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64622

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Laundering
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 Deighton on 17 June (WA 42), whether the current industry guidance, which has been approved by Treasury Ministers, has yet been issued; whether a risk-based approach under the Fourth Money Laundering Directive means that in the United Kingdom, United Kingdom parliamentarians will be treated as politically exposed persons; and, if so, whether the industry guidance will need to be revised.
tabling member printed	Lord Clement-Jones
uin	HL705
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>A range of industry anti-money laundering guidance has been issued by bodies such as the Joint Money Laundering Steering Group (JMLSG). The last major revision of the JMLSG guidance was in 2011 although some detailed changes were made in 2013 and 2014. This material is published on the JMLSG website - <a href="http://www.jmlsg.org.uk/" target="_blank">http://www.jmlsg.org.uk/</a></p><p> </p><p>Discussions of the proposed Fourth Money Laundering Directive are continuing. The expectation is that in accordance with the updated global standards adopted by the Financial Action Task Force, domestic Politically Exposed Persons, including UK Parliamentarians may, on a risk-based assessment, be subject to enhanced due diligence.</p><p> </p><p> </p><p>The Treasury expects that if the Directive is adopted and transposed into UK law, UK anti-money laundering guidance will need to be revised.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:32:58 answering member 4262 label Biography information for Lord Deighton
tabling member	3396 label Biography information for Lord Clement-Jones

64623

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Taxation
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 eventual cost to HM Treasury of the European Union's proposed financial transaction tax should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL706
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>It is likely that any eventual FTT directive will be significantly different to, and narrower than, the current draft proposal. We will assess any revised proposal carefully against our concerns.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:33:24 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64624

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Action
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 eventual cost to HM Treasury of the European Union's proposed Alternative Investment Fund Managers' Directive should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL707
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>The Alternative Investment Fund Managers Directive (AIFMD) entered into force on 22 July 2013.</p><p> </p><p>Costs or benefits to the Exchequer as a result of the AIFMD will result from commercial decisions that have yet to be taken by investment management firms as to whether the regulatory cost of doing business in the UK against other jurisdictions leads them to increase or decrease their activity here. Therefore no reliable assessment can be made at this time. Nevertheless the Government will continue to monitor the effects of AIFMD on the UK investment management industry.</p><p> </p><p>The Government has worked closely with industry to ensure that the requirements of AIFMD have been applied in as proportionate manner as possible so as to cause minimal disruption to UK firms and to maintain the UK's competitive status as a global fund management centre.</p><p> </p><p> </p><p>An impact assessment estimating the costs to UK business was published alongside the implementing regulations. It is publically available on the www.legislation.gov.uk website.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:34:25 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64625

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Action
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 eventual cost to HM Treasury of the European Union's proposed Prospectus Directive should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL708
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>The Prospectus Directive 2003/71/EC was proposed by the European Commission on 30 May 2001. The Directive was published in the Official Journal of the European Union on 31 December 2003 and was transposed into UK law before entering into force on 1 July 2005.</p><p> </p><p>The Prospectus Directive was updated by the Amending Directive 2010/73/EU on 11 December 2010. The Amending Directive was transposed into UK law in The Prospectus Regulations 2012.</p><p> </p><p> </p><p>The Government published an Impact Assessment, which covers costs, alongside the Explanatory Memorandum to these Regulations. It is publically available on the www.legislation.gov.uk website.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:36:59 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64626

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Pay
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 eventual cost to HM Treasury of the European Union's proposed bonus caps should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL709
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>The ‘bonus cap' provisions of the Capital Requirements Directive came into force at the beginning of 2014. Given this short time period, an estimate of the Exchequer impact of the cap cannot be made.</p><p> </p><p> </p><p>The ‘bonus cap' was introduced by the European Parliament into the CRD4 package without an appropriate economic impact assessment. This is part of the reason the UK is challenging this measure in the European Court of Justice.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:37:25 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64627

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Action
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 eventual cost to HM Treasury of the European Union's proposed ban on short selling should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL710
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>There is no proposed ban on short selling of securities so it is not possible for the Government to assess the costs.</p><p> </p><p> </p><p>The Short Selling Regulation, which came into force on 1 November 2012, is an EU-wide Regulation that lays down a common regulatory framework for powers and requirements related to the short selling of securities. In particular, it gives powers to the Financial Conduct Authority (FCA) to ban or impose restrictions on short selling of securities in certain circumstances, as well as impose the requirement on investors to disclose net short positions (both publicly, and privately to the FCA).</p> answering member printed Lord Deighton question first answered 10/07/2014 14:38:20 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64628

