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1141093

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Imports
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department plans to operate a triage system for imports in the event that the UK leaves the EU without a deal.
	tabling member constituency	Cardiff Central
	tabling member printed	Jo Stevens
	uin	280336
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>In the event of a 'no deal', the Government’s priority is to keep goods moving and avoid delays at the border. As the customs authority, HMRC will act to ensure that border processes are as smooth as possible, without compromising security.</p><p> </p><p>After listening to concerns from businesses, the Government is introducing temporary easements for a ‘no deal’ scenario to help businesses keep trading. This includes Transitional Simplified Procedures (TSP), where once registered traders will be able to import goods from the EU into the UK without having to make a full customs declaration at the border and will be able to postpone paying any duties.</p><p> </p><p>Border Force and HMRC will continue to carry out risk based checks on goods entering the UK as they do now.</p><p><strong> </strong></p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:39:30 answering member 4483 label Biography information for Rishi Sunak
	tabling member	4425 label Biography information for Jo Stevens

1140851

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Claims Management Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to regulate complaints made by claims management companies on behalf of complainants on the same basis as independent and other financial advisors, banks and building societies.
	tabling member constituency	Cardiff West
	tabling member printed	Kevin Brennan
	uin	280141
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>The Financial Conduct Authority (FCA) has taken over regulation of claims management companies (CMCs). The FCA rules mean CMCs must meet the same basic standards as other FCA-regulated firms on conduct, as well as additional CMC-specific rules.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:34:16 answering member 4483 label Biography information for Rishi Sunak
	tabling member	1400 label Biography information for Kevin Brennan

1140852

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Funerals: Pre-payment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to bring pre-payment funeral plans under the regulation of the Financial Conduct Authority in line with other financial products.
	tabling member constituency	Cardiff West
	tabling member printed	Kevin Brennan
	uin	280142
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>HM Treasury launched a call for evidence on the regulation of pre-paid funeral plans in June 2018. The call for evidence has confirmed that consumer detriment is present in the pre-paid funeral plan sector and that there is broad demand for the sector to come under compulsory regulation.</p><p> </p><p>Consequently, the government intends to bring the pre-paid funeral plan market within the remit of the Financial Conduct Authority and is currently consulting on the proposed legislative framework to implement this proposal. This will allow the FCA to establish a robust regulatory regime which will apply to all funeral plan providers, and improve protection for consumers.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:37:02 answering member 4483 label Biography information for Rishi Sunak
	tabling member	1400 label Biography information for Kevin Brennan

1140833

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Crime
	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 SWIFT on access to their database to help tackle economic crime.
	tabling member constituency	Oxford East
	tabling member printed	Anneliese Dodds
	uin	280376
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>On 12 July, the government published a joint public-private Economic Crime Plan. In developing the Plan, the government held 37 consultation events engaging with over 100 stakeholders including the SWIFT Institute.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:30:56 answering member 4483 label Biography information for Rishi Sunak
	tabling member	4657 label Biography information for Anneliese Dodds

1141473

	registered interest
	date	23/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wills: VAT
	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 merits of removing VAT from wills that include a charitable donation.
	tabling member constituency	Newcastle-under-Lyme
	tabling member printed	Paul Farrelly
	uin	280957
	answer	answer is ministerial correction date of answer 26/07/2019 answer text <p>Under current EU law, it is not possible to remove VAT on fees for writing wills where those wills include charitable donations.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 26/07/2019 10:19:44 answering member 3991 label Biography information for Jesse Norman
	tabling member	1436 label Biography information for Paul Farrelly

1141173

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	H2O Asset Management
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answers by Lord Young of Cookham on 15 July (HL16842 and HL16843), whether they will now answer the questions put.
	tabling member printed	Lord Myners
	uin	HL17356
	answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>Investment fund suspensions arise when demand for redemptions exceeds the liquidity in the fund. To service these redemptions, a fund may need to sell assets at a depressed market value, to the detriment of investors, while selling only the liquid assets could result in a fund breaching its investment mandate and possibly FCA rules. The Government recognises that fund suspensions can thereby act to protect the interests of investors in the fund.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds. The FCA’s detailed rule book ensures that firms treat their customer fairly, and its robust supervision and enforcement powers mean it can, and does, take action where a firm breaches the rules. Whether or not there has been any breach of regulatory requirements relating to UK funds and any possible investigation would be a matter for the FCA.</p><p> </p><p>In circumstances where an investment fund is domiciled outside of the UK, the supervision of its compliance with applicable rules, such as the UCITS Directive, is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:01:44 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141175

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lendy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Financial Conduct Authority's (FCA) letter as part of the Written Answer by Lord Young of Cookham on 24 June (HL16212), whether the FCA was (1) informed, or (2) otherwise aware, that investors via Lendy Limited were creditors to a peer-to-peer platform; and whether such information could have been determined from the accounts of Lendy Limited.
	tabling member printed	Lord Myners
	uin	HL17358
	answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:02:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141518

	registered interest
	date	23/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why HM Treasury has decided to not introduce a cap on the age of tax debts which will be eligible for secondary preferential status in insolvencies from April 2020; and what assessment they have made of the impact of this decision on the costs of insolvency procedures and business lending.
	tabling member printed	Baroness Burt of Solihull
	uin	HL17386
	answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1567 label Biography information for Baroness Burt of Solihull

1141519

	registered interest
	date	23/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why HM Treasury has decided that existing lending will not be exempted from their policy of making HMRC a secondary preferential creditor in insolvencies; and what assessment they have made of the impact of this decision on the continued availability of existing business lending.
	tabling member printed	Baroness Burt of Solihull
	uin	HL17387
	answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17386 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1567 label Biography information for Baroness Burt of Solihull

1141551

	registered interest
	date	23/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they have identified any features in common in the cases of London Capital and Finance, Lendy Limited and Collateral (UK) Limited that require a change in regulation, law or process.
	tabling member printed	Lord Myners
	uin	HL17419
	answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>London Capital and Finance plc (LCF) are a firm that issued mini-bonds, that entered administration on 30 January 2018. On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at LCF, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Lendy Limited and Collateral (UK) Limited are peer to peer (P2P) platforms authorised by the FCA and subject to FCA rules.</p><p> </p><p>The operationally independent FCA’s investigation into the circumstances that led to the administration of Lendy is ongoing, and it would be inappropriate for Government to pre-empt its findings, or that of the investigation of the events at LCF.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:34:42 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners