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1698319

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what regular reviews of the funeral plan market his Department undertook between 2001 and 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20319
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>The government works closely with the FCA to continually review the regulatory perimeter to ensure that the right balance is struck between proportionately protecting consumers, minimising costs on business, and ensuring consumers have access to useful and affordable financial products and services.</p><p> </p><p>Once made aware of consumer detriment in the pre-paid funeral plans sector, the government investigated and confirmed these reports through its 2018 call for evidence. The government then consulted widely with industry and passed legislation in January 2021 to bring all pre-paid funeral plan providers and intermediaries within the FCA regulatory perimeter.</p><p> </p><p>This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:23:36 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698320

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many times a breach of the Regulated Activities Order by a funeral plan company was reported to the Financial Conduct Authority in the last three years.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20320
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent from Government.</p><p> </p><p>The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:25:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698321

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what criteria the Financial Conduct Authority uses to decide what markets to (a) monitor and (b) intervene in.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20321
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The Financial Services and Markets Act 2000 also gives the FCA a set of statutory objectives and the appropriate regulatory tools and powers to pursue those objectives.</p><p> </p><p>The question of how the FCA monitors and intervenes in the markets it regulates, in order to fulfil its statutory functions, is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:17:30 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698322

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority made of the implications for their policies of the speed of growth of the funeral plan market between 2001 and 2022.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20322
answer	answer is ministerial correction date of answer 18/04/2024 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. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20323 20326 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698323

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
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 implications for his policies of the proportion of funeral plan companies that failed to gain regulation following the new regulatory regime in the funeral plan market.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20323
answer	answer is ministerial correction date of answer 18/04/2024 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. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20326 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698324

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether Fairer Finance and Dignity raised issues regarding Safe Hands Funeral Plans in meetings with his Department in (a) 2017 and (b) 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20324
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.</p><p /><p>In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:19:09 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698325

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department considered instructing the Financial Conduct Authority to investigate Safe Hands Funeral Plans in (a) 2017 and (b) 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20325
answer	answer is ministerial correction date of answer 17/04/2024 answer text <p>The Treasury and FCA have worked closely throughout the process of bringing the funeral plans sector into regulation, as well as during the implementation and onset of the new regulatory framework.</p><p> </p><p>However, the FCA is one of the independent regulators responsible for supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA.</p><p> </p><p>In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 17/04/2024 08:55:41 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698326

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he made of the implications for his policies of changes in the number of funeral plan companies following the announcement of regulatory change in 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20326
answer	answer is ministerial correction date of answer 18/04/2024 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. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20323 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698327

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential merits of requiring the immediate regulation of funeral plan companies that (a) were founded and (b) changed ownership after the announcement of regulatory change in 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20327
answer	answer is ministerial correction date of answer 18/04/2024 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. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20323 20326 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1538344

registered interest
date	01/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Video Games: Tax Allowances
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 potential merits of the proposal by The Independent Game Developers’ Association to increase video games tax relief from 25 per cent to 32 per cent.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	75968
answer	answer is ministerial correction date of answer 08/11/2022 answer text <p>The Government recognises the valuable economic and cultural contribution of the video games industry. The Video Games Tax Relief (VGTR) has supported £5.1 billion of UK expenditure on 1,940 games since its introduction in 2014.</p><p> </p><p>At Spending Review 2021 the government confirmed £8 million for the continuation of the UK Games Fund which provides bespoke support for the UK’s independent video game industry.</p><p> </p><p>The Government regularly receives proposals for changes to tax reliefs. When considering changes, the Government must ensure they provide support to businesses in a fair way and that taxpayer money is effectively targeted. An uplift in the rate of VGTR is not currently under consideration. However, the Government keeps all tax reliefs under review.</p><p> </p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 08/11/2022 12:06:25 answering member 4519 label Biography information for James Cartlidge
tabling member	4403 label Biography information for Chris Law