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1524315

	registered interest
	date	19/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	First Time Buyers
	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 adequacy of the support available for people saving to buy a house; and if he will reconsider the limits placed on help to buy ISAs.
	tabling member constituency	Newcastle-under-Lyme
	tabling member printed	Aaron Bell
	uin	67256
	answer	answer is ministerial correction date of answer 25/10/2022 answer text <p>The Help to Buy: ISA scheme aims to help those who are struggling to save enough to get onto the housing ladder. As first-time buyers tend to buy smaller (and therefore cheaper) first properties, the scheme’s property price cap of £250,000 for properties outside London (£450,000 within London) allows the Government to target support more precisely at the people the scheme is intended to help. Since its launch in 2015, the scheme has supported 497,940 property completions across the UK, with a mean property value of £176,125 compared with an average first-time buyer house price of £231,704.</p><p> </p><p>While the Government keeps all aspects of savings policy under review, Help to Buy: ISA account holders can transfer their funds to a Lifetime ISA without incurring any penalties. The Lifetime ISA allows first-time buyers to benefit from the Government bonus when purchasing properties up to £450,000 anywhere in the UK.</p><p> </p><p>Further information on the Lifetime ISA together with a comprehensive list other forms of home purchase support schemes can be found on the Government’s website below:</p><p> </p><p><a href="https://www.ownyourhome.gov.uk/" target="_blank">https://www.ownyourhome.gov.uk/</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/10/2022 13:36:45 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4837 label Biography information for Aaron Bell

1609734

	registered interest
	date	14/04/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	UK Infrastructure Bank
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the paragraph 3.26 of the Office for Budget Responsibility's Economic and fiscal outlook - March 2023, what assessment he has made of the implications for his policies of that report's findings that cumulative UK Infrastructure Bank outlays between 2022-23 and 2025-26 will be 37 per cent lower than the initial estimate.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	179867
	answer	answer is ministerial correction date of answer 19/04/2023 answer text <p>The UK Infrastructure Bank (UKIB) was launched in June 2021 to increase investment into infrastructure and to tackle climate change and support regional and local economic growth across the UK.</p><p> </p><p>In its first Strategic Plan in summer 2022, UKIB set out that, subject to the pipeline of investible projects in each year, it aims to deploy up to £3 billion of debt and equity and £2.5 billion of guarantees a year, committing its initial £22 billion of financial capacity over five to eight years.</p><p> </p><p>To date, UKIB have announced 15 deals in total, investing approximately £1.4 billion and unlocking over £6 billion in private capital and supported over 4,700 jobs.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/04/2023 16:12:43 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4820 label Biography information for Abena Oppong-Asare

1661964

	registered interest
	date	19/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Child Trust Fund
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what guidance his Department provides to the families of children with health conditions that are trying to access their Child Trust Funds.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	200475
	answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200477 200478 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4820 label Biography information for Abena Oppong-Asare

1661966

	registered interest
	date	19/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Child Trust Fund
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 April to Question 181792 on Child Trust Funds: what assessment his Department has made of the effectiveness of its policies on simplifying the process for families to access Child Trust Funds.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	200477
	answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200475 200478 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4820 label Biography information for Abena Oppong-Asare

1661967

	registered interest
	date	19/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Child Trust Fund
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 April 2023 to Question 181783 on Child Trust Funds, what assessment his Department has made of the effectiveness of its work in making contact with account holders of unclaimed mature Child Trust Funds.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	200478
	answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200475 200477 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4820 label Biography information for Abena Oppong-Asare

1664682

	registered interest
	date	13/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Child Trust Fund
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to identify the number of unclaimed mature Child Trust Funds that have been claimed by account holders in the last 12 months.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	202531
	answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>HMRC publishes annual statistics on the number of matured CTFs that remain unclaimed together with the number of CTFs that have been claimed. The latest statistics were published in June 2023 and can be found here: www.gov.uk/government/statistics/annual-savings-statistics-2023. An update will be published in Summer 2024.</p><p><br> The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 11:29:05 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4820 label Biography information for Abena Oppong-Asare

