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1700088

registered interest
date	12/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Shares: Stamp Duties
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when his Department plans to respond to the consultation entitled Stamp Taxes on Shares modernisation, published on 27 April 2023.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	21010
answer	answer is ministerial correction date of answer 22/04/2024 answer text <p>HM Revenue and Customs issued the consultation in question and is currently working on the summary of responses, which will be published in due course.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/04/2024 13:08:13 answering member 4639 label Biography information for Bim Afolami
tabling member	4086 label Biography information for Alun Cairns

1673312

registered interest
date	27/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Digital Assets
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of issuing guidance to banks on providing access to bank accounts for (a) crypto and (b) digital asset businesses in the UK.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	3795
answer	answer is ministerial correction date of answer 30/11/2023 answer text <p>The Government recognises the hardship businesses face when they experience problems with banking and takes this issue very seriously.</p><p> </p><p>That is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.</p><p> </p><p>The FCA’s interim report (“UK Payment Accounts: Access and Closures”) was published on 19 September 2023, and it is continuing to work with firms to explore this issue.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 30/11/2023 13:57:07 answering member 4639 label Biography information for Bim Afolami
tabling member	4086 label Biography information for Alun Cairns

1655856

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services and Markets Act 2023
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to help regulators implement their secondary objectives set out in the Financial Services and Markets Act 2023.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	195965
answer	answer is ministerial correction date of answer 07/09/2023 answer text <p>The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are responsible for operationalising their new secondary objectives to facilitate the international competitiveness of the UK economy, and its growth in the medium to long-term.</p><p> </p><p>The regulators have already begun to set out how they will approach the new objectives, for example, in the PRA’s September 2022 discussion paper on its future approach to policy (https://www.bankofengland.co.uk/prudential-regulation/publication/2022/september/pra-approach-to-policy) and the FCA’s December 2022 paper on its implementation of the outcomes of the Future Regulatory Framework Review (https://www.fca.org.uk/publications/corporate-documents/future-regulatory-framework-review-reforms).</p><p> </p><p>To support the introduction of the new objectives, the Government published a Call for Proposals, which closed on 4 July, seeking views on what additional metrics the regulators should publish to support scrutiny of their work embedding and advancing their new secondary objectives. The Treasury is analysing the responses and will respond in due course.</p><p> </p><p>The Financial Services and Markets Act 2023 requires the regulators’ Annual Reports to include an explanation of how they have advanced the new secondary objectives. In addition, the Act requires the regulators to publish separate reports on how they have embedded and advanced the new objectives 12 and 24 months after they come into force. This will support scrutiny of how the new objectives have been operationalised.</p><p> </p><p>The Government is confident that the introduction of the new growth and competitiveness objectives will lead to a step-change in the regulators’ approach.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 07/09/2023 12:55:46 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1655865

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services and Markets Act 2023
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to engage with international financial service businesses on the Government's approach to Clause 37 of the Financial Services and Markets Act 2023.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	195973
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>The Government published a Call for Proposals on 9 May 2023, seeking views on what additional metrics the regulators should publish to support scrutiny of their work embedding and advancing their new secondary growth and competitiveness objectives.</p><p> </p><p>The Call for Proposals also set out the Government’s proposed approach to the exercise of the power of direction in Clause 37 of the Financial Services and Markets Bill, which is now section 39 of the Financial Services and Markets Act 2023. It asked respondents whether they agreed with the Government’s proposed approach.</p><p> </p><p>The Call for Proposals was open to all persons, including international financial services businesses, and closed on 4 July. The Treasury is currently analysing the responses and will respond in due course.</p><p> </p><p>More broadly, international comparisons were considered by the Government in the design of the new secondary growth and competitiveness objectives as part of the Future Regulatory Framework Review. For example, Australia, Singapore, Hong Kong, and Japan have growth or competitiveness embedded in their regulatory frameworks, and this is something that the Government considered when introducing the new secondary growth and competitiveness objectives for the regulators.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 13:15:46 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1654766

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Reserve Tax: Exemptions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans for the investigation by officials into an update to Growth Market Exemption legislation to conclude.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	195392
answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>The Government keeps all taxes under review. As part of that, officials are exploring the case for reform in this area.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/09/2023 12:05:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1654909

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has he made of the adequacy of the capacity of the Financial Conduct Authority to regulate cryptocurrencies.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	195427
answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>The government is proposing an approach to cryptoasset regulation under which firm requirements are designed and implemented by the independent regulators to ensure an agile regime able to respond to developments in the sector. The recent Financial Services and Markets Act included powers to bring stablecoins and cryptoasset activities within the FCA regulatory perimeter.</p><p> </p><p>The FCA completed its Transformation Programme in March 2023 seeking to make the FCA a more innovative, assertive and adaptive regulator. It involved significant investment in the FCA’s systems and capabilities to enable better use of data and intelligence to regulate 50,000 firms effectively and efficiently. Further information on the delivery of the Transformation Programme is contained in the FCA Annual Report 2022-2023</p><p> </p><p>The Government will continue to regularly discuss delivery of the Transformation Programme with the FCA to monitor progress.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/09/2023 12:07:25 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1642016

registered interest
date	05/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment the Government has made of the prevalence of the refusal of banks to open accounts for FCA-licensed crypto firms.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	187865
answer	answer is ministerial correction date of answer 12/06/2023 answer text <p>The Government is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and clear regulatory standards so that people can use new technologies both reliably and safely. The Government believes that effective regulation will create the conditions for cryptoasset service providers to thrive in the UK, and give people and businesses the confidence to invest with an understanding of the often high risks involved.</p><p> </p><p>The decisions about what products are offered and to whom remain commercial decisions for banks and building societies. Therefore, while the Government recognises and values the important role of this sector, it would be inappropriate for the Government to intervene in these decisions.  However, my officials will continue to engage with industry to understand any emerging issues.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 12/06/2023 14:38:54 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1641143

registered interest
date	02/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Electronic Funds Transfer
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he is taking steps to help ensure that bank customers can freely transfer their money to cryptocurrency exchanges.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	187194
answer	answer is ministerial correction date of answer 07/06/2023 answer text <p>The Government remains committed to supporting safe innovation within the cryptoasset sector, and HM Treasury recognises concerns about the impact of decisions taken by banks with respect to consumer payments to crypto businesses.</p><p> </p><p>However, these are commercial, risk-based decisions driven by a range of factors, including compliance with financial crime obligations. As such, it would not be appropriate for the Government to intervene at this stage.</p><p> </p><p>The Government is encouraging the crypto industry, in the first instance, to engage directly with UK banks, UK Finance and other relevant trade associations.</p><p> </p><p>In parallel, HM Treasury is working towards a comprehensive regulatory framework for the cryptoasset sector which may influence decisions taken by UK banks with regards to controls or restrictions on payments.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 07/06/2023 14:09:15 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1627679

registered interest
date	15/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: Cryptoassets
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, (a) what progress the Financial Conduct Authority has made in its registration process for cryptoasset businesses under the Money Laundering Regulations, (b) how many applications are currently being reviewed under that process, (c) how long he expects approvals to take on average under that process and (d) what recent assessment he has made with the FCA of the challenges it may face in that process.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	184961
answer	answer is ministerial correction date of answer 22/05/2023 answer text <p>The FCA has a clear process for evaluating cryptoasset firms' applications to ensure they meet the minimum Anti Money Laundering/Counter Terrorist Financing standards for operating in the UK. This involves assessing the fitness and propriety of the individuals running the firms and the adequacy of their systems to prevent criminal financial flows.</p><p> </p><p>The FCA has received over 300 applications for registration and approved and registered 41 firms; 223 were either refused or withdrew their application, 29 submissions were rejected and 23 applications are under assessment as of the 28th April 2023. The cryptoasset firms that were refused were unable, in the FCA’s view, to meet the required Anti Money Laundering/Counter Terrorist Financing standards.</p><p> </p><p>The FCA has a statutory deadline of 3 months to make a decision on an application, starting from the receipt of the application or the last piece of information required for a decision. The average processing time of applications can be affected by the number of firms in each situation, and it can vary significantly over time. The FCA strives to be fair to firms that are close to meeting the standards and not to expending disproportionate effort on those that are far from meeting them. Firms can make necessary changes based on feedback and reapply when ready.</p><p> </p><p>HMT and FCA officials remain in regular contact to discuss any challenges associated with the application process; both for the FCA and firms. Our joint priority remains the adoption of a risk-based and robust approach which strikes the appropriate balance between ensuring high levels of AML compliance and consumer protection while harnessing the innovation of cryptocurrency for the future prosperity of the UK.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 22/05/2023 12:58:04 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1626139

registered interest
date	09/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what comparative assessment he has made of the potential adequacy of fixed Buy Now Pay Later credit products compared to open credit arrangements.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	184077
answer	answer is ministerial correction date of answer 17/05/2023 answer text <p>The Government is working to bring currently unregulated fixed-sum Buy-Now Pay-Later (BNPL) agreements into regulation in a proportionate way. This recognises that, when appropriately used, BNPL products are lower-risk than interest bearing credit products and can be a useful tool for consumers to manage their finances.</p><p> </p><p>The Government’s approach includes tailoring the application of the Consumer Credit Act 1974 to BNPL agreements, to provide appropriate consumer protections without unduly limiting access to these products. In developing this approach, the Government consulted extensively with consumer groups and industry stakeholders to understand the impact of its proposals on consumers and firms.</p><p> </p><p>A further consultation on the draft secondary legislation that will bring BNPL into regulation closed on 11 April. The Government is now carefully considering stakeholder feedback and will publish a consultation response which will set out next steps. The Government will publish an impact assessment ahead of laying any legislation, which will also consider the impacts on consumers of bringing BNPL into regulation.</p><p> </p><p>As part of the policy development process, the Government has engaged with regulators in other comparable jurisdictions to understand how they are approaching the regulation of BNPL.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 184078 184079 question first answered 17/05/2023 15:17:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns