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518082

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they plan to review the Financial Conduct Authority authorisation exemption for insolvency practitioners.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL8243
	answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>The government consulted extensively on its reforms to the consumer credit market prior to the transfer of regulation from the Office of Fair Trading to the Financial Conduct Authority (FCA) in April 2014. The result of that consultation included the exclusion for insolvency practitioners when acting in reasonable contemplation of being appointed as an insolvency practitioner (IP).</p><p> </p><p>It remains the government’s view that when an insolvency practitioner is no longer acting in reasonable contemplation of being appointed as an IP, they must be authorised by the FCA if they wish to continue providing debt advice. There are no immediate plans to review this exclusion. However, the government does maintain an interest in the impact of regulation on the debt advice market.</p><p> </p><p>The FCA is thoroughly assessing every debt management firm’s fitness to trade as part of the authorisation process. The size of the debt advice market will not be known until this process is complete. The government will stay in contact with the FCA throughout the authorisation process to monitor the impact on customer journeys and capacity.</p><p> </p><p>For IPs concerned about the potential burden of FCA authorisation, the FCA has been clear that it takes a proportionate approach to setting fees. This includes imposing tiered fees based on the income a firm generates from its credit activities, ensuring that the smallest firms pay the lowest fees. There also remain other options for smaller firms to consider, including the appointed representative regime.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8244 HL8245 question first answered 11/05/2016 16:10:03 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

518083

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Insolvency
	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 Financial Conduct Authority authorisation of insolvency practitioners on the size of the debt advice market.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL8244
	answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>The government consulted extensively on its reforms to the consumer credit market prior to the transfer of regulation from the Office of Fair Trading to the Financial Conduct Authority (FCA) in April 2014. The result of that consultation included the exclusion for insolvency practitioners when acting in reasonable contemplation of being appointed as an insolvency practitioner (IP).</p><p> </p><p>It remains the government’s view that when an insolvency practitioner is no longer acting in reasonable contemplation of being appointed as an IP, they must be authorised by the FCA if they wish to continue providing debt advice. There are no immediate plans to review this exclusion. However, the government does maintain an interest in the impact of regulation on the debt advice market.</p><p> </p><p>The FCA is thoroughly assessing every debt management firm’s fitness to trade as part of the authorisation process. The size of the debt advice market will not be known until this process is complete. The government will stay in contact with the FCA throughout the authorisation process to monitor the impact on customer journeys and capacity.</p><p> </p><p>For IPs concerned about the potential burden of FCA authorisation, the FCA has been clear that it takes a proportionate approach to setting fees. This includes imposing tiered fees based on the income a firm generates from its credit activities, ensuring that the smallest firms pay the lowest fees. There also remain other options for smaller firms to consider, including the appointed representative regime.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8243 HL8245 question first answered 11/05/2016 16:10:03 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

518084

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Insolvency
	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 regulatory impact of the Financial Conduct Authority authorisation of insolvency practitioners.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL8245
	answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>The government consulted extensively on its reforms to the consumer credit market prior to the transfer of regulation from the Office of Fair Trading to the Financial Conduct Authority (FCA) in April 2014. The result of that consultation included the exclusion for insolvency practitioners when acting in reasonable contemplation of being appointed as an insolvency practitioner (IP).</p><p> </p><p>It remains the government’s view that when an insolvency practitioner is no longer acting in reasonable contemplation of being appointed as an IP, they must be authorised by the FCA if they wish to continue providing debt advice. There are no immediate plans to review this exclusion. However, the government does maintain an interest in the impact of regulation on the debt advice market.</p><p> </p><p>The FCA is thoroughly assessing every debt management firm’s fitness to trade as part of the authorisation process. The size of the debt advice market will not be known until this process is complete. The government will stay in contact with the FCA throughout the authorisation process to monitor the impact on customer journeys and capacity.</p><p> </p><p>For IPs concerned about the potential burden of FCA authorisation, the FCA has been clear that it takes a proportionate approach to setting fees. This includes imposing tiered fees based on the income a firm generates from its credit activities, ensuring that the smallest firms pay the lowest fees. There also remain other options for smaller firms to consider, including the appointed representative regime.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8243 HL8244 question first answered 11/05/2016 16:10:04 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

