow Airport Ltd has also pledged to meet the costs of any surface access proposals that are essential to deliver airport expansion. Where projects have wider public benefits, the Government will consider the need for additional public funding on a case by case basis in line with the Aviation Policy Framework. For any additional UK Government spending the Barnett formula will be applied in the usual way at the appropriate time.</p> answering member printed Lord Young of Cookham question first answered 03/11/2016 15:55:47 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	547 label Biography information for Lord Wigley

1129583

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Proof of Identity
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Vinson
	uin	HL16068
	answer	answer is ministerial correction date of answer 18/06/2019 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> answering member printed Lord Young of Cookham question first answered 18/06/2019 15:20:03 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

1134338

	registered interest
	date	24/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Vinson
	uin	HL16623
	answer	answer is ministerial correction date of answer 08/07/2019 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> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:15:55 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

1139588

	registered interest
	date	16/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Vinson
	uin	HL17235
	answer	answer is ministerial correction date of answer 23/07/2019 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> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:15:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

598916

	registered interest
	date	11/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of whether high frequency trading has utility and is in the national interest.
	tabling member printed	Lord Vinson
	uin	HL2223
	answer	answer is ministerial correction date of answer 24/10/2016 answer text <p>The Government sponsored the Foresight Project, which reported in 2012, to analyse the role, development, and impact of computer-based trading – including high frequency trading – in financial markets. The Future of Computer Trading in Financial Markets report highlighted the benefits of computer-based trading for the operation of markets, in particular relating to liquidity, transaction costs, and the efficiency of market prices, while also considering the implications for financial stability.</p><p> </p><p> </p> answering member printed Lord Young of Cookham question first answered 24/10/2016 14:21:10 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson