Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1418521

registered interest
date	01/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will ensure that Equitable Life policyholders who invested in regulated products will be entitled to similar levels of compensation to those who invested in unregulated mini-bonds marketed by London Capital and Finance.
tabling member constituency	Harrow East
tabling member printed	Bob Blackman
uin	905384
answer	answer is ministerial correction date of answer 01/02/2022 answer text <p>The schemes are not comparable as there are important differences between the situations at Equitable Life and London Capital Finance. The Government compensation schemes in each case sought to achieve a fair outcome for investors and taxpayers based on the particular circumstances surrounding each firm.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/02/2022 17:53:16 answering member 4051 label Biography information for John Glen
tabling member	4005 label Biography information for Bob Blackman

1418523

registered interest
date	01/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Competition
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 increase the competitiveness of the financial services sector.
tabling member constituency	South Cambridgeshire
tabling member printed	Anthony Browne
uin	905389
answer	answer is ministerial correction date of answer 01/02/2022 answer text <p>In his Mansion House statement last July, the Chancellor set out the Government’s vision an open, competitive, green, and technologically advanced financial services.</p><p> </p><p>A sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is already underway; and in November the Government published the second consultation in its Future Regulatory Framework review, which provides a once in a generation opportunity to ensure that the UK maintains a coherent, agile, and internationally respected approach to financial services regulation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/02/2022 17:51:41 answering member 4051 label Biography information for John Glen
tabling member	4801 label Biography information for Anthony Browne

1417738

registered interest
date	28/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many officials in his Department worked on preventing fraud in the coronavirus business support schemes in each month since April 2020.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	113840
answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>HM Treasury takes a flexible and dynamic approach to resourcing to meet Government priorities. We have officials delivering priority work, including on preventing fraud in the COVID-19 business support schemes. However, we do not routinely record the number of civil servants working on individual policy initiatives.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/02/2022 12:17:58 answering member 4051 label Biography information for John Glen
tabling member	4820 label Biography information for Abena Oppong-Asare

1417741

registered interest
date	28/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fraud Advisory Panel
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he has taken in response to the letter he received on 16 June 2020 from the Fraud Advisory Panel.
tabling member constituency	Ealing North
tabling member printed	James Murray
uin	113833
answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>The Fraud Advisory Panel wrote to the Chancellor asking for the details of borrowers under the Bounce Back Loan Scheme to be published, a central repository of loans and grants to be created, and for additional measures to be introduced to tackle fraud.</p><p> </p><p>The British Business Bank, as administrators of the loan scheme, collects over 70 data points across ever single loan. Data on applications and loans approved under the scheme was published regularly while the scheme was open, and data on the repayment of the loans is now being published regularly now that the scheme has closed to new loan applications. However, we have a duty to consider the privacy of businesses accessing these schemes, which is why data has been – and will continue to be - published on an aggregate basis.</p><p> </p><p>We remain committed to cracking down on fraud wherever it arises. But we have always been clear that fraud is unacceptable and that those found to have defrauded the government will face immediate demand for repayment of their loans, and could also face a fine and prosecution. We are taking action against those abusing the system by working closely with law enforcement, counter-fraud agencies and commercial lenders. We will always seek out opportunities where we, collectively, can do more and will continue to prioritise counter-fraud work across the COVID-19 support schemes.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/02/2022 12:18:55 answering member 4051 label Biography information for John Glen
tabling member	4797 label Biography information for James Murray

