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1109887

registered interest
date	04/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Students: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, following Office for National Statistics changes to the recording of student loans in the national accounts, what proportion of student loan payments will be classed as (1) government lending, and (2) government spending.
tabling member printed	Lord Mendelsohn
uin	HL15079
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Office for Budget Responsibility (OBR) published updated estimates of potential fiscal impacts from the new student loans accounting treatment in Annex E of their March 2019 Economic and fiscal outlook.</p><p> </p><p>However, the Office for National Statistics (ONS) has made it clear that there is a lot to decide before their methodology is finalised. The ONS plan to fully implement the new treatment for student loans in the public sector finances in September 2019.</p> answering member printed Lord Bates question first answered 15/04/2019 14:51:23 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

1042907

registered interest
date	16/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 26 November 2018 (HL11401), whether in the light of new ONS data showing three consecutive quarter-on-quarter falls in business investment for the first time since 2007–08 they still forecast a 8.8 per cent rise in business investment between Q4 2016 and Q1 2021; and which sectors will account for this rise.
tabling member printed	Lord Mendelsohn
uin	HL12898
answer	answer is ministerial correction date of answer 30/01/2019 answer text <p>HM Treasury does not publish official forecasts for the UK economy.</p><p> </p><p>The independent Office for Budget Responsibility (OBR) generate a projection for the UK economy that incorporates the impact of any policy announced by the Chancellor of the Exchequer at the annual Budget and Spring Statements.</p><p> </p><p>The most recent forecast was produced at Autumn Budget 2018 in October and the next will coincide with Spring Statement 2019.Until then, there are no further official forecasts.</p><p> </p><p>The OBR’s forecast does not include a detailed breakdown of specific sectors, only an aggregate level of business investment expectations. Therefore, it will not contain details regarding the contribution of specific sectors to future business investment.</p><p><strong> </strong></p> answering member printed Lord Bates question first answered 30/01/2019 14:02:32 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

1005630

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Baroness Neville-Rolfe on 4 April 2017 (HL6630), what assessment they have made of the ONS release, Business Investment in the UK: April to June 2018 revised results, which showed that business investment fell by 0.2 per cent in the last quarter and by 0.7 percent compared to a year earlier; and, in the light of that release, whether they still expect that by 2021 business investment will (1) grow by 15 per cent, and (2) rise as a share of GDP.
tabling member printed	Lord Mendelsohn
uin	HL11401
answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>We have made no specific assessment of this release.</p><p>In the 2018 Budget, the Government announced measures that are expected to affect business investment. These include the introduction of a permanent structures and buildings allowance and a temporary increase in the annual investment allowance for 2 years. These measures, in conjunction with the reduction in the writing down allowance for the special rate pool of assets are expected to increase the level of business investment by 0.4 per cent by the end of the forecast period.</p><p>In its October 2018 forecast, the independent OBR (Office for Budget Responsibility) expect business investment to increase by 8% between 2016 Q4 and 2021Q1 and for business investment to rise as a share of GDP.</p> answering member printed Lord Bates question first answered 26/11/2018 15:52:40 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

937003

registered interest
date	09/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Fees and Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the Financial Conduct Authority's (FCA) conclusion that people could be paying too much in charges to access their pensions early; and whether they support the proposal by the FCA for pension providers to send "wake-up" packs to their customers at the age of 50 and for every five years after that until they access their pension.
tabling member printed	Lord Mendelsohn
uin	HL9341
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The government thinks it is important that there is a competitive, innovative retirement income market and that customers are treated fairly and benefit from appropriate protections. However, it also recognises that the retirement income market continues to evolve.</p><p> </p><p>We welcome the Financial Conduct Authority (FCA)’s Retirement Outcomes Review, and support the FCA’s work to enable consumers to be better informed and able to make decisions on how to manage their retirement income. The FCA is considering changes to make charges more transparent and comparable to help consumers shop around and switch providers if appropriate. It expects the market to deliver competitive charges for all drawdown solutions and has said it will take action if it does not.</p><p> </p><p>We look forward to working with the FCA and industry on the next steps of the review, including the FCA’s consideration of any potential charge cap.</p> answering member printed Lord Bates grouped question UIN HL9344 question first answered 23/07/2018 12:42:50 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

