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1503346

	registered interest
	date	02/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	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 help ensure the independence of financial services regulators.
	tabling member constituency	Putney
	tabling member printed	Fleur Anderson
	uin	45033
	answer	answer is ministerial correction date of answer 20/09/2022 answer text <p>The legislative framework underpinning financial services regulation in the UK provides for the regulators to be independent of government in their operational decisions.</p><p> </p><p>Following the Future Regulatory Framework Review the regulators will take on significant new rulemaking responsibilities. It is important to balance these new responsibilities for the independent regulators with clear accountability, appropriate democratic input, and transparent oversight. Through the Financial Services and Markets Bill the government is bringing forward measures to achieve this balance.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 13:53:34 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4788 label Biography information for Fleur Anderson

1542135

	registered interest
	date	15/11/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	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 improve the regulatory framework for the financial services sector.
	tabling member constituency	Harrow East
	tabling member printed	Bob Blackman
	uin	902262
	answer	answer is ministerial correction date of answer 15/11/2022 answer text <p>The Financial Services and Markets Bill seizes the opportunities of Brexit, tailoring financial services regulation to UK markets to bolster our competitiveness and deliver better outcomes for consumers and businesses.</p><p>The Bill implements the outcomes of the Future Regulatory Framework Review, revoking retained EU law, so it can be replaced with an approach designed for the UK.</p><p>The Bill introduces secondary growth and competitiveness objectives and measures to ensure clear accountability, appropriate democratic input, and transparent oversight of the regulators.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 15/11/2022 15:25:50 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4005 label Biography information for Bob Blackman

1580406

	registered interest
	date	24/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	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 improve the UK’s financial services sector regulatory framework.
	tabling member constituency	Crewe and Nantwich
	tabling member printed	Dr Kieran Mullan
	uin	131460
	answer	answer is ministerial correction date of answer 30/01/2023 answer text <p>The Chancellor provided a detailed written statement to the House in December 2022 on the government’s Edinburgh Reforms to improve the regulatory framework for financial services (HCWS425).</p><p> </p><p>This builds on the Future Regulatory Framework (FRF) Review, which was established by the government to determine how the financial services regulatory framework should adapt to the UK’s new position outside of the European Union (EU), and to ensure the framework is fit for the future.</p><p> </p><p>The outcomes of the FRF Review are now being delivered through the Financial Services and Markets Bill, a key piece of legislation that allows us to seize the opportunities of EU Exit and secure the UK’s position as a global financial hub.</p><p> </p><p>The Government has also published an ambitious plan to enact the repeal of retained EU law in financial services and build a smarter financial services regulatory framework as part of the Edinburgh Reforms.</p><p> </p><p>Amongst other areas, the document set out that the Government will split areas of regulation into tranches, prioritising those areas including those with the biggest potential to deliver improvements to UK economic growth. The government aims to make significant progress on tranches one and two of the programme by the end of 2023 and will ensure that there are opportunities for the full range of stakeholders to engage and to feed in views as the programme is delivered. More detail can be found online at:</p><p> </p><p>https://www.gov.uk/government/publications/building-a-smarter-financial-services-framework-for-the-uk</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 30/01/2023 15:41:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4860 label Biography information for Dr Kieran Mullan

1611271

	registered interest
	date	17/04/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when the Government plans to deliver a consolidated tape of pre- and post-trade market data as considered in the Edinburgh Reforms.
	tabling member constituency	Vale of Glamorgan
	tabling member printed	Alun Cairns
	uin	180900
	answer	answer is ministerial correction date of answer 25/04/2023 answer text <p>As set out in the Chancellor’s Edinburgh Reforms statement, the government has committed to having a regime for a UK consolidated tape in place by 2024.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/04/2023 11:24:44 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4086 label Biography information for Alun Cairns

1666340

	registered interest
	date	20/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	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 firms regulated by the Financial Conduct Authority are SMEs.
	tabling member constituency	Barking
	tabling member printed	Dame Margaret Hodge
	uin	203639
	answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203640 203641 203642 203643 question first answered 25/10/2023 15:18:36 answering member 4874 label Biography information for Andrew Griffith
	tabling member	140 label Biography information for Dame Margaret Hodge

1666342

	registered interest
	date	20/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, on how many occasions the outcome of a Financial Conduct Authority action was the (a) cancellation or withdrawal of approvals, (b) a prohibition order, (c) suspension or restriction, (d) a final notice against a person, (e) a fine against a person, (f) public censure and (g) civil action in the 2021-22 financial year.
	tabling member constituency	Barking
	tabling member printed	Dame Margaret Hodge
	uin	203641
	answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203642 203643 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	140 label Biography information for Dame Margaret Hodge

1666343

	registered interest
	date	20/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many investigations were opened by the Financial Conduct Authority into people with (a) senior and (b) non-senior management functions under the Senior Managers and Certification Regime in (i) 2021-22 and (ii) 2022-23.
	tabling member constituency	Barking
	tabling member printed	Dame Margaret Hodge
	uin	203642
	answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203641 203643 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	140 label Biography information for Dame Margaret Hodge

1666344

	registered interest
	date	20/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many (a) financial penalties, (b) public censures and (c) other enforcement measures were taken following investigations by the Financial Conduct Authority into people with (i) senior and (ii) non-senior management functions under the Senior Managers and Certification Regime in (A) 2021-22 and (B) 2022-23.
	tabling member constituency	Barking
	tabling member printed	Dame Margaret Hodge
	uin	203643
	answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203641 203642 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	140 label Biography information for Dame Margaret Hodge

1504201

	registered interest
	date	02/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of the FCA's regulatory regime in the Azure Service Ltd. case, and what discussions his Department have had with the FCA on lessons to be learned in the licensing of financial services as a result of the Azure Service Ltd. case; and if he will make a statement.
	tabling member constituency	Inverness, Nairn, Badenoch and Strathspey
	tabling member printed	Drew Hendry
	uin	45903
	answer	answer is ministerial correction date of answer 06/09/2022 answer text <p>The Government recognises the impact on consumers as a result of Azure Services’ business practices whilst it operated as a credit broker without the relevant Office of Fair Trading (OFT) licence and, later on, Financial Conduct Authority (FCA) authorisation. However, the Government notes the decision by Barclays Partner Finance to refund over £210m to customers who took out a loan following an introduction by Azure Services.</p><p> </p><p>The FCA has been established as an independent regulator responsible for the supervision and regulation of conduct in financial services. The FCA’s independence from Government does not mean it can act arbitrarily, rather it must operate within the framework of statutory duties and powers agreed by Parliament. As well as being required to operate within this framework, the FCA is fully accountable to Parliament for how it discharges its statutory functions.</p><p> </p><p>This direct accountability to Parliament reflects the FCA’s statutory independence and the fact that they are solely responsible for everyday operational decisions without Government approval or direction, and so are primarily accountable for them. That notwithstanding, the Treasury plays an important role in holding the FCA accountable, including through engaging closely with the FCA across all levels of seniority.</p><p> </p><p>The FCA is currently part way through its Transformation Programme, which is accelerating an ongoing programme of reform to make the FCA a more innovative, assertive and adaptive regulator. Amongst other things, the Transformation Programme aims to ensure that the FCA can make fast and effective decisions, and prioritise the right outcomes for consumers, markets and firms. It also involves significant investment in the FCA’s systems and capabilities to enable better use of data and intelligence to regulate 50,000 firms effectively and efficiently.</p><p> </p><p>As part of its Transformation Programme, the FCA has enhanced its approach to authorisations, including by applying its standards more robustly.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 06/09/2022 11:49:17 answering member 3912 label Biography information for Richard Fuller
	tabling member	4467 label Biography information for Drew Hendry

1023014

	registered interest
	date	10/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the oral contribution of 6 December 2018, Official Report, column 1091, if he will publish the enhanced equivalence arrangements for regulating financial services between the UK and the EU.
	tabling member constituency	East Ham
	tabling member printed	Stephen Timms
	uin	200541
	answer	answer is ministerial correction date of answer 13/12/2018 answer text <p>I refer the Rt Hon Gentleman to my answer to him on 29 November in response to <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2018-11-26/195459/" target="_blank">written question 195459</a>. Further detail building on the agreement in the political declaration will be set out by the UK and EU as part of negotiations on the future relationship.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/12/2018 14:25:16 answering member 4051 label Biography information for John Glen
	tabling member	163 label Biography information for Sir Stephen Timms