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166396

	registered interest
	date	26/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of changing the criminal law to allow sanctions for the misconduct of financial traders identified as having manipulated the foreign exchange market.
	tabling member constituency	York Outer
	tabling member printed	Julian Sturdy
	uin	216077
	answer	answer is ministerial correction date of answer 02/12/2014 answer text <p>The Government is committed to taking action to ensure that the criminal regime for financial market abuse is strong and robust. In September 2014 the Government consulted on whether the regulatory regime put in place for LIBOR should be extended to seven other major benchmarks, based on recommendations from the Fair and Effective Markets Review. This regime includes the criminal offence of manipulating a ‘relevant benchmark’ either by making misleading statements or by creating a false or misleading impression of the value of investments that could affect such a benchmark. The list of benchmarks included the dominant benchmark for the foreign exchange market, WM/Reuters 4pm London Closing Spot Rate. The Government will announce its response to this consultation shortly.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/12/2014 17:11:26 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4079 label Biography information for Julian Sturdy

707726

	registered interest
	date	03/03/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he plans to include provisions relating to (a) transparency and (b) changes in foreign currency transactions in the Payment Services Regulations 2017.
	tabling member constituency	Tonbridge and Malling
	tabling member printed	Tom Tugendhat
	uin	66469
	answer	answer is ministerial correction date of answer 13/03/2017 answer text <p>A competitive and transparent financial services sector is vital to ensuring that the UK economy delivers for consumers and businesses.</p><p> </p><p>As with all policy areas, the Government continues to keep transparency of foreign exchange fees under review, and is currently conducting research on the effects of transparency on consumer decisions.</p><p> </p><p>This will help inform the Government’s approach to foreign exchange transactions within the Payment Services Regulations, which are currently being consulted on as part of the transposition of the Second Payment Services Directive.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 66468 question first answered 13/03/2017 14:14:24 answering member 3929 label Biography information for Simon Kirby
	tabling member	4462 label Biography information for Tom Tugendhat

155740

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with the Serious Fraud Office about its investigation into the activities in foreign exchange dealing of bankers.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214586
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>The Director of the Serious Fraud Office opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries in any way.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 214496 question first answered 24/11/2014 17:29:18 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

156128

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will takes steps to ensure that banks fined by the Financial Conduct Authority for improper trading on the FOREX exchange do not recover the fines from increased bank charges to customers of retail high street branches.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214496
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>The Director of the Serious Fraud Office opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries in any way.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 214586 question first answered 24/11/2014 17:29:19 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

707219

	registered interest
	date	02/03/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what progress the Government has made on bringing greater transparency to foreign currency transactions.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	66412
	answer	answer is ministerial correction date of answer 07/03/2017 answer text <p>A competitive and transparent financial services sector is vital to ensuring that the UK economy delivers for consumers and businesses.</p><p> </p><p>As with all policy areas, the Government continues to keep transparency of foreign exchange fees under review, and is currently conducting research on the effects of this on consumer decisions to inform its policy approach.</p><p> </p><p>The Government is also currently consulting on its draft regulations for the implementation of the Second Payment Services Directive and will respond in due course.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 66413 question first answered 07/03/2017 10:07:45 answering member 3929 label Biography information for Simon Kirby
	tabling member	4488 label Biography information for Martyn Day

707220

	registered interest
	date	02/03/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if the Government will take steps to make currency conversion fully transparent in forthcoming payment services regulations.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	66413
	answer	answer is ministerial correction date of answer 07/03/2017 answer text <p>A competitive and transparent financial services sector is vital to ensuring that the UK economy delivers for consumers and businesses.</p><p> </p><p>As with all policy areas, the Government continues to keep transparency of foreign exchange fees under review, and is currently conducting research on the effects of this on consumer decisions to inform its policy approach.</p><p> </p><p>The Government is also currently consulting on its draft regulations for the implementation of the Second Payment Services Directive and will respond in due course.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 66412 question first answered 07/03/2017 10:07:45 answering member 3929 label Biography information for Simon Kirby
	tabling member	4488 label Biography information for Martyn Day

171315

	registered interest
	date	17/12/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will introduce legislative proposals to implement procedures which track transactions in foreign exchange markets to facilitate the detection of mispriced customer trades.
	tabling member constituency	Great Grimsby
	tabling member printed	Austin Mitchell
	uin	219225
	answer	answer is ministerial correction date of answer 07/01/2015 answer text <p>The UK currently has a transaction reporting regime that requires financial entities, including all investment firms and operators of regulated markets to report to the FCA, transactions that relate to financial instruments under the Markets in Financial Instruments Directive. This includes foreign exchange derivatives.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 07/01/2015 12:14:33 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	372 label Biography information for Austin Mitchell

637758

	registered interest
	date	16/11/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Foreign Exchange
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they are planning to review the regulation of foreign exchange providers to ensure the protection of consumers buying foreign currency during periods of wide currency fluctuations.
	tabling member printed	Lord Birt
	uin	HL3272
	answer	answer is ministerial correction date of answer 30/11/2016 answer text <p>The Government is reviewing the Payment Services Regulations as part of its implementation of the revised Payment Services Directive (PSD2). The Regulations apply to foreign exchange firms conducting a payment transaction as part of a currency exchange. There are currently no plans to review the regulation of foreign exchange providers more widely. However, Government will continue to monitor the sector to ensure that consumers and businesses using foreign exchange services are treated fairly.</p> answering member printed Lord Young of Cookham question first answered 30/11/2016 14:30:09 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	2533 label Biography information for Lord Birt