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1679392

registered interest
date	05/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking with the Financial Conduct Authority to help ensure funeral fund providers have sufficient resources to meet their obligations.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	7745
answer	answer is ministerial correction date of answer 11/01/2024 answer text <p>In January 2021 the government legislated to bring all pre-paid funeral plan providers and intermediaries within the Financial Conduct Authority’s regulatory remit.</p><p> </p><p>The FCA has extensive experience of both conduct and prudential regulation. As part of its regulation of the sector, the FCA have introduced requirements that ensure that funeral plan providers have sufficient funds to fulfil the funeral plan contracts they have entered into.</p><p> </p><p>This includes rules that require funeral plan providers to:</p><p> </p><ul><li>place sufficient funds to provide any agreed upon funeral in a trust or insurance arrangements;</li></ul><p> </p><ul><li>have systems and controls in place to ensure the adequacy of those trust and insurance arrangements and to ensure that pricing does not lead to insufficient sums being available to provide the agreed upon funeral; and</li></ul><p> </p><ul><li>consider the risk of inflation and volatility of trust assets when assessing the sums needed to provide for the funeral.</li></ul> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 11/01/2024 17:05:56 answering member 4639 label Biography information for Bim Afolami
tabling member	318 label Biography information for John Spellar

1564309

registered interest
date	06/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wind Power
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much revenue accrued to the Crown Estate from offshore wind leases in the last year.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	117438
answer	answer is ministerial correction date of answer 16/01/2023 answer text <p>The Crown Estate operates as an independent commercial business, in line with The Crown Estate Act and the Framework Agreement with HM Treasury. The Crown Estate returns 100% of its net revenue to HM Treasury each year, totally over £3billion in the last decade.</p><p> </p><p>The Crown Estate publishes its revenue performance for each business unit on an annual basis. These accounts are laid in Parliament.</p><p> </p><p>For the financial year 2021/22, The Crown Estate generated £113.3million from its marine business, which includes offshore wind leasing activity alongside other seabed leasing activity. The seabed is a valuable national asset, and through The Crown Estate’s leasing and investment activity appropriate value is being secured to the benefit of the nation.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 16/01/2023 16:23:03 answering member 4519 label Biography information for James Cartlidge
tabling member	318 label Biography information for John Spellar

1564447

registered interest
date	06/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Investment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the underlying causes of concerns relating to liability driven investment funds in the pensions industry in 2022; and what lessons his Department has learned about the operation of these funds during this period.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	117451
answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>The Pensions Regulator (TPR) regulates pension schemes, and the Financial Conduct Authority (FCA) regulates UK-based asset managers that manage LDI funds which are often used by pension schemes. The Government welcomes the recent work of the UK regulators to require that LDI funds hold higher levels of resilience, following volatility in gilt markets in 2022. This work has also been welcomed, as a first step, by the Bank of England’s independent Financial Policy Committee (FPC), which is responsible for identifying and addressing systemic risks to improve UK financial stability. The FPC’s December 2022 Financial Stability Report (FSR), and its assessment of the vulnerabilities associated with LDI funds, was an important milestone in the ongoing lessons learned process.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:47:57 answering member 4874 label Biography information for Andrew Griffith
tabling member	318 label Biography information for John Spellar

1564448

registered interest
date	06/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Rating
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will make an assessment of the level of potential (a) inefficiencies and (b) inequalities in credit scoring systems.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	117452
answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>The Financial Conduct Authority (FCA) recently published an interim report on its Credit Information Market Study, which looks at how the credit information sector is working and how it could be improved. This includes consideration of the purpose, quality and accessibility of credit information. It can be found at: <a href="https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study" target="_blank">https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study</a>.</p><p> </p><p>The Treasury is engaging with the FCA, as well as industry and consumer groups, on the emerging findings of the Market Study.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:54:29 answering member 4874 label Biography information for Andrew Griffith
tabling member	318 label Biography information for John Spellar

1564449

registered interest
date	06/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance: Racial Discrimination
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of potential trends in the level of discrimination of people from ethnic minority backgrounds in the provision of insurance.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	117453
answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>Under the Equality Act 2010 insurers cannot use ethnicity as a risk factor when determining the price of insurance. Insurers must treat customers fairly under the Financial Conduct Authority’s (FCA) rules and the FCA has powers to act against firms that fail to comply.</p><p> </p><p>The Treasury met with insurance companies following the Citizens Advice report on the ‘ethnicity penalty’ published in March 2022 and will continue to engage with the insurance industry and the regulator on this important issue.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:53:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	318 label Biography information for John Spellar