1416807

registered interest
date	26/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
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 tackle fraud in the covid-19 business support schemes.
tabling member constituency	Haltemprice and Howden
tabling member printed	Mr David Davis
uin	112488
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government has consistently stated that fraud is unacceptable, and we are taking action on multiple fronts to recover money lost to error and fraud and, where necessary, take legal action on those who have sought to exploit the Covid support schemes. It was right to establish the schemes quickly and in a way that they could be accessed easily by the millions who needed support.</p><p> </p><p>Given the unprecedented efforts that the Government have made to protect jobs and livelihoods during this pandemic, it would have been impossible to prevent all related fraud. However, we have taken reasonable steps, and will continue to do so, to deflect and combat that fraud, and we will continue to be vigilant.</p><p> </p><p>Robust measures were put in place to control error and fraud in the key COVID-19 support schemes from their inception. For instance, to minimise the risk of fraud and error and unverified claims, the Coronavirus Job Retention Scheme and Self-Employment Income Support Scheme were designed in a way to prevent ineligible claims being made up front, and made payments for employees and businesses using existing data held on HMRC’s systems. That included cut-off dates around scheme eligibility and the need for customers to be registered for pay-as-you-earn online or self-assessment.</p><p> </p><p>To further bolster anti-fraud measures on HMRC-delivered covid support schemes, at the Spring Budget last year, the Government invested more than £100 million in a Taxpayer Protection Taskforce of more than 1,200 HMRC staff to combat Covid-related fraud. This Taskforce is expected to recover between £800 million and £1 billion from fraudulent or incorrect payments during 2021-22 and 2022-23. In addition, HMRC has so far stopped or recovered £743 million of overclaimed grants in 2020/21.</p><p> </p><p>Regarding the Bounce Back Loan Scheme, the Government continues to work closely with the British Business Bank, lenders and enforcement agencies to tackle fraud and to recover as many fraudulent loans as possible. This is on top of the £2.2 billion worth of fraudulent applications that were prevented by upfront checks.</p><p> </p><p>In addition, as part of the Spring Budget last year, we announced plans to significantly strengthen enforcement activity against fraudulent Bounce Back Loans, including new powers for the Insolvency Service to tackle rogue directors and investing in the National Investigation Service to investigate serious fraud.</p> answering member constituency Salisbury answering member printed John Glen question first answered 31/01/2022 14:18:29 answering member 4051 label Biography information for John Glen
tabling member	373 label Biography information for Sir David Davis

1416325

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Companies: Money Laundering
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the number of foreign-owned financial services companies involved in money laundering operating in the UK.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	111684
answer	answer is ministerial correction date of answer 28/01/2022 answer text <p>HM Treasury does not hold an assessment of the number of foreign-owned financial services companies involved in money laundering in the UK and is not responsible for collecting such data.</p><p> </p><p>However, the Financial Conduct Authority (FCA) does collect information on Anti-Money Laundering (AML) investigations opened into firms and individuals where entities may have breached their obligations under the Financial Services and Markets Act (FSMA) or the Money Laundering Regulations (MLRs).</p><p> </p><p>The FCA currently has 41 AML investigations opened into firms and individuals, the number of foreign owned firms under investigation is eight. These investigations are regulatory, civil and criminal in nature covering a wide range of potential breaches of systems and controls covered under the MLRs and the requirements under FSMA. It is important to keep in mind, that when the FCA opens an investigation, it is fact finding in nature and does not in itself mean any misconduct has occurred.</p><p> </p><p>Where the FCA has evidence of ongoing breaches of AML regulations, it will take intervention action to prevent and/or contain ongoing harm. As a result of the FCA’s investigations, since 2018 the total of financial penalties issued is £970,067,419 (before settlement discounts). The FCA also secured its first criminal conviction against a body corporate for breaches of the MLRs in October 2021.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/01/2022 10:54:46 answering member 4051 label Biography information for John Glen
tabling member	4651 label Biography information for Dan Carden

