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1718238

registered interest
date	15/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Office for Budget Responsibility: Forecasts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will establish an independent body to verify the accuracy of forecasts made by the Office for Budget Responsibility.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	26369
answer	answer is ministerial correction date of answer 20/05/2024 answer text <p>The OBR is required by legislation to publish an evaluation of its forecasts against outturn data each year, and in 2023 also published a working paper assessing its historic forecast performance since it was established. The paper showed that its GDP growth and borrowing forecasts were comparable to external forecasters, and more accurate than previous Treasury forecasts.</p><p> </p><p>The OBR is reviewed externally every five years.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 20/05/2024 12:42:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1715758

registered interest
date	03/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what his planned timetable is to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to differentiate between (a) domestic and (b) foreign politically exposed persons.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	24739
answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>The Government has already amended the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to distinguish between domestic and non-domestic politically exposed persons (PEPs).</p><p> </p><p>The amendment came into force on 10 January 2024 and makes clear that regulated firms must apply a lower level of enhanced due diligence to domestic PEPs and family members or close associates of domestic PEPs, compared to non-domestic PEPs, unless other risk factors are present.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 09/05/2024 15:27:24 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1715215

registered interest
date	01/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	No-interest Loans Scheme: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he expects the pilot No Interest Loan Scheme run by Fair4AllFinance to be launched in Northern Ireland before the end of the calendar year.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	24402
answer	answer is ministerial correction date of answer 07/05/2024 answer text <p>The government funded No Interest Loan Scheme (NILS) is being run by Fair4AllFinance, in conjunction with their partners. The pilot is designed to test the impact that NILS could have on addressing the needs of vulnerable consumers across the UK.</p><p> </p><p>Fair4AllFinance have now rolled out the pilot in England, Scotland and Wales. Fair4AllFinance will continue to engage closely with stakeholders, including the Northern Ireland Executive, in an effort to deliver our shared ambition to launch a pilot site in Northern Ireland.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 07/05/2024 16:19:14 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1713845

registered interest
date	25/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Insurance
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 insurance companies on trends in the level of car insurance premia.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	23697
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including financial services firms, on an ongoing basis. <br>    <br>The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.</p><p>The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 30/04/2024 12:44:07 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1713187

registered interest
date	23/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he plans to take in the 2024-25 financial year to help tackle crypto currency fraud.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	23147
answer	answer is ministerial correction date of answer 26/04/2024 answer text <p>The Government takes the issue of fraud very seriously, and published a comprehensive Fraud Strategy in May last year. Through this the Government will work: with industry to remove the vulnerabilities that fraudsters exploit; with intelligence agencies to shut down fraudulent infrastructure; with law enforcement to identify and bring the most harmful offenders to justice; and with all partners to ensure that the public have the advice and support they need</p><p><br>Further, the Financial Conduct Authority (FCA) commenced enforcement of the cryptoassets financial promotion regime in October last year, requiring such promotions to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products. In the next phase of its work, the Government is creating a comprehensive financial services regulatory regime for cryptoassets in the UK.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 26/04/2024 13:07:45 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1702404

registered interest
date	19/04/2024
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, what progress he has made on the UK Green Taxonomy financial proposals.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	22703
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.</p><p> </p><p>The Government expects to publish the consultation on the UK Green Taxonomy shortly.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 24/04/2024 15:19:34 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1702111

registered interest
date	18/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Post Offices: Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to hold discussions with representatives of the main banks on the potential merits of agreeing a new banking framework with the Post Office for the period after 2025.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	22517
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Government is supportive of industry initiatives that assist access to in-person banking. These include the Post Office Banking Framework, which allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.</p><p>Negotiations between the banking industry and the Post Office regarding any future Banking Framework are commercial discussions and the Government has no role.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/04/2024 10:43:36 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1698430

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	No-interest Loans Scheme: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to expand the pilot No Interest Loan Scheme to Northern Ireland.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	20205
answer	answer is ministerial correction date of answer 15/04/2024 answer text <p>The government funded No Interest Loan Scheme (NILS) is being run by Fair4AllFinance, in conjunction with their partners. The pilot is designed to test the impact that NILS could have on addressing the needs of vulnerable consumers across the UK.</p><p> </p><p>Fair4AllFinance have now rolled out the pilot in England, Scotland and Wales. Fair4AllFinance will continue to engage closely with stakeholders, including the Northern Ireland Executive, in an effort to deliver our shared ambition to launch a pilot site in Northern Ireland.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 15/04/2024 11:29:05 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1697852

registered interest
date	21/03/2024
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, whether he plans to publish a report on the impact of Consumer Duty on consumer contact with financial services firms in the 12 months since it's establishment.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	19809
answer	answer is ministerial correction date of answer 26/03/2024 answer text <p>The Government has no plans to publish a report on the impact of the Consumer Duty.</p><p> </p><p>The Consumer Duty was introduced by the Financial Conduct Authority (FCA), which is operationally independent from Government and is directly accountable to Parliament for how it carries out its functions. The FCA has committed to monitoring the outcomes experienced by different consumer groups, including those in vulnerable circumstances, to check they are not being disadvantaged as a result of the Duty. It also publishes information about the implementation of the Consumer Duty by firms, including examples of good practice and areas for improvement, on its website: https://www.fca.org.uk/firms/consumer-duty</p><p> </p><p>The Financial Services and Markets Act 2023 introduced a new requirement on the financial services regulators to keep their rules under review, and to publish a statement of policy for how they conduct rule reviews. The FCA’s rule review framework can be found at: <a href="https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework" target="_blank">https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework</a>.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 26/03/2024 15:42:29 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1695756

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Chelsea Football Club: Sales
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress the Financial Sanctions Implementation Office has made on establishing the foundation to manage and distribute monies from the proceeds of the sale of Chelsea FC.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	18399
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>The proceeds from the sale of Chelsea FC are currently frozen in a UK bank account while independent experts establish a foundation to manage and distribute the money. A licence from the Office of Financial Sanctions Implementation will then be needed to move the funds to the foundation. We are working hard to reach an arrangement that delivers this money to humanitarian causes in Ukraine as quickly as possible.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/03/2024 15:34:13 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell