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1652105

	registered interest
	date	11/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Trade Marks: Registration
	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 effectiveness of the Financial Conduct Authority's procedures for ensuring that all trading names associated with a single registration are properly authorised.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	193391
	answer	answer is ministerial correction date of answer 18/07/2023 answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, the FCA is responsible for developing and implementing rules, including relating to trading names. Further information on the FCA’s approach is available on its website.</p><p> </p><p>Through the Financial Services Act 2021, the government granted the FCA new powers to remove permissions from firms when they are not carrying out the regulated activities they are permitted to. The FCA has since undertaken a ‘use it or lose it’ exercise, removing firms’ permissions where they are not carrying out regulated activities.</p><p> </p><p>This has seen the FCA carry out 1,090 assessments in 2021/22 and resulted in 264 firms applying to voluntarily cancel, and a further 47 to modify, their permission to carry out regulated activities.</p><p> </p><p>Ministers regularly engage with the FCA on a range of issues while recognising that the independence of the FCA is critical to its functions.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/07/2023 08:13:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	3966 label Biography information for Ian Murray

1652106

	registered interest
	date	11/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Trade Marks: Registration
	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 effectiveness of the Financial Conduct Authority's procedures for authorising the association of multiple trading names with a single registration.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	193392
	answer	answer is ministerial correction date of answer 19/07/2023 answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, the FCA is responsible for developing and implementing rules, including relating to trading names. Further information on the FCA’s approach is available on its website.</p><p> </p><p>Through the Financial Services Act 2021, the government granted the FCA new powers to remove permissions from firms when they are not carrying out the regulated activities they are permitted to. The FCA has since undertaken a ‘use it or lose it’ exercise, removing firms’ permissions where they are not carrying out regulated activities.</p><p> </p><p>This has seen the FCA carry out 1,090 assessments in 2021/22 and resulted in 264 firms applying to voluntarily cancel, and a further 47 to modify, their permission to carry out regulated activities.</p><p> </p><p>Ministers regularly engage with the FCA on a range of issues while recognising that the independence of the FCA is critical to its functions.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/07/2023 07:34:15 answering member 4874 label Biography information for Andrew Griffith
	tabling member	3966 label Biography information for Ian Murray