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1126332

	registered interest
	date	13/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banking Hubs: Competition
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to update competition law to allow for shared banking hubs in areas where local bank branches have been closed.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15692
	answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>Branch closures can be difficult for the communities affected and the Government pays close attention to this issue. However, the decision to close a branch is a commercial one for a firm, and Government does not intervene in those decisions.</p><p> </p><p>However, the Government is equally clear that as banking providers seek to respond to technological advances and changes in customer behaviour, they must also consider carefully the needs of those who still rely on their local bank branch. Since May 2017, the major high street banks have been signed up to the Access to Banking Standard, which commits them to work with customers and communities to minimise the impact of branch closures and put in place alternative banking services.</p><p> </p><p>The Government also supports the Post Office Banking Framework Agreement which enables 99% of the UK’s personal and 95% of the UK’s small business customers to withdraw money, deposit cash and cheques and check balances at any one of the Post Office’s network of 11,500 branches.</p><p> </p><p> </p><p>While banks do have to comply with competition law, there is no specific regulation that prevents banks from sharing branches or other premises where their strategies align. The Government therefore has no plans to update competition law on this basis. Government does not intervene in these commercial decisions, but will continue to encourage banks to think creatively about how they can ensure that consumers can access a wide range of banking services on a sustainable basis. For example, NatWest, Lloyds Bank and Barclays are trialling shared business banking hubs in 6 locations across the UK in the coming weeks.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:37:43 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1127020

	registered interest
	date	15/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of any increase in complaints regarding short-term and payday lenders related to those suffering with problem debt.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15781
	answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The FCA requires payday lenders to carry out robust affordability checks, limits the number of times a payday loan can be rolled over to two, places tough restrictions on lenders’ use of continuous payment authorities, and requires all payday lending adverts to include a risk warning and information about where to get free debt advice.</p><p> </p><p>The Government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards. In 2018, the FCA issued total fines of £60 million.</p><p><strong> </strong></p><p>On problem debt more broadly, the Government is implementing its manifesto commitment to introduce a breathing space and statutory debt repayment plan. The two polices aim to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:23:21 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1128022

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Markets: Regulation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the role of (1) the European Securities and Markets Authority, and (2) the Financial Conduct Authority, will have in regulating financial markets after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15907
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The European Supervisory Authorities - which includes the European Securities and Markets Authority - are a part of the EU’s joint supervisory framework for financial services. The UK’s future position outside of the EU will mean that the UK is no longer part of the joint supervisory framework.</p><p> </p><p>As part of preparations for leaving the EU in any scenario, HM Treasury has delivered a programme of legislation under the EU (Withdrawal) Act designed to ensure that the UK’s regulatory regime is workable. These preparations include transferring certain regulatory and supervisory functions currently carried out by the ESAs to the appropriate UK regulator, including the FCA, where the transfer of those functions is necessary to ensure an operable regulatory regime at exit.</p><p> </p><p>If the UK leaves the EU under the terms of the Withdrawal Agreement reached between the UK and the EU, the UK’s exit preparations would be delayed until the end of the agreed Implementation Period. Market access arrangements would continue and the UK would remain part of the joint supervisory framework, with ESA functions continuing to apply to the UK, until the end of the Implementation Period.</p><p> </p><p>In any exit scenario, we expect UK regulators to continue to work closely with their counterparts in the EU. This is demonstrated in the Political Declaration agreed between the UK and the EU on the future relationship, in which both sides commit to close cooperation on supervisory and regulatory matters.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:50:53 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1128023

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Digital Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps, if any, they are taking to invest in digital technology hubs in the UK banking sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15908
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The government is committed to ensuring the UK is one of the best places in the world to start and grow a digital business. That is why we are unlocking £20bn of finance for innovative firms over the next 10 years, and why we announced £21m to establish Tech Nation and its network of 10 regional hubs, supporting further innovation in financial services.</p><p><br> We also recognise the important role that digital technology hubs, such as Level 39 in Canary Wharf, have played in promoting the adoption of technology in the UK banking sector, and we are engaging with industry to explore how we can further support digital technology hubs in the UK.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:48:57 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1129572

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Internet
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to remain closely aligned to any new EU security regulations for online banking transactions after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16057
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”), which are intended to reduce fraud and increase payments security, came into force on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September 2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the Act”) will bring into UK law all directly applicated EU regulations which are operative at exit day, as defined by the Act, or at the end of the proposed Implementation Period if the withdrawal agreement reached between the Government and the EU is ratified. This includes operative Regulatory Technical Standards (RTS). The Act also permits ministers to make amendments which correct deficiencies in these regulations, if that is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December 2018). It proposes to substantially maintain these technical standards in UK law, to support consumer protection and to provide firms with certainty and clarity about the systems they have been building.</p> answering member printed Lord Young of Cookham question first answered 18/06/2019 15:19:22 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1130631