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Action
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 eventual cost to HM Treasury of the European Union's proposed restriction of euroclearing to eurozone clearing houses should it be enforced in the United Kingdom.
tabling member printed	Lord Pearson of Rannoch
uin	HL711
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>The Government cannot opine on the potential cost of the ECB's location policy if enforced in the UK, until the Court of the European Union has ruled on this matter in a legal challenge brought by the UK.</p><p> </p><p> </p><p>The UK has brought this challenge because, if imposed, the policy would require UK-based and other non-Eurozone CCPs to relocate to the Euro area. We believe this breaches principles of EU law and the Single Market.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:38:55 answering member 4262 label Biography information for Lord Deighton
tabling member	3153 label Biography information for Lord Pearson of Rannoch

64637

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Consumers: Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what consideration he has given to the decision of the Supreme Court in the case of Durkin v DSG Retail Limited and another and its effect on existing consumer law.
tabling member constituency	Aberdeen North
tabling member printed	Mr Frank Doran
uin	202977
answer	answer is ministerial correction date of answer 07/07/2014 answer text <p>The Government notes the judgment in which the Supreme Court upheld an individual's right to rescind a contract of sale and a related credit agreement. The Government believes that existing consumer credit law adequately protects individuals in this regard.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 07/07/2014 15:14:39 answering member 4117 label Biography information for Andrea Leadsom
tabling member	570 label Biography information for Mr Frank Doran

64656

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Minimum Wage: Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 10 April 2013, Official Report, column 1177W, on minimum wage: Scotland, how many staff were in the national minimum wage team monitoring Scotland at the most recent date in 2014 for which records are available.
tabling member constituency	Airdrie and Shotts
tabling member printed	Pamela Nash
uin	203022
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>The Government takes the enforcement of the National Minimum Wage (NMW) very seriously. HMRC review every complaint that is referred to them by the Pay and Work Rights Helpline. In addition, by collating and analysing data received from various sources, HMRC ensure targeted enforcement through robust risk assessment processes to identify employers across the United Kingdom who are more likely to be not paying NMW.</p><p> </p><p>I would refer the hon. Member to the answer I gave on 6 May 2014, Official Report, Column 111W, that HMRC deploys resources to risk, so work relating to a specific geographical area is not always undertaken by the NMW team based in that area.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 10/07/2014 16:07:43 answering member 1529 label Biography information for Mr David Gauke
tabling member	3909 label Biography information for Pamela Nash

64657

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Conditions of Employment
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how many calls the Pay and Work Rights Helpline received in (a) Scotland, (b) England, (c) Wales and (d) Northern Ireland in each of the last four years.
tabling member constituency	Airdrie and Shotts
tabling member printed	Pamela Nash
uin	202979
answer	answer is ministerial correction date of answer 08/07/2014 answer text <p>I have been asked to respond on behalf of the Department for Business, Innovation and Skills.</p><p>Calls to the Pay and Work Rights Helpline are as follows:</p><table><tbody><tr><td> </td><td><p>2013/14</p></td><td><p>2012/13</p></td><td><p>2011/12</p></td><td><p>2010/11</p></td></tr><tr><td><p>England</p></td><td><p>25,958</p></td><td><p>21,307</p></td><td><p>26,893</p></td><td><p>34,285</p></td></tr><tr><td><p>Scotland</p></td><td><p>1,882</p></td><td><p>1,537</p></td><td><p>2,171</p></td><td><p>2,961</p></td></tr><tr><td><p>Wales</p></td><td><p>1,249</p></td><td><p>1,075</p></td><td><p>1,400</p></td><td><p>1,793</p></td></tr><tr><td><p>N Ireland</p></td><td><p>453</p></td><td><p>390</p></td><td><p>505</p></td><td><p>707</p></td></tr><tr><td><p>Unknown</p></td><td><p>14,019</p></td><td><p>17,698</p></td><td><p>17,466</p></td><td><p>11,737</p></td></tr><tr><td><p>Total</p></td><td><p>43,561</p></td><td><p>42,007</p></td><td><p>48,435</p></td><td><p>51,483</p></td></tr></tbody></table><p> </p><p> </p><p>The ‘unknown' figure refers to callers who either did not wish to say where they were calling from, or rang off before they could be asked.</p> answering member constituency East Dunbartonshire answering member printed Jo Swinson question first answered 08/07/2014 16:04:14 answering member 1513 label Biography information for Jo Swinson
tabling member	3909 label Biography information for Pamela Nash