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391968

	registered interest
	date	21/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services Compensation Scheme
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government why the compensation limit under the Deposit Guarantee Scheme has been reduced in line with a European directive that sets a limit in euros, despite the fact that the United Kingdom is not in the Eurozone; and whether they will take steps to ensure that United Kingdom citizens do not suffer as a result, if necessary by introducing a separate United Kingdom compensation scheme.
	tabling member printed	Lord Higgins
	uin	HL1731
	answer	answer is ministerial correction date of answer 27/07/2015 answer text <p>The Deposit Guarantee Scheme Directive (DGSD) updates existing legislation designed to harmonise the level of deposit protection provided across the European Economic Area (EEA), of which the UK is a part.</p><p> </p><p> </p><p> </p><p>This is a single market measure to ensure that depositors are entitled to the same level of protection (equivalent to €100,000 per regulated firm, regardless of currency) wherever in the EEA they deposit their money; and that UK firms are not competitively disadvantaged in relation to firms in other EEA jurisdictions.</p><p> </p><p> </p><p> </p><p>As a result of the current strength of the pound in relation to the euro, it has been necessary for the Prudential Regulation Authority (PRA) to revise the sterling coverage limit provided by the UK’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS). However, the Government has taken action to ensure that UK depositors are not exposed to a sudden reduction in the level of protection they receive.</p><p> </p><p> </p><p> </p><p>HM Treasury has laid a statutory instrument to ensure that depositors who are currently entitled to £85,000 of protection from the FSCS will continue to be until 31 December 2015, after which the new deposit coverage limit of £75,000 will come into effect.</p><p> </p><p> </p><p> </p><p>This will ensure that there is sufficient time available for depositors to be made aware of the changes, and to take any necessary steps to manage their financial affairs appropriately in light of this change. It is estimated that 5 per cent of retail depositors are affected by this change.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 27/07/2015 13:46:00 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1067 label Biography information for Lord Higgins

391945

	registered interest
	date	21/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Aggregates Levy
	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 European Commission decision regarding exemption from the aggregates levy.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1708
	answer	answer is ministerial correction date of answer 30/07/2015 answer text <p>The European Commission concluded a State aid investigation into various Aggregates Levy exemptions on 23 March 2015. The Commission had originally approved all the levy exemptions in 2002, but were required to carry out a State aid investigation as a result of legal challenge. The Commission’s decision found all the levy exemptions lawful except for part of the exemption for shale aggregate.</p><p> </p><p> </p><p> </p><p>The Chancellor announced in his Summer Budget that all of the lawful exemptions would be reinstated from 1 August 2015.</p><p> </p><p> </p><p> </p><p>The Commission have ordered recovery of State aid provided by the exemption for some types of shale aggregate. HM Revenue &amp; Customs (HMRC) have recently written to potentially affected businesses. The government will continue to work with the industry to minimise the impact of recovery on affected businesses, and any businesses that are concerned should contact HMRC as soon as possible.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 30/07/2015 15:33:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

392051

	registered interest
	date	22/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they plan to require estate agents to carry out anti-money-laundering due diligence checks on the purchaser of a property, in addition to those they carry out on the seller.
	tabling member printed	Lord Rooker
	uin	HL1806
	answer	answer is ministerial correction date of answer 30/07/2015 answer text <p>The Government will consult this year on transposing the 4th EU Money Laundering Directive in order to comply with the revised global standards of the Financial Action Task Force. We will use this to consult on other changes to improve the effectiveness of the UK’s anti-money laundering and counter terrorist finance regime, including whether or not to require estate agents to conduct due diligence on the buyer as well as the seller of a property.</p><p> </p><p> </p><p> </p><p>The Government is committed to protecting the financial system and national security, through effective and proportionate use of financial sanctions, anti-money laundering, counter-terrorist and proliferation finance measures. All those dealing with property transactions in the UK, including banks, lawyers and estate agents, are required to actively detect and prevent money laundering including reporting suspicious activity to the National Crime Agency and conducting customer due diligence using a risk-based approach.</p><p> </p><p> </p><p> </p><p><strong> </strong></p><p> </p><p><strong> </strong></p><p><strong><br> </strong></p> answering member printed Lord O'Neill of Gatley question first answered 30/07/2015 13:32:07 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	302 label Biography information for Lord Rooker

391947

	registered interest
	date	21/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of how much public-sector borrowing will grow up to 2018–19 as a consequence of the fiscal changes announced in the recent budget.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1710
	answer	answer is ministerial correction date of answer 30/07/2015 answer text <p>The government has set out a strategy that reduces the deficit at the same rate again in this Parliament as over the previous Parliament - that means reducing the deficit by 1.1 per cent of GDP a year on average, for the next four years. While, as set out in the Office for Budget Responsibility’s July Economic and Fiscal Outlook, borrowing is forecast to be £21 billion higher up to 2018-19, the resulting smoother fiscal path leads to a higher surplus and lower public sector net debt as a share of GDP, relative to the March Budget.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 30/07/2015 13:31:22 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

391969

	registered interest
	date	21/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Compensation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in relation to the Deposit Guarantee Scheme, whether the principle of uberrima fides applies to state insurers within the European Union, as well as private insurers.
	tabling member printed	Lord Higgins
	uin	HL1732
	answer	answer is ministerial correction date of answer 27/07/2015 answer text <p>The principle of uberrima fides does not apply to the UK’s Deposit Guarantee Scheme. Uberrima fides is a principle that applies to insurers and insurance contracts, but the Deposit Guarantee Scheme is not an insurance scheme and is not contractual. The duties of the Deposit Guarantee Scheme are set out in the EU Deposit Guarantee Scheme Directive and the relevant UK legislation.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 27/07/2015 13:44:40 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1067 label Biography information for Lord Higgins