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1462519

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of UK adults who have money held on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1254
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1256 1257 question first answered 19/05/2022 07:37:48 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462520

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the total value of money held by UK adults on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1255
answer	answer is ministerial correction date of answer 18/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2022 11:00:47 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462524

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the average value of the money held by UK adults on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1256
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1254 1257 question first answered 19/05/2022 07:37:50 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462533

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the average value of the money held by UK adults on crypto exchanges who give their reason for buying cryptocurrencies as a gamble that could make or lose money.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1257
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1254 1256 question first answered 19/05/2022 07:37:50 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462539

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bounce Back Loan Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the value of loans issued through the Bounce Back Loan Scheme at risk of being used to fund terrorist organisations.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	1370
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>Bounce Back Loans were offered by accredited lenders who were required to carry out appropriate anti-money laundering and know-your-customer checks on applications.</p><p> </p><p>In the event that lenders have concerns in regard to a loan already issued, they are responsible for recovering funds or referring the organisations to law enforcement agencies for investigation and recovery. In order to support these efforts, at Spring Statement the government provided £13.2m additional funding for the National Investigation Service to investigate fraud and financial crime against the scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/05/2022 15:01:30 answering member 4051 label Biography information for John Glen
tabling member	4820 label Biography information for Abena Oppong-Asare

1462561

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Ireland Protocol
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the Government's economic impact assessment on unilateral action by the Government on the Northern Ireland Protocol.
tabling member constituency	Oxford West and Abingdon
tabling member printed	Layla Moran
uin	1317
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>It is for the Office for Budget Responsibility to provide and publish economic and fiscal forecasting.</p><p> </p><p>The Government’s overriding priority has been, and continues to be, preserving peace and stability in Northern Ireland. Peace in Northern Ireland is based on respect between all communities and the consent of those communities. We urge our partners in the EU to work with us to deliver changes to the Protocol. If we cannot find the solutions we need, we will take the steps necessary to protect all dimensions of the Belfast (Good Friday) Agreement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/05/2022 15:06:55 answering member 4051 label Biography information for John Glen
tabling member	4656 label Biography information for Layla Moran

1462588

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he had recent discussions with FRP Advisory on the collapse of Safe Hands Funeral Plans.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	1232
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. When FCA regulation takes effect, funeral plan providers will need to be authorised by the FCA in order to enter into or carry out funeral plan contracts.</p><p>Safe Hands Plans has recently gone into administration. The government understands that this development will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>I was very pleased to see Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers for the next six months. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>While the FCA does not yet regulate funeral plan providers, it is supporting the administrators and the wider industry as they look to find a longer-term solution for Safe Hands’ customers.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p><p> </p><p>The government understands that the rising cost of living is making life harder for people. These are global challenges: however, as set out in the Spring Statement, the government is providing support worth over £22 billion in 2022-23 to help families with these pressures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1233 1234 question first answered 17/05/2022 15:05:28 answering member 4051 label Biography information for John Glen
tabling member	4482 label Biography information for Owen Thompson

1462594

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will introduce a package of protection for previous policy holders with Safe Hands Funeral Plans.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	1233
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. When FCA regulation takes effect, funeral plan providers will need to be authorised by the FCA in order to enter into or carry out funeral plan contracts.</p><p>Safe Hands Plans has recently gone into administration. The government understands that this development will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>I was very pleased to see Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers for the next six months. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>While the FCA does not yet regulate funeral plan providers, it is supporting the administrators and the wider industry as they look to find a longer-term solution for Safe Hands’ customers.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p><p> </p><p>The government understands that the rising cost of living is making life harder for people. These are global challenges: however, as set out in the Spring Statement, the government is providing support worth over £22 billion in 2022-23 to help families with these pressures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1232 1234 question first answered 17/05/2022 15:05:28 answering member 4051 label Biography information for John Glen
tabling member	4482 label Biography information for Owen Thompson

1462601

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
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 impact of the collapse of Safe Hands Funeral Plans on increases on the cost of living.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	1234
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. When FCA regulation takes effect, funeral plan providers will need to be authorised by the FCA in order to enter into or carry out funeral plan contracts.</p><p>Safe Hands Plans has recently gone into administration. The government understands that this development will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>I was very pleased to see Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers for the next six months. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>While the FCA does not yet regulate funeral plan providers, it is supporting the administrators and the wider industry as they look to find a longer-term solution for Safe Hands’ customers.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p><p> </p><p>The government understands that the rising cost of living is making life harder for people. These are global challenges: however, as set out in the Spring Statement, the government is providing support worth over £22 billion in 2022-23 to help families with these pressures.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1232 1233 question first answered 17/05/2022 15:05:28 answering member 4051 label Biography information for John Glen
tabling member	4482 label Biography information for Owen Thompson