1654384

	registered interest
	date	19/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Vetting
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to ensure that (a) banks and (b) other financial institutions cannot refuse to provide financial services on the basis of a person's status as a politically exposed person.
	tabling member constituency	Gravesham
	tabling member printed	Adam Holloway
	uin	195007
	answer	answer is ministerial correction date of answer 08/09/2023 answer text <p>The Government’s position is clear that financial institutions must not deny services to customers who are Politically Exposed Persons (PEPs) solely on the basis of their PEP status, nor on the basis of their political beliefs.</p><p> </p><p>The Financial Services and Markets Act 2023 commits the Financial Conduct Authority (FCA) to conduct a review into financial institutions’ adherence to their guidance on PEPs, and the appropriateness of that guidance, within twelve months of Royal Assent. This review will assess the compliance of FCA-regulated firms with their legal and regulatory obligations regarding the risk management and treatment of PEPs, as well as their relatives and known close associates, and the FCA will take action where it identifies serious failures. The FCA has contacted domestic PEPs seeking their input regarding their own treatment by financial institutions, and will publish the terms of reference for its review in September.</p><p> </p><p>The Government has also taken action through the Financial Services and Markets Act to commit the Treasury to amend the Money Laundering Regulations to distinguish explicitly between domestic and non-domestic PEPs in law. This amendment will make clear that, in the absence of other high-risk factors, domestic PEPs must be treated as lower risk than non-domestic PEPs and have a lesser degree of enhanced due diligence applied to them.</p><p> </p><p>Separately, there are existing regulations - specifically Regulation 18 of the Payment Accounts Regulations 2015 – which already require banks not to discriminate against any UK consumers based on their political opinions when accessing a payment account. The Chancellor has written to the FCA to request an urgent review into the matter of ‘de-banking’ more broadly. The FCA has agreed to undertake this review, and to share the evidence and findings with the Treasury.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195010 195012 question first answered 08/09/2023 12:21:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1522 label Biography information for Adam Holloway

1654388

	registered interest
	date	19/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Vetting
	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 adequacy of legislative and regulatory safeguards for preventing financial institutions from (a) refusing to provide and (b) withdrawing services from people on the basis of their lawfully-held political, philosophical and religious beliefs.
	tabling member constituency	Gravesham
	tabling member printed	Adam Holloway
	uin	195008
	answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The Government has been unequivocal in its view that contracts of payment account facilities should not be terminated on grounds relating to users’ lawful freedom of expression or political beliefs. The Government strongly supports this fundamental right afforded to all people in British society.</p><p> </p><p>On 21 July, the Treasury published its policy statement, setting out its plans to enhance requirements relating to payment account contract termination. These changes will extend the notice period for contract termination to 90 days (subject to limited exceptions), and mandate that providers give a clear and tailored reason for termination, unless to do so would be unlawful.</p><p> </p><p>Following the announcement, I met with the UK’s largest banks and building societies, whose representatives expressed their commitment to the principle of non-discrimination based on lawful freedom of expression, and to bringing their policies in line with the planned reforms where needed, as soon as possible.</p><p> </p><p>Additionally, I note that regulation 18 of the Payment Accounts Regulations 2015 already expressly prohibits credit institutions from discriminating against UK consumers by reason of their religion or belief, or political opinion, as they access payment accounts. The Government has made clear that it expects providers to abide by this legal requirement, and the FCA to use its powers as appropriate to ensure compliance with this requirement.</p><p> </p><p>Further to this, the Chancellor has written to the FCA to request an urgent review into the matter of ‘de-banking’. The FCA is currently undertaking this review and will share the evidence and its findings with the Treasury. This will help inform whether further action is necessary to ensure nobody is being unfairly denied banking facilities.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 194961 195013 question first answered 06/09/2023 15:27:02 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1522 label Biography information for Adam Holloway

