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166396
registered interest false more like this
date less than 2014-11-26more like thismore than 2014-11-26
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency York Outer more like this
tabling member printed
Julian Sturdy more like this
uin 216077 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-12-02more like thismore than 2014-12-02
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> more like this
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
question first answered
less than 2014-12-02T17:11:26.97Zmore like thismore than 2014-12-02T17:11:26.97Z
answering member
4117
label Biography information for Andrea Leadsom more like this
tabling member
4079
label Biography information for Julian Sturdy more like this
707726
registered interest false more like this
date less than 2017-03-03more like thismore than 2017-03-03
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Tonbridge and Malling more like this
tabling member printed
Tom Tugendhat more like this
uin 66469 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-13more like thismore than 2017-03-13
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> more like this
answering member constituency Brighton, Kemptown more like this
answering member printed Simon Kirby more like this
grouped question UIN 66468 more like this
question first answered
less than 2017-03-13T14:14:24.913Zmore like thismore than 2017-03-13T14:14:24.913Z
answering member
3929
label Biography information for Simon Kirby more like this
tabling member
4462
label Biography information for Tom Tugendhat more like this
707727
registered interest false more like this
date less than 2017-03-03more like thismore than 2017-03-03
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what progress has been made on the Government's plans to increase transparency in foreign currency transactions. more like this
tabling member constituency Tonbridge and Malling more like this
tabling member printed
Tom Tugendhat more like this
uin 66468 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-13more like thismore than 2017-03-13
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> more like this
answering member constituency Brighton, Kemptown more like this
answering member printed Simon Kirby more like this
grouped question UIN 66469 more like this
question first answered
less than 2017-03-13T14:14:24.96Zmore like thismore than 2017-03-13T14:14:24.96Z
answering member
3929
label Biography information for Simon Kirby more like this
tabling member
4462
label Biography information for Tom Tugendhat more like this
747149
registered interest false more like this
date less than 2017-06-30more like thismore than 2017-06-30
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, if he will publish the results of the research commissioned by his Department on the effect of current pricing structures used by foreign exchange providers on consumer value choices. more like this
tabling member constituency Sheffield, Brightside and Hillsborough more like this
tabling member printed
Gill Furniss more like this
uin 2291 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-07-05more like thismore than 2017-07-05
answer text <p>In its Answer of 18 April 2017 to Question 69488, the Government stated that it was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange), on consumer decisions. This research will help to inform the Government's response to the consultation on draft regulations for the implementation of the Second Payment Services Directive. This response will be published shortly.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
grouped question UIN 2292 more like this
question first answered
less than 2017-07-05T16:02:41.927Zmore like thismore than 2017-07-05T16:02:41.927Z
answering member
4095
label Biography information for Stephen Barclay more like this
tabling member
4571
label Biography information for Gill Furniss more like this
155740
registered interest false more like this
date less than 2014-11-17more like thismore than 2014-11-17
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Newport West more like this
tabling member printed
Paul Flynn more like this
uin 214586 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-24more like thismore than 2014-11-24
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> more like this
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
grouped question UIN 214496 more like this
question first answered
less than 2014-11-24T17:29:18.94Zmore like thismore than 2014-11-24T17:29:18.94Z
answering member
4117
label Biography information for Andrea Leadsom more like this
tabling member
545
label Biography information for Paul Flynn more like this
156128
registered interest false more like this
date less than 2014-11-17more like thismore than 2014-11-17
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Newport West more like this
tabling member printed
Paul Flynn more like this
uin 214496 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-24more like thismore than 2014-11-24
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> more like this
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
grouped question UIN 214586 more like this
question first answered
less than 2014-11-24T17:29:19.007Zmore like thismore than 2014-11-24T17:29:19.007Z
answering member
4117
label Biography information for Andrea Leadsom more like this
tabling member
545
label Biography information for Paul Flynn more like this
707219
registered interest false more like this
date less than 2017-03-02more like thismore than 2017-03-02
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what progress the Government has made on bringing greater transparency to foreign currency transactions. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 66412 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-07more like thismore than 2017-03-07
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> more like this
answering member constituency Brighton, Kemptown more like this
answering member printed Simon Kirby more like this
grouped question UIN 66413 more like this
question first answered
less than 2017-03-07T10:07:45.67Zmore like thismore than 2017-03-07T10:07:45.67Z
answering member
3929
label Biography information for Simon Kirby more like this
tabling member
4488
label Biography information for Martyn Day more like this
707220
registered interest false more like this
date less than 2017-03-02more like thismore than 2017-03-02
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 66413 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-07more like thismore than 2017-03-07
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> more like this
answering member constituency Brighton, Kemptown more like this
answering member printed Simon Kirby more like this
grouped question UIN 66412 more like this
question first answered
less than 2017-03-07T10:07:45.827Zmore like thismore than 2017-03-07T10:07:45.827Z
answering member
3929
label Biography information for Simon Kirby more like this
tabling member
4488
label Biography information for Martyn Day more like this
751685
registered interest false more like this
date less than 2017-07-13more like thismore than 2017-07-13
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 5 July 2017 to Question 2292, from the hon. Member for Edinburgh South, whether he plans to publish the results of the research on foreign exchange (a) separately from the Government's response to the consultation, (b) in conjunction with the Government's response to the consultation or (c) not at all; if he will bring forward amendments to the draft Payment Services Regulations as a direct result of those findings; and if he will make a statement. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 4869 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-07-20more like thismore than 2017-07-20
answer text <p>In my answer of 5 July I stated that the Government was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions. This research helped to inform the Government’s response to the consultation on the implementation of the second Payment Services Directive (PSDII), which was published on 19 July 2017.</p><p> </p><p>The Government’s response to the consultation explains that, as the second Payment Services Directive is a maximum harmonising Directive, the Government has limited flexibility as to how far we can go beyond its explicit requirements. Although the Government could see some benefit in requiring firms to display the difference between the exchange rate they offer and the interbank exchange rate, it is clear that including such a requirement in PSDII would be gold-plating, and the Government has therefore decided not to do so.</p><p>The Government does not intend to publish the research at this point in time as it relates to the formulation and development of ongoing Government policy.</p>
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2017-07-20T14:29:01.977Zmore like thismore than 2017-07-20T14:29:01.977Z
answering member
4095
label Biography information for Stephen Barclay more like this
tabling member
4488
label Biography information for Martyn Day more like this
753989
registered interest false more like this
date less than 2017-07-19more like thismore than 2017-07-19
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Foreign Exchange remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 17 July 2017 to Question 4713, how he will ensure that the research on the effect of pricing structures on consumer value choices is used to inform policy; and if he will make a statement. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 6150 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-09-07more like thismore than 2017-09-07
answer text <p>In my answer of 17 July I stated that Government does not intend to publish the research it conducted earlier in the year on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions as it relates to the formulation and development of ongoing Government policy.</p><p> </p><p>The research helped to inform the Government’s response to its consultation on the implementation of the second Payment Services Directive, which was published on 19 July 2017.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2017-09-07T16:01:57.657Zmore like thismore than 2017-09-07T16:01:57.657Z
answering member
4095
label Biography information for Stephen Barclay more like this
tabling member
4488
label Biography information for Martyn Day more like this