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1699950

	registered interest
	date	12/04/2024
	answering body	Cabinet Office
	answering dept id	53
	answering dept short name	Cabinet Office
	answering dept sort name	Cabinet Office
	hansard heading	Economic Growth and Exports
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Minister for the Cabinet Office, what assessment he has made of trends in the level of (a) GDP growth and (b) the value of exports in each year since 1 February 2021.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	20941
	answer	answer is ministerial correction date of answer 22/04/2024 answer text <p>The information requested falls under the remit of the UK Statistics Authority.</p><p>A response to the Hon gentleman’s Parliamentary Question of 12/04/2024 is attached.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 22/04/2024 16:16:29 answering member 4051 label Biography information for John Glen attachment 1 file name PQ20941 (2) (1).pdf title UKSA Letter
	tabling member	1565 label Biography information for Sir Philip Davies

1420760

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department is having with the Financial Conduct Authority to ensure that the UK benefits from the potential of the digital assets sector.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120692
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120693 120694 120695 question first answered 16/02/2022 15:01:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420761

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stocks and Shares: Blockchain
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that companies issuing their own securities on blockchain are not all considered crypto asset service providers.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120693
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120694 120695 question first answered 16/02/2022 15:01:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420762

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the Financial Conduct Authority's role in protecting consumers of digital assets and the effect of regulation on stimulating technological innovation.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120694
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120695 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420764

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if his Department will have discussions with the Financial Conduct Authority on the merits that digital assets can bring to UK economy.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120695
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120694 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1344600

	registered interest
	date	07/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to section 1E of the Financial Services and Markets Act 2000 on the competition objective, what assessment he has made of the performance of the Financial Conduct Authority in respect of the anti-money laundering / counter terrorist financing registration of cryptoasset businesses.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	29003
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The FCA’s competition objective, as set out in section 1E of the Financial Services and Market Act 2000 (FSMA), requires the FCA to promote effective competition in the interests of consumers in markets for regulated financial services. Activities relating to cryptoassets do not constitute regulated financial services, except where a cryptoasset qualifies as a Specified Investment under the Regulated Activities Order or is e-Money. The FCA’s competition objective therefore does not apply with respect to most markets for cryptoassets. Where a cryptoasset is a Specified Investment or e-Money, the cryptoasset business should already have been registered with the FCA for anti-money laundering supervision, independently of the new supervisory regime for cryptoasset businesses.</p><p> </p><p>The FCA’s decision to extend the Temporary Registration Regime for cryptoasset businesses to 31 March 2022 will allow firms that are currently on the temporary register to continue operating whilst their applications are assessed, and preserve consumers’ access to a range of cryptoasset firms in the intervening period. This strikes an appropriate balance between mitigating the risk of money laundering in the cryptoasset sector, and ensuring that cryptoasset businesses based in the UK, and the customers they serve, are not subject to undue disruption.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 29004 question first answered 15/07/2021 14:27:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1344601

	registered interest
	date	07/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	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 effectiveness of the Financial Conduct Authority’s recent extension of the Temporary Registration Regime for cryptoasset businesses.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	29004
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The FCA’s competition objective, as set out in section 1E of the Financial Services and Market Act 2000 (FSMA), requires the FCA to promote effective competition in the interests of consumers in markets for regulated financial services. Activities relating to cryptoassets do not constitute regulated financial services, except where a cryptoasset qualifies as a Specified Investment under the Regulated Activities Order or is e-Money. The FCA’s competition objective therefore does not apply with respect to most markets for cryptoassets. Where a cryptoasset is a Specified Investment or e-Money, the cryptoasset business should already have been registered with the FCA for anti-money laundering supervision, independently of the new supervisory regime for cryptoasset businesses.</p><p> </p><p>The FCA’s decision to extend the Temporary Registration Regime for cryptoasset businesses to 31 March 2022 will allow firms that are currently on the temporary register to continue operating whilst their applications are assessed, and preserve consumers’ access to a range of cryptoasset firms in the intervening period. This strikes an appropriate balance between mitigating the risk of money laundering in the cryptoasset sector, and ensuring that cryptoasset businesses based in the UK, and the customers they serve, are not subject to undue disruption.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 29003 question first answered 15/07/2021 14:27:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1343306

