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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

1461847

registered interest
date	11/05/2022
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 progress he has made towards making the UK an attractive place for cryptocurrency companies to operate.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	701
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. We want to ensure firms can invest, innovate and scale up in this country. And we have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>These include committing to consult on a future regulatory regime later this year; legislating to bring stablecoins into payments regulation; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p><p> </p><p>These commitments are in line with our objectives to create a regulatory environment in which firms can innovate, while crucially ensuring financial stability and high regulatory standards so that people can use new technologies both reliably and safely.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:47:07 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461850

registered interest
date	11/05/2022
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 support the financial sector to increase its competitiveness.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	703
answer	answer is ministerial correction date of answer 16/05/2022 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. As set out in the Queen's Speech, the upcoming Financial Services and Markets Bill will deliver on these commitments by implementing the outcomes of the Future Regulatory Framework (FRF) Review as well as a series of important initiatives underpinning the Government’s ambitious vision for the financial services sector.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:42:05 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461851

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Insurance: Fees and Charges
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 help reduce insurance premiums for motorists.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	704
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>Insurers use their claims experience and other industry-wide statistics to assess the risks posed by an individual and set the terms and price at which they will offer insurance cover. The Government does not generally intervene in these commercial decisions by insurers.</p><p> </p><p>However, the Government has made reforms to the whiplash claims process which came into force on 31 May 2021. This has reduced the financial burden on consumers. Further, motorists will be spared a possible £50 annual insurance hike, as the government continues to assist with cost-of-living pressures and uses post-Brexit freedoms to scrap the EU’s Vnuk motor insurance law.</p><p> </p><p>The FCA rules also now require insurers for motor insurance to offer renewing customers a price that is no higher than they would pay as a new customer.</p><p> </p><p> </p><p>In the first quarter of 2022, the average cost to motorists for their insurance fell to the lowest level in over six years, according to the Association of British Insurers latest Motor Insurance Premium Tracker.</p><p> </p><p>We continue to monitor this closely.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:40:59 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461889

registered interest
date	11/05/2022
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, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	678
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.</p><p> </p><p>The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK’s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:43:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1461938

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Lenders
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 Centre for Social Justice entitled Swimming with Sharks, what steps his Department is taking to address the risk of illegal money lending.
tabling member constituency	Chingford and Woodford Green
tabling member printed	Sir Iain Duncan Smith
uin	574
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>HM Treasury regularly monitors developments in the consumer credit market, including those regarding illegal money lending, as part of its normal process of policy development.</p><p> </p><p>However, it does not conduct research regarding the scale of illegal money lending in England. Instead, HMT draws on the research of various stakeholders, including the England Illegal Money Lending (IMLT) team, consumer groups and thinktanks, to inform policy development.</p><p> </p><p>HM Treasury recognises the risks posed by illegal lenders and the harmful impacts they cause to their victims and communities.</p><p> </p><p>That is why, in financial year 2022/23, the Government will provide over £6.7 million of funding to IMLTs across the UK, an increase of over 5% compared to 2021/22. This funding enables IMLTs to investigate and prosecute loan sharks and use their legal powers to tackle the wider criminality they inflict on communities, such as violence and blackmail.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 575 question first answered 16/05/2022 13:21:30 answering member 4051 label Biography information for John Glen
tabling member	152 label Biography information for Sir Iain Duncan Smith