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1717043

registered interest
date	09/05/2024
answering body	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 His Majesty's Government what plans they have to improve the speed and efficiency of the Financial Conduct Authority's authorisation process for financial services firms.
tabling member printed	Baroness Verma
uin	HL4549
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>The Financial Conduct Authority (FCA) is operationally independent from Government, and is responsible for the authorisation processes for financial services firms. It is fully accountable to Parliament and the Treasury for how it discharges its statutory functions.</p><p> </p><p>Both the government and the FCA are committed to ensuring the FCA has world-leading levels of operational effectiveness. The Government wrote to the FCA in December 2022 to highlight the importance of operational effectiveness for UK competitiveness. The FCA started publishing operating service metrics relating to authorisation processing on a quarterly basis in May 2023; these can be accessed on the FCA’s website.</p><p> </p><p>Following the Government’s Call for Proposals last year, the FCA will start publishing additional operating metrics this summer, to support further scrutiny. These metrics will initially be published as part of the FCA’s Annual Report, and the report it is required to make on its implementation of its new secondary objective to facilitate the growth and competitiveness of the UK economy.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 23/05/2024 15:06:07 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3790 label Biography information for Baroness Verma

1688747

registered interest
date	08/02/2024
answering body	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 His Majesty's Government, following the revision of the rules agreed by Brussels on derivatives trading, what assessment they have made on the impact this will have on the UK's financial services market.
tabling member printed	Lord Taylor of Warwick
uin	HL2353
answer	answer is ministerial correction date of answer 21/02/2024 answer text <p>The UK has one of the world’s most robust regulatory regimes for central counterparties, and the government has taken forward work to further strengthen that regime, given our commitment to high regulatory standards.</p><p> </p><p>It is an international norm for jurisdictions to rely on each other’s market infrastructure. The government therefore sees no reason of substance why the UK cannot or should not continue to provide clearing services for countries in the EU and around the world.</p> answering member printed Baroness Vere of Norbiton question first answered 21/02/2024 17:08:01 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1682246

registered interest
date	15/01/2024
answering body	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 His Majesty's Government whether they consider that the Financial Ombudsman Service and Financial Services Compensation Scheme protections enacted under the Financial Services and Markets Act 2000, which underpin retail investor confidence in the UK financial industry, remain "an expression of UK national policy".
tabling member printed	Lord McNicol of West Kilbride
uin	HL1585
answer	answer is ministerial correction date of answer 29/01/2024 answer text <p>The government believes that it is important that consumers of financial services have appropriate routes to seek redress without having to go through the court system. The Financial Services and Markets Act 2000 established both the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) for this purpose.</p><p> </p><p>The FOS provides consumers and small businesses with a free, independent service that enables the proportionate, prompt and informal resolution of disputes with financial services firms. It is designed as an alternative to resolution of cases through the courts, which can be expensive for both firms and consumers and delay redress.</p><p> </p><p>The courts also continue to play an important role alongside the FOS in ensuring consumers have access to redress and in some cases may be a more appropriate route to ensuring effective resolution of disputes.</p><p> </p><p>The FSCS is the UK’s compensation scheme of last resort and pays compensation to consumers when authorised financial services firms fail. However, the FSCS does not cover losses that arise purely from investment performance. The UK does not operate a zero-failure regime in financial services and individuals have responsibility for choosing investments that are suitable for their risk profile.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 29/01/2024 11:40:37 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1660725

registered interest
date	14/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by the Financial Conduct Authority entitled Financial Lives 2022 survey, published on 26 July 2023, if he will hold discussions with the Financial Conduct Authority on the findings of that survey on the number of people who unsuccessfully attempted to contact their financial services providers in the last 12 months.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	199540
answer	answer is ministerial correction date of answer 19/09/2023 answer text <p>The Government wants to ensure that everyone can access useful support from their financial service providers and understands that for many customers, getting through to their provider is often the starting point for receiving help.</p><p> </p><p>The Financial Conduct Authority’s (FCA) Financial Lives Survey provides a nationally representative view of UK adults’ financial behavior and experience of the UK financial services industry. While in the 12 months to May 2022, the Survey shows that 84% of those who used customer support services in the last 12 months agreed that it helped them achieve what they wanted to, in the same period, 14% of adults who held one or more financial products unsuccessfully attempted to contact one or more of their financial services providers.</p><p> </p><p>Already, Ministers and officials regularly engage with the FCA on the key issues affecting customers, including access to support.</p><p> </p><p>The Consumer Duty, introduced on 31 July this year, builds on the FCAs work to ensure that firms act to deliver good outcomes and seeks to set a higher and clearer standard of care that firms owe their customers. Under the duty, firms will have to provide helpful and responsive customer service and equip their customers to make good decisions through communications people can understand, provided at the right time. This means it should be as easy to complain about or switch and cancel products or services as it is to buy them.</p><p> </p><p>To improve access to digital services, the government is continuing to invest in digital infrastructure as well as essential skills. For example, the Digital Entitlement allows for adults with no or low digital skills to study for a new Essential Digital Skills Qualification for free.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/09/2023 12:36:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1658020

registered interest
date	29/08/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
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 support the growth of the financial services sector.
tabling member constituency	Harrow East
tabling member printed	Bob Blackman
uin	906211
answer	answer is ministerial correction date of answer 05/09/2023 answer text <p>In July, the Chancellor set out his ambitious Mansion House Reforms package, which will help to support the growth of the financial services sector by:</p><p>o reforming the pensions market to boost returns and improve outcomes for pension fund holders whilst increasing funding liquidity for high-growth companies;</p><p>o helping companies grow and list in the UK; and</p><p>o enabling us to seize the opportunities of the future by reforming and simplifying our regulatory rulebook.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/09/2023 13:52:33 answering member 4874 label Biography information for Andrew Griffith
tabling member	4005 label Biography information for Bob Blackman

1581690

registered interest
date	30/01/2023
answering body	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 His Majesty's Government what steps they have taken to counter future shocks to the UK’s financial system.
tabling member printed	Viscount Waverley
uin	HL5238
answer	answer is ministerial correction date of answer 10/02/2023 answer text <p>Since 2008, the UK financial system has been significantly strengthened, and UK banks now hold over three times more capital than they did at the time of the financial crisis. The government has introduced a resolution regime which empowers the Bank of England to manage the failure of financial institutions in a way that protects depositors and maintains financial stability, while limiting the risks to public funds. The Bank of England is now at the centre of the regulatory framework, and through the Financial Policy Committee (FPC) is responsible for identifying, monitoring and addressing risks to the system as a whole, working alongside the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) who supervise individual firms. The FPC has a range of tools, including regular stress testing of the financial system to severe scenarios. HM Treasury participates in FPC discussions through its non-voting membership on the Committee.</p><p> </p><p>The FPC’s December Financial Stability Report (FSR) set out its current assessment of the stability of the UK financial system. The FPC judge that major UK banks’ capital and liquidity positions remain strong, and the banking system is resilient to the current economic outlook, with capacity to support lending, even if economic conditions are worse than forecast. The FSR was also an important milestone in the ongoing lessons learned process following volatility in the gilt markets in 2022. The government supports this work and continues to work closely with domestic and international regulators to enhance resilience in market-based finance.</p> answering member printed Baroness Penn question first answered 10/02/2023 14:08:07 answering member 4726 label Biography information for Baroness Penn
tabling member	1744 label Biography information for Viscount Waverley

1564880

registered interest
date	09/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what data his Department holds on the value of the (a) financial assets and investments managed in the UK and (b) revenue brought in by his Department through taxation on capital in financial year 2021-22; and what proportion of those financial assets and investments were domiciled in the UK in that financial year.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	118967
answer	answer is ministerial correction date of answer 17/01/2023 answer text <p>There is no statutory requirement for asset managers or financial institutions to report to Government on valuations of assets of investments under management in the UK, so the requested information is not held.</p><p> </p><p>Further information of different types of capital assets has been compiled by the Office for Budget Responsibility for their Economic and Fiscal Outlook publication which is available here: <a href="https://obr.uk/efo/economic-and-fiscal-outlook-november-2022/" target="_blank"><em>https://obr.uk/efo/economic-and-fiscal-outlook-november-2022/</em></a></p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 17/01/2023 14:18:20 answering member 4399 label Biography information for Victoria Atkins
tabling member	4124 label Biography information for Chi Onwurah

1563204

registered interest
date	20/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent steps his Department has taken to help support the financial services sector.
tabling member constituency	Wyre Forest
tabling member printed	Mark Garnier
uin	902899
answer	answer is ministerial correction date of answer 20/12/2022 answer text <p>The Edinburgh Reforms, launched by the Chancellor on 9 December, take forward the government’s ambition for an open, sustainable, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens across all four nations of the UK. These reforms build on the work the government is already taking forward through the Financial Services and Markets Bill and the reforms to Solvency II announced at the Autumn Statement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/12/2022 13:34:17 answering member 4051 label Biography information for John Glen
tabling member	4074 label Biography information for Mark Garnier

1551233

registered interest
date	13/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
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 impact on consumers of the decision by UK banks and Building Societies to close the PayM mobile payments system.
tabling member constituency	City of Durham
tabling member printed	Mary Kelly Foy
uin	109789
answer	answer is ministerial correction date of answer 19/12/2022 answer text <p>On 29 September Pay.UK and fifteen of the UK’s banks and building societies announced their decision that Paym, the mobile payments service, will close permanently on 7 March 2023.</p><p> </p><p>Pay.UK have observed that payment volumes through Paym have diminished over the past three years as fewer people sign up to use the service. As an independent company limited by guarantee, Pay.UK has discretion over its decision-making, with oversight from the Bank of England and Payment Systems Regulator in relation to its recognised and designated payment systems.</p><p> </p><p>Customers will continue to have access to a range of alternative payment methods. In addition, Pay.UK assures customers that the closure process will be carried out with the needs of Paym users front of mind and, to minimise any disruption, banks and building societies will engage with their customers ahead of their closure date to make them aware of the changes and what it means for them. Pay.UK advises that any Paym customers with concerns about the change should speak to their bank or building society.</p><p> </p><p>For further information on the closure of Paym, please see the following webpage:</p><p> </p><p>https://newseventsinsights.wearepay.uk/media-centre/press-releases/paym-mobile-payments-service-to-close-in-2023/#:~:text=London%2C%2029%20September%202022%3A%20Pay,customers%20on%207%20March%202023</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/12/2022 14:08:07 answering member 4051 label Biography information for John Glen
tabling member	4753 label Biography information for Mary Kelly Foy

1521534

registered interest
date	12/10/2022
answering body	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 His Majesty's Government what recent steps they have taken to determine whether the financial sector presents too great a risk for the UK economy and regulatory structures to bear.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL2516
answer	answer is ministerial correction date of answer 25/10/2022 answer text <p>The Government actively monitors the financial sector and any risks to financial stability and the UK economy more widely. It continues to work closely with the regulators, including the Bank of England and the Financial Conduct Authority, to assess risks and where appropriate coordinate a response with them. The regulators are working with firms to improve their resilience to market shocks, and it is a focus of government to ensure that we have a robust regulatory system. The UK financial sector remains resilient and well capitalised – ensuring it can continue to support households and business and play an important part in the UK economy.</p> answering member printed Viscount Younger of Leckie question first answered 25/10/2022 13:03:09 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle