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1668395

registered interest
date	08/11/2023
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, with reference to the Green Finance Strategy, when the Government plans to publish the consultation on introducing a Green Taxonomy for the UK.
tabling member constituency	Bristol East
tabling member printed	Kerry McCarthy
uin	713
answer	answer is ministerial correction date of answer 13/11/2023 answer text <p>The 2023 Green Finance Strategy set out the Government’s commitment to deliver a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives. It also announced that we expect to consult on the Taxonomy in Autumn 2023.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 13/11/2023 13:53:39 answering member 4874 label Biography information for Andrew Griffith
tabling member	1491 label Biography information for Kerry McCarthy

1667519

registered interest
date	07/11/2023
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, what assessment he has made of the potential impact of a UK central bank digital currency on the right to privacy.
tabling member constituency	Haltemprice and Howden
tabling member printed	Mr David Davis
uin	44
answer	answer is ministerial correction date of answer 13/11/2023 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 design of any digital currency.</p><p> </p><p>A 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.</p><p>The Government has committed to bring forward legislation in Parliament prior to any Digital Pound being introduced.</p><p>The Government and Bank of England consulted on these privacy features of the potential digital pound over February-June 2023, and are currently reviewing the feedback received. A consultation response will be published in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 13/11/2023 13:56:24 answering member 4874 label Biography information for Andrew Griffith
tabling member	373 label Biography information for Sir David Davis

1666841

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with industry stakeholders on the issuing of a digital gilt.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203991
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The government has spoken to numerous industry participants who have supported the development of the government’s practical understanding of the potential advantages of digital ledger technology (DLT) to financial markets, the design choices around the technology’s implementation, and the legal considerations associated with digital securities.</p><p> </p><p>We are not actively pursuing an issuance of a DLT sovereign debt instrument at this time. We will continue to monitor market developments relating to the use of DLT within capital markets, including how these may impact the government as a market participant in future.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:47:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666492

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions his Department has had with business on interest rates.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	203838
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Treasury ministers and officials hold regular discussions with businesses, both individually and through their representative organisations such as the Federation of Small Businesses, the Institute of Directors, The 100 Group and the British Chambers of Commerce, on a range of issues affecting businesses including interest rates.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:59:16 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon

1666499

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings: Taxation
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 ensure consistency of collection of tax on the interest of savings that are not due until maturity of the savings bond.
tabling member constituency	Warrington South
tabling member printed	Andy Carter
uin	203964
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The taxation of interest arising on savings bonds depends on the terms and conditions applying to each and may differ as not all savings bonds are the same.</p><p> </p><p>Income tax is charged on the full amount of interest ‘arising’ to a person in a tax year and interest normally ‘arises’ when the amount is received or is credited to an account on which the holder is free to draw.</p><p> </p><p>The terms of a savings bond may be that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case, the interest arises each year and is taxed each year as it is credited.</p><p> </p><p>On the other hand, it is possible that interest may be credited each year, but the terms of the bond may mean the bondholder cannot draw on it or benefit from it until the end of the term. In that case all the interest paid on the bond would be regarded as ‘arising’ when it became available to the bondholder on maturity of the bond.</p><p> </p><p>This long-standing position is explained in HMRC’s guidance at <a href="https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440#:~:text=Interest%20'arises'%20when%20it%20is,when%20interest%20arises%20see%20SAIM2400." target="_blank">SAIM2440</a>, and there have been no recent changes.</p><p> </p><p>In either case, to the extent that the interest arising in any year is not covered by personal allowances, such as the Personal Savings Allowance, the tax will be collected in the same way, usually through a taxpayer’s PAYE code or a self-assessment tax return.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 10:56:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	4791 label Biography information for Andy Carter

1666612

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many individual (a) prosecutions and (b) convictions there have been under the Money Laundering Regulations by the Financial Conduct Authority in each year since 2013.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203729
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. I have however passed the question to them to answer. The FCA will reply directly to the noble Member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203730 question first answered 26/10/2023 09:57:26 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1666615

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: Directors
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many directors have been (a) prosecuted and (b) convicted by the Financial Conduct Authority under the Money Laundering Regulations since 2013.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203730
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. I have however passed the question to them to answer. The FCA will reply directly to the noble Member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203729 question first answered 26/10/2023 09:57:26 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1666657

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with counterparts in (a) Canada, (b) the European Union and (c) other jurisdictions on alignment of the (i) definition and (ii) interpretation of fiduciary duty.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203734
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203735 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666658

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
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 support the UK’s investment industry in meeting their fiduciary duty to consumers.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203735
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203734 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666340

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many and what proportion of firms regulated by the Financial Conduct Authority are SMEs.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203639
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203640 203641 203642 203643 question first answered 25/10/2023 15:18:36 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge