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431568

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insurance: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that people aged over 50 are protected from (a) household and (b) vehicle insurance scams.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	17228
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Government takes insurance fraud very seriously and has taken significant action in this area to protect consumers.</p><br /><p>The Government set up the Insurance Fraud Taskforce in January 2015 to investigate the causes of fraudulent behaviour and recommend solutions to reduce the level of insurance fraud, including household and vehicle insurance scams, in order to ultimately lower costs and protect the interests of honest consumers. Its interim report was published in March 2015 and a final report will be published shortly.</p><br /> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/12/2015 17:31:15 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

431586

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Databases
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to ensure that (a) traders and (b) banks keep a record of their communications on financial services.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17172
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.</p><br /><p>In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephone<strong>conversations</strong>and electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.</p><br /><p>The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:<a href="https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27" target="_blank">https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27</a>.</p><br /><p>The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17146 17148 17149 17174 17593 question first answered 02/12/2015 17:37:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431588

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Databases
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what range of fines can be levied for breaches of record-keeping regulations relating to financial services.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17174
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.</p><br /><p>In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephone<strong>conversations</strong>and electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.</p><br /><p>The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:<a href="https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27" target="_blank">https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27</a>.</p><br /><p>The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17146 17148 17149 17172 17593 question first answered 02/12/2015 17:37:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431591

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: ICT
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the use of the financials service messaging platform Symphony.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17177
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Chancellor has had no communications with the Financial Conduct Authority (FCA) in regards to the messaging platform Symphony</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/12/2015 17:25:22 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431592

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Markets: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to enforce the 2014 revisions to the 2003 EU market abuse directive.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17146
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.</p><br /><p>In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephone<strong>conversations</strong>and electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.</p><br /><p>The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:<a href="https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27" target="_blank">https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27</a>.</p><br /><p>The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17148 17149 17172 17174 17593 question first answered 02/12/2015 17:37:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431594

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Databases
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps the Financial Conduct Authority takes to ensure that banks comply with record-keeping regulations.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17148
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.</p><br /><p>In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephone<strong>conversations</strong>and electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.</p><br /><p>The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:<a href="https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27" target="_blank">https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27</a>.</p><br /><p>The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17146 17149 17172 17174 17593 question first answered 02/12/2015 17:37:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431595

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Markets: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effectiveness of the EU's Market in Financial Services Directive in (a) improving record-keeping by banks and (b) tackling potential abuse and manipulation of the financial markets.
tabling member constituency	Enfield North
tabling member printed	Joan Ryan
uin	17149
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.</p><br /><p>In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephone<strong>conversations</strong>and electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.</p><br /><p>The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:<a href="https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27" target="_blank">https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27</a>.</p><br /><p>The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17146 17148 17172 17174 17593 question first answered 02/12/2015 17:37:17 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	166 label Biography information for Joan Ryan

431596

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Small Businesses: Loans
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, when his Department plans to respond to the Eleventh Report from the Treasury Committee, Session 2014-15, Conduct and competition in SME lending, HC204.
tabling member constituency	Ceredigion
tabling member printed	Mr Mark Williams
uin	17246
answer	answer is ministerial correction date of answer 25/01/2016 answer text <p>The Government response, which was published on 21 December 2015, is available on gov.uk.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 25/01/2016 17:20:18 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1498 label Biography information for Mr Mark Williams

431599

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit Cards: Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will take steps to reduce the level of charges imposed on credit card debt; and if he will make a statement.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	17230
answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>he Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><br /><p>The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. The market study is investigating three areas, one of which is the extent of unaffordable credit card debt. On the 3rd November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers. However, the FCA expressed concern about the scale of potentially problematic debt in this sector, and the incentives for firms to manage this.</p><br /><p>The interim report also included the FCA’s early thinking on potential remedies which include measures to give consumers more control over their credit limits, measures to encourage customers to pay off debt quicker when they can afford to, and proposals that firms do more to identify earlier those consumers who may be struggling to repay and take action to help them manage their repayments. The FCA is currently asking for feedback on the findings and potential remedies.</p><br /><p>The Government is looking forward to the full report in the spring, and would encourage interested parties to give their views to the FCA to assist it in addressing the issues it has identified.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/12/2015 17:26:57 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

431605

registered interest
date	23/11/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Freshfields Bruckhaus Deringer: Legal Costs
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how much Freshfields Brukhaus Deringer has received in legal fees from the public purse since 2010.
tabling member constituency	Hammersmith
tabling member printed	Andy Slaughter
uin	17366
answer	answer is ministerial correction date of answer 17/12/2015 answer text <p>Legal fees paid to Freshfields Bruckhaus Deringer in the last five financial years are as follows in the table below.</p><br /><table><tbody><tr><td><p>Supplier</p></td><td><p>Year</p></td><td><p>Spend</p></td></tr><tr><td><p>Freshfields Bruckhaus Deringer</p></td><td><p>2010-11</p></td><td><p>£0</p></td></tr><tr><td><p>Freshfields Bruckhaus Deringer</p></td><td><p>2011-12</p></td><td><p>£0</p></td></tr><tr><td><p>Freshfields Bruckhaus Deringer</p></td><td><p>2012-13</p></td><td><p>£0</p></td></tr><tr><td><p>Freshfields Bruckhaus Deringer</p></td><td><p>2013-14</p></td><td><p>£23,603</p></td></tr><tr><td><p>Freshfields Bruckhaus Deringer</p></td><td><p>2014-15</p></td><td><p>£1,920,914.24</p></td></tr></tbody></table> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 17/12/2015 16:27:10 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1516 label Biography information for Andy Slaughter