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1696556
star this property registered interest false more like this
star this property date less than 2024-03-18more like thismore than 2024-03-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Financial Services: Compensation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty. more like this
star this property tabling member printed
Baroness Bennett of Manor Castle more like this
unstar this property uin HL3313 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:40:27.463Zmore like thismore than 2024-03-28T12:40:27.463Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4719
unstar this property label Biography information for Baroness Bennett of Manor Castle more like this
1696583
star this property registered interest false more like this
star this property date less than 2024-03-18more like thismore than 2024-03-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Inflation: Employment and Pay more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
unstar this property uin HL3340 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:45:55.397Zmore like thismore than 2024-03-28T12:45:55.397Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1697296
star this property registered interest false more like this
star this property date less than 2024-03-19more like thismore than 2024-03-19
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Foreign Investment in UK more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government, further to the announcement by the Chancellor of the Exchequer on 2 March concerning the requirement by 2027 for pension funds to disclose how much they invest in British businesses, what steps they are taking to assess the potential consequences on overall competitiveness and attractiveness of the UK as an investment destination. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
unstar this property uin HL3426 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>The Chancellor announced at Spring Budget that the government will introduce new requirements for Defined Contribution pension funds to disclose publicly their level of UK equity investments, working closely with the Financial Conduct Authority (the FCA) who share responsibility for setting requirements for the market. The FCA will consult in the Spring. The government will introduce equivalent requirements for Local Government Pension Scheme funds in England &amp; Wales. The government will review what further action should be taken if the data does not demonstrate that UK equity allocations are increasing.</p><p> </p><p>This complements the wider reforms that the Government and regulators are already undertaking to boost UK markets.</p><p> </p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:46:56.947Zmore like thismore than 2024-03-28T12:46:56.947Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1697670
star this property registered interest false more like this
star this property date less than 2024-03-20more like thismore than 2024-03-20
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Individual Savings Accounts more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government what is the timetable for the launch of the British ISA announced by the Chancellor of the Exchequer in the Budget Statement on 6 March. more like this
star this property tabling member printed
Lord Kempsell more like this
unstar this property uin HL3462 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>At Spring Budget 2024, the Chancellor announced the creation of a UK ISA. Alongside this, the Government published a consultation seeking responses on the policy design and implementation. The consultation closes on 6<sup>th</sup> June 2024, after which we will consider responses and next steps.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:47:20.137Zmore like thismore than 2024-03-28T12:47:20.137Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4988
unstar this property label Biography information for Lord Kempsell more like this
1697686
star this property registered interest false more like this
star this property date less than 2024-03-20more like thismore than 2024-03-20
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Pay: Inflation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government what steps they are considering to mitigate the potential inflationary effects of the increase in the National Living Wage and the National Minimum Wage. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
unstar this property uin HL3492 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>In March 2020 the Office for Budget Responsibility estimated that meeting the National Living Wage target of 2/3rds of median earnings by 2024 would increase the level of consumer price inflation by less than 0.1 per cent across that period. Evidence shows employers respond to minimum wage increases in a variety of ways, most commonly by absorbing the additional cost and accepting lower profits.</p><p> </p><p>Inflation reduces real incomes, creates uncertainty, and slows economic growth. It’s essential that the government continues with its efforts to keep inflation down. Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February. The OBR forecasts that inflation will return to the 2% target in the second quarter of this year, a year earlier than forecast in November.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:48:13.423Zmore like thismore than 2024-03-28T12:48:13.423Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1697856
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Payment Methods more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, when he plans to publish the National Payments Vision. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 19835 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
star this property answering member constituency Hitchin and Harpenden more like this
star this property answering member printed Bim Afolami more like this
star this property grouped question UIN
19836 more like this
19837 more like this
star this property question first answered
less than 2024-03-28T09:06:13.51Zmore like thismore than 2024-03-28T09:06:13.51Z
star this property answering member
4639
star this property label Biography information for Bim Afolami more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
1697857
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Payment Methods more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, which stakeholders he is consulting on the National Payments Vision. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 19836 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
star this property answering member constituency Hitchin and Harpenden more like this
star this property answering member printed Bim Afolami more like this
star this property grouped question UIN
19835 more like this
19837 more like this
star this property question first answered
less than 2024-03-28T09:06:13.557Zmore like thismore than 2024-03-28T09:06:13.557Z
star this property answering member
4639
star this property label Biography information for Bim Afolami more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
1697858
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Payment Methods more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps he is taking to ensure the National Payments Vision results in meaningful competition in retail payments. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
unstar this property uin 19837 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
star this property answering member constituency Hitchin and Harpenden more like this
star this property answering member printed Bim Afolami more like this
star this property grouped question UIN
19835 more like this
19836 more like this
star this property question first answered
less than 2024-03-28T09:06:13.603Zmore like thismore than 2024-03-28T09:06:13.603Z
star this property answering member
4639
star this property label Biography information for Bim Afolami more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this
1698012
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading State Retirement Pensions: British National (Overseas) more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government whether they will allow British National (Overseas) visa holders to voluntarily pay up to 15 years' worth of Class 3 national insurance contributions towards a state pension, in cases where such visa holders have been denied access to their Mandatory Provident Fund pension savings by HSBC. more like this
star this property tabling member printed
Lord Alton of Liverpool more like this
unstar this property uin HL3506 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>British National Overseas individuals who live or work abroad (or have previously) are usually able to make backdated voluntary National Insurance contributions payments for the previous six tax years where they have either previously lived in the UK for three years in a row or paid at least three years of contributions.</p><p> </p><p>For the tax years 2016 to 2017 and 2017 to 2018 the government has extended the deadline for paying voluntary contributions to 5 April 2025.</p><p> </p><p>The deadline has also been extended to 5 April 2025 for eligible customers to pay voluntary contributions for the tax years 6 April 2006 to 5 April 2016. Further guidance on the eligibility and deadlines for making voluntary contributions, including for those living or working abroad is published online at <a href="https://www.gov.uk/voluntary-national-insurance-contributions" target="_blank">https://www.gov.uk/voluntary-national-insurance-contributions(opens in a new tab)</a>.</p><p> </p><p>The Government keeps all taxes under review.</p>
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:39:24.127Zmore like thismore than 2024-03-28T12:39:24.127Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
738
unstar this property label Biography information for Lord Alton of Liverpool more like this
1698017
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Alcoholic Drinks: Excise Duties more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government whether the UK can apply any duty rate on alcoholic beverages in Northern Ireland which are below the EU minimum rate. more like this
star this property tabling member printed
Lord Dodds of Duncairn more like this
unstar this property uin HL3511 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 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>The same alcohol duty rates apply across the whole UK. The new alcohol duty system was implemented on 1 August 2023 and moves all alcohol to taxation by strength for the first time. The rates were set at the right level to support businesses and meet public health objectives.</p><p> </p><p>We have implemented these broad reforms across the whole of the UK: taxation by strength, Draught Relief, and Small Producer Relief. This was impossible in Northern Ireland under the original Protocol. The Windsor Framework secured substantive, legally binding changes to ensure that Northern Ireland benefits from the same VAT and alcohol taxes as apply in the rest of the United Kingdom.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T16:12:32.52Zmore like thismore than 2024-03-28T16:12:32.52Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1388
unstar this property label Biography information for Lord Dodds of Duncairn more like this