518092

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: Malawi
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what progress has been made in the renegotiation of the 1955 tax treaty between the UK and Malawi, and when the new treaty is expected to be agreed and signed.
	tabling member printed	Lord McConnell of Glenscorrodale
	uin	HL8253
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Discussions with Malawi over a new tax treaty began some years ago, and substantive agreement has been reached at official level. The Government of Malawi have stated that they hope to be in a position to sign the new treaty in the near future.</p><p> </p><p>The current negotiations are a matter for the two governments. The UK’s starting point in negotiations is based closely on the OECD Model Double Taxation Convention, which is also the basis for most other countries’ tax treaties. Some developing countries prefer to follow the UN Model, the provisions of which differ in some areas to the OECD Model. The UK does adopt these provisions in its treaties where agreement is reached.</p><p> </p><p>This is a matter for the Government of Malawi. However, they have stated that there is no evidence that the current 1955 agreement has motivated British investors to deprive the Government of Malawi of its revenues.</p><p> </p><p>The terms of tax treaties are for the negotiators of both countries to agree. Only when both governments are content with the terms of the treaty will the treaty be signed. It would be inappropriate for draft treaties to be published in advance of signature to the treaty.</p><p> </p><p>In the UK tax treaties are published and subject to parliamentary scrutiny before they become law and enter into force. A form of approval is usually followed in the corresponding country, thus giving a further level of assurance that the terms are acceptable to both Governments.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8254 HL8255 HL8256 HL8257 question first answered 12/05/2016 10:02:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4168 label Biography information for Lord McConnell of Glenscorrodale

518093

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: Malawi
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government how the ongoing negotiations between the UK and Malawi towards an updated taxation treaty will take account of Malawi’s development situation.
	tabling member printed	Lord McConnell of Glenscorrodale
	uin	HL8254
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Discussions with Malawi over a new tax treaty began some years ago, and substantive agreement has been reached at official level. The Government of Malawi have stated that they hope to be in a position to sign the new treaty in the near future.</p><p> </p><p>The current negotiations are a matter for the two governments. The UK’s starting point in negotiations is based closely on the OECD Model Double Taxation Convention, which is also the basis for most other countries’ tax treaties. Some developing countries prefer to follow the UN Model, the provisions of which differ in some areas to the OECD Model. The UK does adopt these provisions in its treaties where agreement is reached.</p><p> </p><p>This is a matter for the Government of Malawi. However, they have stated that there is no evidence that the current 1955 agreement has motivated British investors to deprive the Government of Malawi of its revenues.</p><p> </p><p>The terms of tax treaties are for the negotiators of both countries to agree. Only when both governments are content with the terms of the treaty will the treaty be signed. It would be inappropriate for draft treaties to be published in advance of signature to the treaty.</p><p> </p><p>In the UK tax treaties are published and subject to parliamentary scrutiny before they become law and enter into force. A form of approval is usually followed in the corresponding country, thus giving a further level of assurance that the terms are acceptable to both Governments.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8253 HL8255 HL8256 HL8257 question first answered 12/05/2016 10:02:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4168 label Biography information for Lord McConnell of Glenscorrodale

518095

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: Malawi
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of whether the renegotiated tax treaty between the UK and Malawi will improve opportunities for the government of Malawi to raise domestic revenue.
	tabling member printed	Lord McConnell of Glenscorrodale
	uin	HL8255
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Discussions with Malawi over a new tax treaty began some years ago, and substantive agreement has been reached at official level. The Government of Malawi have stated that they hope to be in a position to sign the new treaty in the near future.</p><p> </p><p>The current negotiations are a matter for the two governments. The UK’s starting point in negotiations is based closely on the OECD Model Double Taxation Convention, which is also the basis for most other countries’ tax treaties. Some developing countries prefer to follow the UN Model, the provisions of which differ in some areas to the OECD Model. The UK does adopt these provisions in its treaties where agreement is reached.</p><p> </p><p>This is a matter for the Government of Malawi. However, they have stated that there is no evidence that the current 1955 agreement has motivated British investors to deprive the Government of Malawi of its revenues.</p><p> </p><p>The terms of tax treaties are for the negotiators of both countries to agree. Only when both governments are content with the terms of the treaty will the treaty be signed. It would be inappropriate for draft treaties to be published in advance of signature to the treaty.</p><p> </p><p>In the UK tax treaties are published and subject to parliamentary scrutiny before they become law and enter into force. A form of approval is usually followed in the corresponding country, thus giving a further level of assurance that the terms are acceptable to both Governments.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8253 HL8254 HL8256 HL8257 question first answered 12/05/2016 10:02:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4168 label Biography information for Lord McConnell of Glenscorrodale