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing: Rural Areas
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the impact of the decline in the number of free-to-use cash machines on rural communities.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16175
	answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Government recognises that widespread free access to cash remains important to the day-to-day lives of many people and businesses in the UK. At Spring Statement 2018, the Treasury launched a Call for Evidence on Cash &amp; Digital Payments. This sought to gather evidence on how changing preferences for cash and digital payments impact on different sectors, regions and demographics. In its response document, the Government reiterated its policy is to safeguard access to cash for those who need it while supporting digital payments.</p><p> </p><p>LINK, the scheme that runs the UK’s ATM network, has committed to maintain the broad geographical coverage of the ATM network in the UK. LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. Furthermore, LINK recently announced new additional premiums to safeguard the presence of free-to-use ATMs in remote and deprived areas.</p><p> </p><p>The Government-established Payment Systems Regulator, which regulates LINK, is closely monitoring developments within ATM provision and has used its powers to hold LINK to account over its commitments.</p><p> </p><p><strong> </strong></p> answering member printed Lord Young of Cookham question first answered 20/06/2019 11:28:32 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1133482

	registered interest
	date	19/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Equality
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they have taken to ensure that the UK financial sector (1) increases its diversity, and (2) ensures equal pay.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16517
	answer	answer is ministerial correction date of answer 02/07/2019 answer text It is the Government’s aspiration to see diversity across the UK economy, and HM Treasury’s Women in Finance Charter reflects our ambition to see an improved gender balance in the financial services industry. So far, over 330 financial services firms have signed the Charter, committing to implement strategic actions to improve their gender balance in senior positions.<p> </p>Regarding wider work to improve diversity in the UK labour market, we are supporting the government commissioned Hampton-Alexander review to push for 33% of all board and senior leadership positions to be held by women by 2020 in the FTSE 350. Government also fully supports the Parker Review, which recommends that FTSE100 and 250 boards should have at least one director of colour by 2021 and 2024, respectively. The Prime Minister also launched the Race at Work Charter and a consultation on mandatory ethnicity pay reporting as part of a package of measures to make the workplace fairer for people from ethnic minority groups. Over 150 employers have signed the Race at Work Charter, including a number of financial services firms.<p> </p>Equal pay for men and women doing the same work, equivalent work or work of equal value, has been a legal requirement since 1970. The Government remains fully committed to the Equal Pay protections in the Equality Act 2010.<p> </p>In 2017, the Government introduced regulations requiring large employers across all sectors, including financial services, to publish the differences in what they pay their male and female staff in average salaries and bonuses annually. The gender pay gap is caused by many factors and does not necessarily mean an employer has breached equal pay laws. Transparency is key to highlighting gender-based differences in pay and enabling employees to hold their employers to account, particularly where equal pay law may have been breached. answering member printed Lord Young of Cookham question first answered 02/07/2019 16:02:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1134330

	registered interest
	date	24/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to regulate the use of new crypto-currencies created by large technology companies; and what steps they are taking to protect private financial information in that sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16615
	answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, large technology companies developing cryptoassets clearly raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce<sup><sup>[1]</sup></sup> to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Government takes the protection and privacy of personal data extremely seriously. All organisations, especially the biggest global tech firms who process private financial data containing personal information, must comply with the GDPR and the UK's Data Protection Act 2018, which poses strict obligations on organisations to ensure that UK citizen's data is stored safely and securely.</p><p> </p><p>[1] Comprised of HM Treasury, the FCA, and the Bank of England</p><p> </p> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:47:25 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1135096

	registered interest
	date	26/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inheritance Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16723
	answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:39:20 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1136436

	registered interest
	date	02/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to invest in infrastructure projects in the UK financial services industry to help address climate change.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16886
	answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>On 2<sup>nd</sup> July, the Government launched its Green Finance Strategy with the ambition to align private sector financial flows with clean, environmentally sustainable and resilient growth, and strengthen the competitiveness of our financial sector. The strategy outlines how we will drive the greening of the financial system and help mobilise private sector finance to meet our environmental objectives, including through infrastructure projects in the UK and overseas. We have also worked with the City of London to launch the Green Finance Institute on 2<sup>nd</sup> July.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:22:07 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick