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1660725

registered interest
date	14/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by the Financial Conduct Authority entitled Financial Lives 2022 survey, published on 26 July 2023, if he will hold discussions with the Financial Conduct Authority on the findings of that survey on the number of people who unsuccessfully attempted to contact their financial services providers in the last 12 months.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	199540
answer	answer is ministerial correction date of answer 19/09/2023 answer text <p>The Government wants to ensure that everyone can access useful support from their financial service providers and understands that for many customers, getting through to their provider is often the starting point for receiving help.</p><p> </p><p>The Financial Conduct Authority’s (FCA) Financial Lives Survey provides a nationally representative view of UK adults’ financial behavior and experience of the UK financial services industry. While in the 12 months to May 2022, the Survey shows that 84% of those who used customer support services in the last 12 months agreed that it helped them achieve what they wanted to, in the same period, 14% of adults who held one or more financial products unsuccessfully attempted to contact one or more of their financial services providers.</p><p> </p><p>Already, Ministers and officials regularly engage with the FCA on the key issues affecting customers, including access to support.</p><p> </p><p>The Consumer Duty, introduced on 31 July this year, builds on the FCAs work to ensure that firms act to deliver good outcomes and seeks to set a higher and clearer standard of care that firms owe their customers. Under the duty, firms will have to provide helpful and responsive customer service and equip their customers to make good decisions through communications people can understand, provided at the right time. This means it should be as easy to complain about or switch and cancel products or services as it is to buy them.</p><p> </p><p>To improve access to digital services, the government is continuing to invest in digital infrastructure as well as essential skills. For example, the Digital Entitlement allows for adults with no or low digital skills to study for a new Essential Digital Skills Qualification for free.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/09/2023 12:36:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1660741

registered interest
date	14/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy: Inflation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the potential impact of quantitative easing on the rate of inflation.
tabling member constituency	Bolton North East
tabling member printed	Mark Logan
uin	199664
answer	answer is ministerial correction date of answer 20/09/2023 answer text <p>Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The Government fully supports the Bank in their mission to drive down inflation and is working closely with the Bank to ensure that fiscal and monetary policy are well coordinated.</p><p>The Government remains committed to monetary policy independence, and rightly does not comment on the conduct or effectiveness of monetary policy.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2023 09:32:26 answering member 4874 label Biography information for Andrew Griffith
tabling member	4815 label Biography information for Mark Logan

1660823

registered interest
date	14/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Ulster Bank: Loans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of reviewing the use of (a) interest rate hedging and (b) swap-like products in connection with fixed rate loans products by Ulster Bank in Northern Ireland.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	199685
answer	answer is ministerial correction date of answer 21/09/2023 answer text <p>In June the High Court granted permission for a legal review of the Financial Conduct Authority’s (FCA’s) handling of the compensation for victims of the mis-selling of Interest Rate Hedging Products (IRHPs). A final hearing is expected to take place in 2024. In the meantime, I hope you can appreciate that it would not be appropriate for the Government to comment on an ongoing legal case.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2023 13:52:33 answering member 4874 label Biography information for Andrew Griffith
tabling member	4856 label Biography information for Stephen Farry

1660388

registered interest
date	13/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of a UK central bank digital currency on financial exclusion.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	199268
answer	answer is ministerial correction date of answer 21/09/2023 answer text <p>The Government is committed to promoting financial inclusion, meaning that individuals, regardless of their background or income, have access to useful and affordable financial products and services. These include banking, payment services, credit, insurance, and the use of financial technology.</p><p> </p><p>The consultation on the digital pound closed on 30 June, and we are now assessing the responses. We will publish a consultation response publication in due course. A digital pound could help financial exclusion. Financial inclusion and the needs of vulnerable people will be considered by HM Treasury and the Bank of England at every stage.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2023 13:49:04 answering member 4874 label Biography information for Andrew Griffith
tabling member	178 label Biography information for John McDonnell

1660389

registered interest
date	13/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of a UK central bank digital currency on the right to privacy.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	199271
answer	answer is ministerial correction date of answer 21/09/2023 answer text <p>Individuals’ privacy, user control and the proper use of data in line with UK data protection laws are of paramount importance to the public, HM Treasury and the Bank of England. The Government recognises the launch of a digital pound would require deep public trust in this new form of money – trust that their money would remain safe, accessible, and private.</p><p> </p><p>The digital pound would be subject to rigorous standards of privacy and data protection. Neither the Government nor the Bank of England would have access to personal data, nor be able to see how consumers use their money.  Similarly, the Government and the Bank of England would not put any restrictions on how the public choose to spend digital pounds – users would have complete freedom in how they spent their money.</p><p> </p><p>We consulted on the privacy features of a potential digital pound in February, and we are currently reviewing the feedback received from industry and the general public. We will publish a consultation response publication in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2023 13:50:38 answering member 4874 label Biography information for Andrew Griffith
tabling member	178 label Biography information for John McDonnell

1660215

registered interest
date	12/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Development Banks
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to implement the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks.
tabling member constituency	Newport West
tabling member printed	Ruth Jones
uin	199165
answer	answer is ministerial correction date of answer 19/09/2023 answer text <p>The Government is highly supportive of the recommendations of the G20 Independent Review of Multilateral Development Banks’ (MDBs) Capital Adequacy Frameworks, which is expected to unlock hundreds of billions of dollars of additional financing for developing countries, vital in helping to deliver against the Sustainable Development Goals and climate change objectives. Alongside FCDO ministerial colleagues, the Chancellor has been working closely with G20 counterparts to ensure that MDBs begin to analyse and agree reforms. In July, the Chancellor was pleased to endorse the G20 Roadmap for implementing these reforms, drawing attention to the initial $200bn of additional lending headroom which could be unlocked over the next 10 years from reforms agreed or being considered this year, whilst encouraging further ambitious implementation beyond this. We have seen some excellent progress, but more must be done to achieve the significant potential of this review and the Government will continue to pursue this.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/09/2023 12:45:38 answering member 4874 label Biography information for Andrew Griffith
tabling member	4716 label Biography information for Ruth Jones

1660253

registered interest
date	12/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Environment Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to include social-related disclosures in the Sustainability Disclosure Requirements regime.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	199191
answer	answer is ministerial correction date of answer 20/09/2023 answer text <p>Sustainability Disclosure Requirements (SDR) form a framework to facilitate and streamline the flow of sustainability information between corporates, consumers, investors, and capital markets.</p><p><em> </em></p><p>The Government seeks to establish a balance between SDR requirements and not placing unique administrative burdens on businesses.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2023 09:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4488 label Biography information for Martyn Day

1659435

registered interest
date	11/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Institutions: Complaints
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will hold discussions with financial institutions on customer complaints and the way they operate the Your Business Profile system.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	198607
answer	answer is ministerial correction date of answer 14/09/2023 answer text <p>Banks and building societies occupy a privileged position in society and I recognise the importance of access to banking services to enable businesses to manage their money on a day-to-day basis.</p><p> </p><p>That is why Treasury ministers and officials regularly hold discussions with financial institutions, both individually and through the trade association UK Finance, on a range of issues including how those institutions can best serve their business customers.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 14/09/2023 14:47:55 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1659461

registered interest
date	11/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Politically Exposed Persons
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what information his Department holds on how many people are listed as Politically Exposed Persons.
tabling member constituency	South Holland and The Deepings
tabling member printed	Sir John Hayes
uin	198595
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The Money Laundering Regulations 2017 require businesses within the regulated sector (such as banks) to treat individuals who are entrusted with prominent public functions as PEPs. The Financial Conduct Authority (FCA) provides guidance to businesses within the regulated sector on which customers should be regarded as PEPs under the Money Laundering Regulations, and how a proportionate risk-based based approach to these customers (and their known close associates and family members) should be applied. It is for each business within the regulated sector to decide which of its customers are PEPs, in accordance with this guidance. The Government does not maintain a register of PEPs, and does not hold information on the number of people designated by regulated businesses as PEPs.</p><p> </p><p>The FCA guidance on the treatment of politically exposed persons for anti-money laundering purposes is available at <a href="https://www.fca.org.uk/publications/finalised-guidance/fg17-6-treatment-politically-exposed-persons-peps-money-laundering" target="_blank">https://www.fca.org.uk/publications/finalised-guidance/fg17-6-treatment-politically-exposed-persons-peps-money-laundering</a> The Financial Services and Markets Act 2023 committed the FCA to conduct a review into financial institutions’ adherence to its guidance on PEPs, and the appropriateness of that guidance. This review is currently underway.</p><p><em> </em></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/09/2023 15:43:31 answering member 4874 label Biography information for Andrew Griffith
tabling member	350 label Biography information for Sir John Hayes

1659462

registered interest
date	11/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an estimate of the number of people who do not have access to a bank account.
tabling member constituency	South Holland and The Deepings
tabling member printed	Sir John Hayes
uin	198596
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The Financial Conduct Authority estimates that 1.1 million of UK adults (2.1%) were ‘unbanked’ in May 2022 – down from 1.3 million UK adults (2.5%) in 2017.</p><p> </p><p>The government is committed to improving access to financial services and recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. That is why the Payment Account Regulations 2015 require the largest UK banking providers to provide fee-free Basic Bank Accounts to anyone who doesn’t already have a current account. As of 30 June 2022 there were 7,361,707 basic bank accounts open in the UK.</p><p> </p><p>In addition, the Chancellor has written to the FCA to request an urgent review into the matter of ‘de-banking’ more broadly. The FCA have agreed to undertake this review, and to share the evidence and findings with the Treasury. This will help inform whether further action is necessary to ensure nobody is being unfairly denied banking facilities.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/09/2023 15:46:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	350 label Biography information for Sir John Hayes