518096

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: Malawi
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the renegotiated tax treaty between the UK and Malawi will be published once it is agreed and before it is signed.
	tabling member printed	Lord McConnell of Glenscorrodale
	uin	HL8256
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Discussions with Malawi over a new tax treaty began some years ago, and substantive agreement has been reached at official level. The Government of Malawi have stated that they hope to be in a position to sign the new treaty in the near future.</p><p> </p><p>The current negotiations are a matter for the two governments. The UK’s starting point in negotiations is based closely on the OECD Model Double Taxation Convention, which is also the basis for most other countries’ tax treaties. Some developing countries prefer to follow the UN Model, the provisions of which differ in some areas to the OECD Model. The UK does adopt these provisions in its treaties where agreement is reached.</p><p> </p><p>This is a matter for the Government of Malawi. However, they have stated that there is no evidence that the current 1955 agreement has motivated British investors to deprive the Government of Malawi of its revenues.</p><p> </p><p>The terms of tax treaties are for the negotiators of both countries to agree. Only when both governments are content with the terms of the treaty will the treaty be signed. It would be inappropriate for draft treaties to be published in advance of signature to the treaty.</p><p> </p><p>In the UK tax treaties are published and subject to parliamentary scrutiny before they become law and enter into force. A form of approval is usually followed in the corresponding country, thus giving a further level of assurance that the terms are acceptable to both Governments.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8253 HL8254 HL8255 HL8257 question first answered 12/05/2016 10:02:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4168 label Biography information for Lord McConnell of Glenscorrodale

518097

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: Malawi
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the renegotiated tax treaty between the UK and Malawi will be subject to parliamentary scrutiny after it is agreed but before it is signed.
	tabling member printed	Lord McConnell of Glenscorrodale
	uin	HL8257
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Discussions with Malawi over a new tax treaty began some years ago, and substantive agreement has been reached at official level. The Government of Malawi have stated that they hope to be in a position to sign the new treaty in the near future.</p><p> </p><p>The current negotiations are a matter for the two governments. The UK’s starting point in negotiations is based closely on the OECD Model Double Taxation Convention, which is also the basis for most other countries’ tax treaties. Some developing countries prefer to follow the UN Model, the provisions of which differ in some areas to the OECD Model. The UK does adopt these provisions in its treaties where agreement is reached.</p><p> </p><p>This is a matter for the Government of Malawi. However, they have stated that there is no evidence that the current 1955 agreement has motivated British investors to deprive the Government of Malawi of its revenues.</p><p> </p><p>The terms of tax treaties are for the negotiators of both countries to agree. Only when both governments are content with the terms of the treaty will the treaty be signed. It would be inappropriate for draft treaties to be published in advance of signature to the treaty.</p><p> </p><p>In the UK tax treaties are published and subject to parliamentary scrutiny before they become law and enter into force. A form of approval is usually followed in the corresponding country, thus giving a further level of assurance that the terms are acceptable to both Governments.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8253 HL8254 HL8255 HL8256 question first answered 12/05/2016 10:02:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4168 label Biography information for Lord McConnell of Glenscorrodale

518104

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	London Stock Exchange: Deutsche Borse
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of reports that the London Stock Exchange estimates that its acquisition by Deutsche Bourse will lead to a reduction of £7 billion in the margin capital available to protect the financial system from the consequences of counterparty failure, and of whether such a reduction in collateral represents an unacceptable increase in systemic risk.
	tabling member printed	Lord Myners
	uin	HL8264
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Central Counterparties (CCPs) play a central role in modern financial markets. As the Prime Minster has made clear, the UK’s new settlement with the EU ensures UK firms, including CCPs, will never face any discrimination for being outside the Eurozone.</p><p> </p><p>I refer the noble Lord also to my written answer of 1 April (HL7153).</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8269 question first answered 12/05/2016 10:21:47 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	3869 label Biography information for Lord Myners

518107

	registered interest
	date	09/05/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Cards
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they plan to investigate the growth in the number of banks offering unsecured credit cards with interest and principal payment grace periods of more than three years, in the light of the most recent report by MoneyFacts.
	tabling member printed	Lord Myners
	uin	HL8267
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. On 3 November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:19:59 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	3869 label Biography information for Lord Myners