	registered interest
	date	02/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the Government's timetable is for publishing a draft Bill on protecting access to cash in response to its consultation on legislative proposals; and what plans he has for how that draft legislation will relate to joint work by the Financial Conduct Authority, Payment Service Regulator and banking industry to protect access to cash.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	26092
	answer	answer is ministerial correction date of answer 08/07/2021 answer text <p>The Government’s consultation on proposals for protecting access to cash for the long term will be open until 23 September 2021. Following the consultation, the Government will set out next steps for delivering on its commitment for legislating to protect access to cash.</p><p>The consultation is available at: <a href="https://www.gov.uk/government/consultations/access-to-cash-consultation" target="_blank">https://www.gov.uk/government/consultations/access-to-cash-consultation</a>.</p><p> </p><p>As detailed in its consultation, the Government proposes that the Financial Conduct Authority (FCA) becomes the lead regulator for oversight of the retail cash system, including having responsibility for monitoring and enforcing new legislative cash access requirements. In adopting this approach, the Government intends that the Payment Systems Regulator (PSR) and Bank of England continue with their existing functions with regards to cash; coordinated actions by the FCA and PSR on cash as part of the COVID-19 response have shown that joint working between the regulators, at both strategic and operational levels, is working effectively.</p><p> </p><p>The Government has, and continues to be, closely engaged with the FCA, PSR, Bank of England, and industry in developing its cash access proposals, including through the Joint Authorities Cash Strategy Group, which provides a forum for the public bodies to formally co-ordinate respective approaches to access to cash. The Group is chaired by HM Treasury and attended by the Bank of England, PSR, and FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 26093 question first answered 08/07/2021 13:01:25 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1343309

	registered interest
	date	02/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will give overall responsibility to the Financial Conduct Authority (FCA) for maintaining a well-functioning cash system; and what discussions his Department has had with the FCA on that matter.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	26093
	answer	answer is ministerial correction date of answer 08/07/2021 answer text <p>The Government’s consultation on proposals for protecting access to cash for the long term will be open until 23 September 2021. Following the consultation, the Government will set out next steps for delivering on its commitment for legislating to protect access to cash.</p><p>The consultation is available at: <a href="https://www.gov.uk/government/consultations/access-to-cash-consultation" target="_blank">https://www.gov.uk/government/consultations/access-to-cash-consultation</a>.</p><p> </p><p>As detailed in its consultation, the Government proposes that the Financial Conduct Authority (FCA) becomes the lead regulator for oversight of the retail cash system, including having responsibility for monitoring and enforcing new legislative cash access requirements. In adopting this approach, the Government intends that the Payment Systems Regulator (PSR) and Bank of England continue with their existing functions with regards to cash; coordinated actions by the FCA and PSR on cash as part of the COVID-19 response have shown that joint working between the regulators, at both strategic and operational levels, is working effectively.</p><p> </p><p>The Government has, and continues to be, closely engaged with the FCA, PSR, Bank of England, and industry in developing its cash access proposals, including through the Joint Authorities Cash Strategy Group, which provides a forum for the public bodies to formally co-ordinate respective approaches to access to cash. The Group is chaired by HM Treasury and attended by the Bank of England, PSR, and FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 26092 question first answered 08/07/2021 13:01:25 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1331970

	registered interest
	date	10/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the mean length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	13887
	answer	answer is ministerial correction date of answer 18/06/2021 answer text <p>The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.</p><p> </p><p>Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p> </p><p>The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.</p><p> </p><p>The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 13888 13889 13890 13891 13892 13893 13894 13895 13897 13898 13899 13900 13901 question first answered 18/06/2021 10:56:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies