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1505183

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Azure Services: Loans
	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 customers of Azure Services Ltd who were impacted by the mis-selling of loans for timeshares at the Golden Sands Resort in Malta are able to access financial redress.
	tabling member constituency	North Ayrshire and Arran
	tabling member printed	Patricia Gibson
	uin	47726
	answer	answer is ministerial correction date of answer 08/09/2022 answer text <p>The Financial Conduct Authority (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 it is solely responsible for everyday operational decisions without Government approval or direction, and so it is primarily accountable for them. The Government has no plans to support a cross-party parliamentary investigation into the FCA’s handling of issues relating to Azure Services Limited, as this would be a matter for Parliament. 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 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, 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. Barclays Partner Finance is currently putting in place the necessary arrangements for this programme of remediation and has committed to contact impacted customers before the end of the year to set out the next steps.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 47574 question first answered 08/09/2022 09:49:10 answering member 4484 label Biography information for Alan Mak
	tabling member	4435 label Biography information for Patricia Gibson

1505158

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Azure Services: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to support a cross-party investigation into the Financial Conduct Authority's handling of the mis-selling of timeshares by Azure Services Limited.
	tabling member constituency	North Ayrshire and Arran
	tabling member printed	Patricia Gibson
	uin	47574
	answer	answer is ministerial correction date of answer 08/09/2022 answer text <p>The Financial Conduct Authority (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 it is solely responsible for everyday operational decisions without Government approval or direction, and so it is primarily accountable for them. The Government has no plans to support a cross-party parliamentary investigation into the FCA’s handling of issues relating to Azure Services Limited, as this would be a matter for Parliament. 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 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, 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. Barclays Partner Finance is currently putting in place the necessary arrangements for this programme of remediation and has committed to contact impacted customers before the end of the year to set out the next steps.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 47726 question first answered 08/09/2022 09:49:10 answering member 4484 label Biography information for Alan Mak
	tabling member	4435 label Biography information for Patricia Gibson

1504145

	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	NHS: Mileage Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether the Government will adopt the NHS Agenda for Change mileage reimbursement rates.
	tabling member constituency	Midlothian
	tabling member printed	Owen Thompson
	uin	45938
	answer	answer is ministerial correction date of answer 07/09/2022 answer text <p>Approved Mileage Allowance Payments (AMAPs) are used by employers to reimburse an employee’s expenses for business mileage in their private vehicle.</p><p> </p><p>AMAPs are intended to create administrative simplicity and certainty by using an average rate, which reflects vehicle running costs including fuel, servicing and depreciation. Fuel is therefore only one component.</p><p> </p><p>The AMAP rate is advisory and employers can choose to pay more or less than the advisory rate – it is therefore ultimately up to employers to determine the rate at which they reimburse their employees. Employees who receive less than the AMAP rate can claim tax relief on the difference. Employees who receive more will be taxed on the difference.</p><p> </p><p>Like all taxes and allowances, the Government keeps the AMAP rate under review.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 45937 45939 question first answered 07/09/2022 08:55:31 answering member 4484 label Biography information for Alan Mak
	tabling member	4482 label Biography information for Owen Thompson

1504144

	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	Mileage Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential financial impact on local authorities of maintaining the present Approved Mileage Allowance Payment rate.
	tabling member constituency	Midlothian
	tabling member printed	Owen Thompson
	uin	45937
	answer	answer is ministerial correction date of answer 07/09/2022 answer text <p>Approved Mileage Allowance Payments (AMAPs) are used by employers to reimburse an employee’s expenses for business mileage in their private vehicle.</p><p> </p><p>AMAPs are intended to create administrative simplicity and certainty by using an average rate, which reflects vehicle running costs including fuel, servicing and depreciation. Fuel is therefore only one component.</p><p> </p><p>The AMAP rate is advisory and employers can choose to pay more or less than the advisory rate – it is therefore ultimately up to employers to determine the rate at which they reimburse their employees. Employees who receive less than the AMAP rate can claim tax relief on the difference. Employees who receive more will be taxed on the difference.</p><p> </p><p>Like all taxes and allowances, the Government keeps the AMAP rate under review.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 45938 45939 question first answered 07/09/2022 08:55:31 answering member 4484 label Biography information for Alan Mak
	tabling member	4482 label Biography information for Owen Thompson