937004

registered interest
date	09/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many people under 65 years old have accessed their pensions in each year since 2015; and of those, how many were accessed through (1) a pension drawdown, and (2) an annuity.
tabling member printed	Lord Mendelsohn
uin	HL9342
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The government does not hold information on access to pensions in this format.</p><p> </p><p>The Financial Conduct Authority’s Retirement Outcomes Review<sup><sup>[1]</sup></sup> collected retirement income data from 56 pension providers. From the providers surveyed, it found that the following products had been purchased by consumers under age 65 accessing their defined contribution pot for the first time:</p><p> </p><table><tbody><tr><td><p><strong>Year</strong></p></td><td><p><strong>Annuities</strong></p></td><td><p><strong>Drawdown</strong></p></td></tr><tr><td><p>Oct 2015 – Sept 2016</p></td><td><p>82,391</p></td><td><p>163,632</p></td></tr><tr><td><p>Oct 2016 – Sept 2017</p></td><td><p>70,452</p></td><td><p>181,633</p></td></tr></tbody></table><p> </p><p> </p><p>[1] <a href="https://www.fca.org.uk/publication/market-studies/ms16-1-3.pdf" target="_blank">https://www.fca.org.uk/publication/market-studies/ms16-1-3.pdf</a></p> answering member printed Lord Bates question first answered 23/07/2018 12:43:10 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

937005

registered interest
date	09/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Fees and Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the total costs to consumers of charges made for early access to pensions since the age limit was lowered to 55 in 2015.
tabling member printed	Lord Mendelsohn
uin	HL9343
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The government does not hold this information in this format.</p><p> </p><p>After the pension freedoms were introduced, some consumers were facing early exit charges of 5% or more of the fund value. Consequently, the government legislated for the FCA to introduce a cap on early exit charges. We estimated that the 1% cap introduced by the FCA would lead to savings for consumers of £42.7m between 2017 and 2020.</p><p> </p><p>In its Retirement Outcomes Review, the FCA found that the average total charges faced by non-advised consumers with drawdown products ranged from 0.4 to 1.6%. We look forward to working with the FCA and industry on the next steps of the review, including the FCA’s consideration of any potential charge cap.</p><p> </p><p> </p> answering member printed Lord Bates question first answered 23/07/2018 12:43:58 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

937006

registered interest
date	09/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Fees and Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will consider a charge cap on pension drawdowns.
tabling member printed	Lord Mendelsohn
uin	HL9344
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The government thinks it is important that there is a competitive, innovative retirement income market and that customers are treated fairly and benefit from appropriate protections. However, it also recognises that the retirement income market continues to evolve.</p><p> </p><p>We welcome the Financial Conduct Authority (FCA)’s Retirement Outcomes Review, and support the FCA’s work to enable consumers to be better informed and able to make decisions on how to manage their retirement income. The FCA is considering changes to make charges more transparent and comparable to help consumers shop around and switch providers if appropriate. It expects the market to deliver competitive charges for all drawdown solutions and has said it will take action if it does not.</p><p> </p><p>We look forward to working with the FCA and industry on the next steps of the review, including the FCA’s consideration of any potential charge cap.</p> answering member printed Lord Bates grouped question UIN HL9341 question first answered 23/07/2018 12:42:50 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

937007

registered interest
date	09/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets Taskforce
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 25 June (HL8505), how many times the Cryptoassets Taskforce has met; whether they will publish a list of meeting dates and participants; and whether any report by the the Taskforce will be published.
tabling member printed	Lord Mendelsohn
uin	HL9345
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The first meeting of the Cryptoassets Taskforce was held on May 21<sup>st</sup>, and attended by senior leaders from government and the financial regulators, including the Director General of Financial Services at HM Treasury, the Deputy Governor (Markets and Banking) of the Bank of England, and the Chief Executive of the Financial Conduct Authority.<sup><sup>[1]</sup></sup></p><p>Treasury officials continue to meet with the financial regulators on a regular basis and are working closely together. Officials are also engaging with industry stakeholders and international counterparts, and will hold an industry roundtable in July. The Taskforce will publish a report in September.</p><p>Details of ministerial and permanent secretary meetings with external organisations are published on a quarterly basis.</p><p>[1] <a href="https://www.gov.uk/government/news/cryptoassets-taskforce-meets-for-the-first-time" target="_blank">https://www.gov.uk/government/news/cryptoassets-taskforce-meets-for-the-first-time</a></p> answering member printed Lord Bates question first answered 23/07/2018 12:42:12 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