1654390

	registered interest
	date	19/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Vetting
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority‘s forthcoming review into financial institutions’ adherence to the current guidance on Politically Exposed Persons will address the withdrawal of banking services to individuals due to lawfully held political, philosophical or religious beliefs.
	tabling member constituency	Gravesham
	tabling member printed	Adam Holloway
	uin	195010
	answer	answer is ministerial correction date of answer 08/09/2023 answer text <p>The Government’s position is clear that financial institutions must not deny services to customers who are Politically Exposed Persons (PEPs) solely on the basis of their PEP status, nor on the basis of their political beliefs.</p><p> </p><p>The Financial Services and Markets Act 2023 commits the Financial Conduct Authority (FCA) to conduct a review into financial institutions’ adherence to their guidance on PEPs, and the appropriateness of that guidance, within twelve months of Royal Assent. This review will assess the compliance of FCA-regulated firms with their legal and regulatory obligations regarding the risk management and treatment of PEPs, as well as their relatives and known close associates, and the FCA will take action where it identifies serious failures. The FCA has contacted domestic PEPs seeking their input regarding their own treatment by financial institutions, and will publish the terms of reference for its review in September.</p><p> </p><p>The Government has also taken action through the Financial Services and Markets Act to commit the Treasury to amend the Money Laundering Regulations to distinguish explicitly between domestic and non-domestic PEPs in law. This amendment will make clear that, in the absence of other high-risk factors, domestic PEPs must be treated as lower risk than non-domestic PEPs and have a lesser degree of enhanced due diligence applied to them.</p><p> </p><p>Separately, there are existing regulations - specifically Regulation 18 of the Payment Accounts Regulations 2015 – which already require banks not to discriminate against any UK consumers based on their political opinions when accessing a payment account. The Chancellor has written to the FCA to request an urgent review into the matter of ‘de-banking’ more broadly. The FCA has agreed to undertake this review, and to share the evidence and findings with the Treasury.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195007 195012 question first answered 08/09/2023 12:21:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1522 label Biography information for Adam Holloway

1654394

	registered interest
	date	19/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Vetting
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the guidance by the Financial Conduct Authority on politically exposed persons, whether he has made an assessment of the potential impact of that guidance on financial institutions' (a) authority to withdraw services and (b) the freedom of expression of politically exposed persons.
	tabling member constituency	Gravesham
	tabling member printed	Adam Holloway
	uin	195012
	answer	answer is ministerial correction date of answer 08/09/2023 answer text <p>The Government’s position is clear that financial institutions must not deny services to customers who are Politically Exposed Persons (PEPs) solely on the basis of their PEP status, nor on the basis of their political beliefs.</p><p> </p><p>The Financial Services and Markets Act 2023 commits the Financial Conduct Authority (FCA) to conduct a review into financial institutions’ adherence to their guidance on PEPs, and the appropriateness of that guidance, within twelve months of Royal Assent. This review will assess the compliance of FCA-regulated firms with their legal and regulatory obligations regarding the risk management and treatment of PEPs, as well as their relatives and known close associates, and the FCA will take action where it identifies serious failures. The FCA has contacted domestic PEPs seeking their input regarding their own treatment by financial institutions, and will publish the terms of reference for its review in September.</p><p> </p><p>The Government has also taken action through the Financial Services and Markets Act to commit the Treasury to amend the Money Laundering Regulations to distinguish explicitly between domestic and non-domestic PEPs in law. This amendment will make clear that, in the absence of other high-risk factors, domestic PEPs must be treated as lower risk than non-domestic PEPs and have a lesser degree of enhanced due diligence applied to them.</p><p> </p><p>Separately, there are existing regulations - specifically Regulation 18 of the Payment Accounts Regulations 2015 – which already require banks not to discriminate against any UK consumers based on their political opinions when accessing a payment account. The Chancellor has written to the FCA to request an urgent review into the matter of ‘de-banking’ more broadly. The FCA has agreed to undertake this review, and to share the evidence and findings with the Treasury.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195007 195010 question first answered 08/09/2023 12:21:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1522 label Biography information for Adam Holloway