1667519

	registered interest
	date	07/11/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies
	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 potential impact of a UK central bank digital currency on the right to privacy.
	tabling member constituency	Haltemprice and Howden
	tabling member printed	Mr David Davis
	uin	44
	answer	answer is ministerial correction date of answer 13/11/2023 answer text <p>Individuals’ privacy, user control and the proper use of data in line with UK data protection laws are of paramount importance to the design of any digital currency.</p><p> </p><p>A digital pound would be subject to rigorous standards of privacy and data protection. Neither the Government nor the Bank of England would have access to personal data, nor be able to see how consumers use their money.</p><p>The Government has committed to bring forward legislation in Parliament prior to any Digital Pound being introduced.</p><p>The Government and Bank of England consulted on these privacy features of the potential digital pound over February-June 2023, and are currently reviewing the feedback received. A consultation response will be published in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 13/11/2023 13:56:24 answering member 4874 label Biography information for Andrew Griffith
	tabling member	373 label Biography information for Sir David Davis

1668395

	registered interest
	date	08/11/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Environment Protection
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Green Finance Strategy, when the Government plans to publish the consultation on introducing a Green Taxonomy for the UK.
	tabling member constituency	Bristol East
	tabling member printed	Kerry McCarthy
	uin	713
	answer	answer is ministerial correction date of answer 13/11/2023 answer text <p>The 2023 Green Finance Strategy set out the Government’s commitment to deliver a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives. It also announced that we expect to consult on the Taxonomy in Autumn 2023.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 13/11/2023 13:53:39 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1491 label Biography information for Kerry McCarthy

1666499

	registered interest
	date	23/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings: Taxation
	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 ensure consistency of collection of tax on the interest of savings that are not due until maturity of the savings bond.
	tabling member constituency	Warrington South
	tabling member printed	Andy Carter
	uin	203964
	answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The taxation of interest arising on savings bonds depends on the terms and conditions applying to each and may differ as not all savings bonds are the same.</p><p> </p><p>Income tax is charged on the full amount of interest ‘arising’ to a person in a tax year and interest normally ‘arises’ when the amount is received or is credited to an account on which the holder is free to draw.</p><p> </p><p>The terms of a savings bond may be that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case, the interest arises each year and is taxed each year as it is credited.</p><p> </p><p>On the other hand, it is possible that interest may be credited each year, but the terms of the bond may mean the bondholder cannot draw on it or benefit from it until the end of the term. In that case all the interest paid on the bond would be regarded as ‘arising’ when it became available to the bondholder on maturity of the bond.</p><p> </p><p>This long-standing position is explained in HMRC’s guidance at <a href="https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440#:~:text=Interest%20'arises'%20when%20it%20is,when%20interest%20arises%20see%20SAIM2400." target="_blank">SAIM2440</a>, and there have been no recent changes.</p><p> </p><p>In either case, to the extent that the interest arising in any year is not covered by personal allowances, such as the Personal Savings Allowance, the tax will be collected in the same way, usually through a taxpayer’s PAYE code or a self-assessment tax return.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 10:56:17 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4791 label Biography information for Andy Carter

1660950

	registered interest
	date	15/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank of England: Inflation
	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 implications for his Department's policies of comments by Lord King of Lothbury on the potential impact of the Bank of England's net zero policy on the level of inflation.
	tabling member constituency	Morley and Outwood
	tabling member printed	Dame Andrea Jenkyns
	uin	199761
	answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The primary objective of the Monetary Policy Committee (MPC) is to maintain price stability. Its secondary objective, to support the economic policy of the Government, is subject to maintaining price stability.</p><p> </p><p>Price stability is an essential pre-requisite for economic growth, and will remain the MPC’s primary objective when the Chancellor updates its remit alongside the Autumn Statement. It is for the MPC to judge how it sets monetary policy in line with its remit, and the MPC has our full support as it acts to return inflation to the 2% target.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 10:29:01 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4490 label Biography information for Dame Andrea Jenkyns

1666658

	registered interest
	date	23/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Standards
	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 support the UK’s investment industry in meeting their fiduciary duty to consumers.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	203735
	answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203734 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
	tabling member	163 label Biography information for Sir Stephen Timms

1666657

	registered interest
	date	23/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with counterparts in (a) Canada, (b) the European Union and (c) other jurisdictions on alignment of the (i) definition and (ii) interpretation of fiduciary duty.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	203734
	answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203735 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
	tabling member	163 label Biography information for Sir Stephen Timms