933749

registered interest
date	02/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Advice Market Review
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 25 June (HL8507), which of the Financial Advice Market Review’s 28 recommendations (1) have been implemented, and (2) are on track to be implemented; and when those not yet completed will be implemented.
tabling member printed	Lord Mendelsohn
uin	HL9135
answer	answer is ministerial correction date of answer 16/07/2018 answer text <p>The Financial Advice Market Review (FAMR) has contributed to significant progress to make financial advice more accessible and affordable. The final report, published in March 2016, set out a package of 28 recommendations. HMT and the Financial Conduct Authority (FCA) have now implemented all the recommendations made to them, except the recommendation to review the outcomes of FAMR. This review will take place in 2019, with a final report published in 2020.</p><p> </p><p>The FAMR final report recommended that the FCA and HMT should work together to develop an appropriate baseline and indicators to monitor the development of the advice market, which should be tracked on an annual basis and published on the FCA’s website. This baseline report was published in June last year. The indicators include measures of consumers' use of advice and guidance (the 'demand' side) and measures relating to the provision of these services (the 'supply' side).</p><p> </p><p>The baseline will enable FCA and HMT to monitor developments in the market and assess at a high level the impact of the FAMR recommendations when conducting a review of their outcomes. This will include an assessment of the outcome of recommendations focused on making pensions more accessible and affordable, including the Pensions Advice Allowance and the increase in the income tax exemption for employer-arranged financial advice on pensions from £150 to £500.</p><p> </p><p>One of FAMR’s recommendations was that the FCA should establish an Advice Unit to help firms develop their automated advice models. The Advice Unit has provided regulatory feedback to 22 firms looking to bring new propositions to the market since June 2016 and continues to work with new applicants. The Advice Unit has worked with 10 firms in 2016 and 12 firms in 2017. The number of firms the Advice Unit has worked with in 2018 will be released shortly.</p> answering member printed Lord Bates grouped question UIN HL9136 HL9137 HL9138 question first answered 16/07/2018 12:08:50 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

933750

registered interest
date	02/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Advisory Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 25 June (HL8507), how they will measure the success of their actions to improve the market for pension advice and make advice more accessible and affordable; and when such an assessment will be made.
tabling member printed	Lord Mendelsohn
uin	HL9136
answer	answer is ministerial correction date of answer 16/07/2018 answer text <p>The Financial Advice Market Review (FAMR) has contributed to significant progress to make financial advice more accessible and affordable. The final report, published in March 2016, set out a package of 28 recommendations. HMT and the Financial Conduct Authority (FCA) have now implemented all the recommendations made to them, except the recommendation to review the outcomes of FAMR. This review will take place in 2019, with a final report published in 2020.</p><p> </p><p>The FAMR final report recommended that the FCA and HMT should work together to develop an appropriate baseline and indicators to monitor the development of the advice market, which should be tracked on an annual basis and published on the FCA’s website. This baseline report was published in June last year. The indicators include measures of consumers' use of advice and guidance (the 'demand' side) and measures relating to the provision of these services (the 'supply' side).</p><p> </p><p>The baseline will enable FCA and HMT to monitor developments in the market and assess at a high level the impact of the FAMR recommendations when conducting a review of their outcomes. This will include an assessment of the outcome of recommendations focused on making pensions more accessible and affordable, including the Pensions Advice Allowance and the increase in the income tax exemption for employer-arranged financial advice on pensions from £150 to £500.</p><p> </p><p>One of FAMR’s recommendations was that the FCA should establish an Advice Unit to help firms develop their automated advice models. The Advice Unit has provided regulatory feedback to 22 firms looking to bring new propositions to the market since June 2016 and continues to work with new applicants. The Advice Unit has worked with 10 firms in 2016 and 12 firms in 2017. The number of firms the Advice Unit has worked with in 2018 will be released shortly.</p> answering member printed Lord Bates grouped question UIN HL9135 HL9137 HL9138 question first answered 16/07/2018 12:08:50 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn