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166204

registered interest
date	26/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have any plans to introduce legislation obliging financial companies to protect against cyberbreaches, money laundering and fraud.
tabling member printed	Lord Mendelsohn
uin	HL3188
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>The UK already has a comprehensive anti-money laundering and counter financing of terrorism regime. The international money laundering standards set by the Financial Action Task Force form the basis of EU legislation, which is incorporated into various pieces of UK law, predominantly the Money Laundering Regulations (2007) and the Proceeds of Crime Act (2002), both of which apply to financial institutions.</p><p> </p><p> </p><p> </p><p>The UK Government has no plans to introduce legislation obliging financial companies to protect against fraud. The Financial Conduct Authority (FCA), which regulates most financial institutions, expects firms within its supervisory remit to establish, implement and maintain adequate policies and procedures to reduce the risk that they may be used for financial crime. This includes money laundering, anti-bribery and corruption, and fraud.</p><p> </p><p> </p><p> </p><p>The Government works very closely with the financial sector through such initiatives as the CISP (Cyber Security Information Sharing Partnership) and CERT-UK (the UK’s national Computer Emergency Response Team), and has participated in cyber security exercises with the sector to test defences, such as the Waking Shark II exercise held earlier this year. In addition, the Treasury is working with the relevant Government agencies, the Bank of England (including the Prudential Regulation Authority) and the FCA to respond to the Financial Policy Committee’s recommendation to work with core parts of the UK financial sector to put in place a programme of work to improve and test resilience to cyber attack.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:50:42 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166218

registered interest
date	26/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employed
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what are the latest recorded (1) numbers of self-employed, (2) numbers of self-employed recorded in income tax records, and (3) annual turnover of self-employed in income tax records.
tabling member printed	Lord Christopher
uin	HL3202
answer	answer is ministerial correction date of answer 10/12/2014 answer text <p>The number of individuals filing a self-employment schedule in their Self Assessment tax returns for the year 2011-12 is estimated at 5.49 million.</p><p> </p><p> </p><p> </p><p>The annual turnover of these individuals in 2011-12 is estimated at £296 billion.</p><p> </p><p> </p><p> </p><p>These estimates are based on the Survey of Personal Incomes (SPI) for the year 2011-12.</p><p> </p><p> </p><p> </p><p>Further information about the self-employed is available in HMRC’s National Statistics Publications<sup><sup>[1]</sup></sup>.</p><p> </p><p> </p><p> </p><p> </p><p><sup><sup>[1]</sup></sup> Available at the following internet address: <a href="https://www.gov.uk/government/collections/personal-income-by-tax-year" target="_blank">https://www.gov.uk/government/collections/personal-income-by-tax-year</a></p><p> </p> answering member printed Lord Deighton question first answered 10/12/2014 13:49:15 answering member 4262 label Biography information for Lord Deighton
tabling member	3395 label Biography information for Lord Christopher

166082

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Gibraltar
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how many tax information exchange agreements with other countries have been signed by Gibraltar; and whether they will report the outcome of the review by the Organisation for Economic Co-operation and Development on exchange of information between Gibraltar and other countries.
tabling member printed	Lord Luce
uin	HL3140
answer	answer is ministerial correction date of answer 01/12/2014 answer text <p>Gibraltar has tax information exchange agreements in place with a total of 74 territories either through bilateral Tax Information Exchange Agreements (27), the OECD/Council of Europe multilateral Convention on Mutual Administrative Assistance in Tax Matters or EU Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation.</p><p> </p><p> </p><p> </p><p>The Global Forum on Transparency and Exchange of Information for Tax Purposes Phase 2 Peer Review Report on Gibraltar was published on 29 October 2014<sup><sup>[1]</sup></sup>. A list of all exchange of information mechanisms in force in relation to Gibraltar can be found in Annex 2 to the Peer review Report.</p><p> </p><p> </p><p>[1] http://www.oecd-ilibrary.org/taxation/global-forum-on-transparency-and-exchange-of-information-for-tax-purposes-peer-reviews-gibraltar-2014_9789264222885-en;jsessionid=1q7khes9636eo.x-oecd-live-01</p><p> </p> answering member printed Lord Deighton question first answered 01/12/2014 15:27:33 answering member 4262 label Biography information for Lord Deighton attachment 1 file name document2014-12-01-135441.pdf title Gibraltar's exchange of information
tabling member	908 label Biography information for Lord Luce

166086

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to review the fund management industry in the light of the finding by the Financial Services Consumer Panel that it has "underlying structural deficiencies" which are working to the detriment of retail investors.
tabling member printed	Lord Mendelsohn
uin	HL3144
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>The government is committed to ensuring that customers are treated fairly when they make investment decisions and are able to get the best outcomes from their investments. Ensuring that customers can easily understand and compare products is an important part of this. The Government noted the Financial Services Consumer Panel’s contribution to the debate on these issues, including introducing a single figure for costs, and will consider the recommendations made.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3148 question first answered 09/12/2014 17:24:59 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166088

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they are measuring compensation levels in the investment management industry and any changes due to auto-enrolment.
tabling member printed	Lord Mendelsohn
uin	HL3146
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>Compensation levels in the investment management industry are already governed by the Remuneration Code (“the Code”) which is part of the FCA Handbook. Investment firms must ensure that their remuneration policies do not encourage staff to sell inappropriate products or give rise to a conflict of interest. Firms are also required to ensure that remuneration is structured through an appropriate and suitable balance between fixed and variable compensation where the variable part is subject to forfeiture if losses or misconduct come to light after the award has been made. Firms managing funds that accept payments from auto-enrolment schemes must adhere to the Code.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:25:31 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166090

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government when they will introduce a single figure for costs including management and trading costs to be required of investment managers when reporting to investors.
tabling member printed	Lord Mendelsohn
uin	HL3148
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>The government is committed to ensuring that customers are treated fairly when they make investment decisions and are able to get the best outcomes from their investments. Ensuring that customers can easily understand and compare products is an important part of this. The Government noted the Financial Services Consumer Panel’s contribution to the debate on these issues, including introducing a single figure for costs, and will consider the recommendations made.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3144 question first answered 09/12/2014 17:24:59 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166091

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what action they intend to take in respect of "active managers" following an index despite charging for stock picking expertise; and whether they intend to impose fines for the mis-selling of such products and to pursue a clawback of costs and bonuses.
tabling member printed	Lord Mendelsohn
uin	HL3149
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.</p><p> </p><p> </p><p> </p><p>This question has been passed on to the FCA. They will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:36:58 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166110

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will clarify what constitutes tax evasion and tax avoidance.
tabling member printed	Lord Stoddart of Swindon
uin	HL3168
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>Tax evasion is illegal activity, where registered individuals or businesses deliberately omit, conceal or misrepresent information so they can reduce their tax liabilities.</p><p> </p><p> </p><p> </p><p>Tax avoidance is exploiting the tax rules to gain a tax advantage that Parliament never intended. It often involves contrived, artificial transactions that serve little or no commercial purpose other than to produce a tax advantage. It involves operating within the letter, but not the spirit of the law.</p><p> </p><p>For further information on this I refer the Noble Lord to Table 1.6 in the ‘Measuring Tax Gaps 2014’ publication available on gov.uk.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:51:06 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

166115

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what data they collect or intend to collect on the sale of contingent convertible bonds by banks regulated by the Prudential Regulation Authority.
tabling member printed	Lord Sharkey
uin	HL3173
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>HM Treasury does not collect any data on the sale of contingent convertible bonds by banks regulated by the Prudential Regulation Authority, and does not currently have any plans to do so.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:32:45 answering member 4262 label Biography information for Lord Deighton
tabling member	4196 label Biography information for Lord Sharkey

166116

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether any countries owe money to the United Kingdom as a result of the First World War; and if so, which and how much in each case.
tabling member printed	Lord Laird
uin	HL3174
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>At the end of World War I, debt was owed between the UK and other countries. However, in 1931 President Hoover of the United States proposed a one year moratorium on all War debts, which allowed extensive international discussions on the general problems of debt repayment to be held. No satisfactory agreement was reached. In the absence of such an agreement no payments have been made to, or received from, other nations since 1934.</p><p> </p><p> </p><p> </p><p>The most recent repayment made by the UK on its debt to the US from the First World War was made in the financial year 1932-33. More specific information on the date of this payment is not available.</p><p> </p><p> </p><p> </p><p>The UK included the First World War debt to the US as part of the National Debt up until 1944-45, however all First World War debts to and from other nations are now effectively considered as having lapsed. Therefore, as explained in the answer to the original question, no arrangements have been made for repayment of the debt.</p><p> </p><p> </p><p> </p><p>In addition, the government holds eight undated gilts in its debt portfolio, three of which stem from bonds originally issued to raise money to finance the First World War.</p><p> </p><p> </p><p> </p><p>The Chancellor has announced that two of these undated gilts, 4% Consolidated Loan and 3½% War Loan, will be redeemed, on 1 February 2015 and 9 March 2015 respectively. These gilts account for some 99% of the bonds originally issued to finance the First World War. The government has also announced a strategy to remove the remaining undated gilts from the debt portfolio when it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3175 HL3176 question first answered 09/12/2014 17:41:36 answering member 4262 label Biography information for Lord Deighton
tabling member	2479 label Biography information for Lord Laird