1416326

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
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 help ensure that local bank branches remain open to enable vulnerable people to have access to cash.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	111685
answer	answer is ministerial correction date of answer 28/01/2022 answer text <p>The Government recognises that cash remains an important part of daily life for millions of people across the UK, particularly those in vulnerable groups, which is why it has committed to legislate to protect access to cash.</p><p> </p><p>Last year, the Government held an Access to Cash Consultation on proposals for new laws to make sure people only need to travel a reasonable distance to pay in or take out cash. The Government’s proposals intend to support the continued use of cash in people’s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities. The Government will set out next steps in due course.</p><p> </p><p>Following the Government’s commitment to legislate, firms are working together through the Cash Action Group to develop new initiatives to provide shared services. The Government welcomes the direction set by industry’s commitments at the end of last year and looks forward to seeing what results they deliver in protecting cash facilities for local communities across the UK.</p><p> </p><p>Regarding bank branches, guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This ensures the implementation of closure decisions is undertaken in a way that treats customers fairly.</p><p /><p>Alternative options for access to banking services can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 95% of business and 99% of personal banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/01/2022 11:09:56 answering member 4051 label Biography information for John Glen
tabling member	4651 label Biography information for Dan Carden

1416345

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Sustainable Development: Finance
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 (a) the implications for his policies of the Bank of International Settlement’s report, Sustainable finance: trends, valuations and exposures, published September 2021 and (b) the risks to UK investors and public finances of a green finance bubble.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	111683
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>Greening the financial system is fundamental to meeting the UK’s net zero commitment and so it is positive that we are seeing increasing inflows of investments into green assets.</p><p> </p><p>The Bank of International Settlements (BIS) report into sustainable finance encourages authorities to monitor green financial assets and improve transparency for the sector.</p><p> </p><p>UK financial authorities have strong risk-management processes in place to monitor financial markets. The Bank of England’s Financial Policy Committee (FPC) continually assesses the resilience of the financial system, and UK financial authorities work closely to manage risks at both the domestic and international level.</p><p> </p><p>The Chancellor’s ambition is for the UK to be the best place in the world for green and sustainable finance. The UK is already taking bold action to achieve this, introducing economy-wide sustainability disclosure requirements to give companies the data they need to embed sustainability into everything they do. The Government has gone further by taking a leading role in pressing for global action in international fora such as the G7 and G20, and at COP26.</p> answering member constituency Salisbury answering member printed John Glen question first answered 31/01/2022 14:29:50 answering member 4051 label Biography information for John Glen
tabling member	4630 label Biography information for Ben Lake

1416356

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Crime
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what his Department’s budget has been for tackling fraud, scams and economic crime in each of the last five years.
tabling member constituency	Wolverhampton South East
tabling member printed	Pat McFadden
uin	111532
answer	answer is ministerial correction date of answer 01/02/2022 answer text <p>HM Treasury takes a flexible and dynamic approach to resourcing to meet Government priorities. We have teams delivering priority work including economic crime reform. However, we do not routinely record the number of full time equivalent civil servants who work on individual policy initiatives.</p><p> </p><p>Most of the responsibility for tackling fraud and economic crime is led by the Departments tasked with delivering Government policy. Investigations and enforcement activities are also undertaken by regulatory or enforcement agencies, including the Financial Conduct Authority and National Crime Agency respectively. The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, ensures financial sanctions are properly understood and enforced and investigates all reported suspected breaches.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 111536 question first answered 01/02/2022 17:47:12 answering member 4051 label Biography information for John Glen
tabling member	1587 label Biography information for Pat McFadden

1416358

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Crime
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many investigations into fraud, scams and economic crime his Department has conducted in each of the last five years.
tabling member constituency	Wolverhampton South East
tabling member printed	Pat McFadden
uin	111534
answer	answer is ministerial correction date of answer 01/02/2022 answer text <p>HM Treasury is a policy-making department and does not undertake investigations, except for the work of the Office of Financial Sanctions Implementation (OFSI).</p><p> </p><p>As the competent authority for the implementation of financial sanctions in the UK, OFSI supports efforts to tackle economic crime by ensuring that financial sanctions are properly understood and enforced.</p><p> </p><p>OFSI investigates all reported suspected breaches of financial sanctions. Its Annual Review publications are available on GOV.UK and provide further information about OFSI’s work.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/02/2022 17:49:49 answering member 4051 label Biography information for John Glen
tabling member	1587 label Biography information for Pat McFadden