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1666340

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many and what proportion of firms regulated by the Financial Conduct Authority are SMEs.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203639
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203640 203641 203642 203643 question first answered 25/10/2023 15:18:36 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1666342

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, on how many occasions the outcome of a Financial Conduct Authority action was the (a) cancellation or withdrawal of approvals, (b) a prohibition order, (c) suspension or restriction, (d) a final notice against a person, (e) a fine against a person, (f) public censure and (g) civil action in the 2021-22 financial year.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203641
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203642 203643 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1666343

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many investigations were opened by the Financial Conduct Authority into people with (a) senior and (b) non-senior management functions under the Senior Managers and Certification Regime in (i) 2021-22 and (ii) 2022-23.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203642
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203641 203643 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1666344

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many (a) financial penalties, (b) public censures and (c) other enforcement measures were taken following investigations by the Financial Conduct Authority into people with (i) senior and (ii) non-senior management functions under the Senior Managers and Certification Regime in (A) 2021-22 and (B) 2022-23.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	203643
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203639 203640 203641 203642 question first answered 25/10/2023 15:18:37 answering member 4874 label Biography information for Andrew Griffith
tabling member	140 label Biography information for Dame Margaret Hodge

1611271

registered interest
date	17/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when the Government plans to deliver a consolidated tape of pre- and post-trade market data as considered in the Edinburgh Reforms.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	180900
answer	answer is ministerial correction date of answer 25/04/2023 answer text <p>As set out in the Chancellor’s Edinburgh Reforms statement, the government has committed to having a regime for a UK consolidated tape in place by 2024.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/04/2023 11:24:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1604225

registered interest
date	14/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have, if any, to assess the effectiveness of financial regulation in the UK following the failure of Silicon Valley Bank.
tabling member printed	Lord Birt
uin	HL6450
answer	answer is ministerial correction date of answer 28/03/2023 answer text <p>As the Bank of England Governor has said: “The sale of SVB UK highlights the workings of the regime to protect the UK financial markets and financial stability.” However government will, as expected, consider what learnings, there are from this case as we would with all cases of this significance.</p> answering member printed Baroness Penn question first answered 28/03/2023 15:51:52 answering member 4726 label Biography information for Baroness Penn
tabling member	2533 label Biography information for Lord Birt

1580406

registered interest
date	24/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
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 improve the UK’s financial services sector regulatory framework.
tabling member constituency	Crewe and Nantwich
tabling member printed	Dr Kieran Mullan
uin	131460
answer	answer is ministerial correction date of answer 30/01/2023 answer text <p>The Chancellor provided a detailed written statement to the House in December 2022 on the government’s Edinburgh Reforms to improve the regulatory framework for financial services (HCWS425).</p><p> </p><p>This builds on the Future Regulatory Framework (FRF) Review, which was established by the government to determine how the financial services regulatory framework should adapt to the UK’s new position outside of the European Union (EU), and to ensure the framework is fit for the future.</p><p> </p><p>The outcomes of the FRF Review are now being delivered through the Financial Services and Markets Bill, a key piece of legislation that allows us to seize the opportunities of EU Exit and secure the UK’s position as a global financial hub.</p><p> </p><p>The Government has also published an ambitious plan to enact the repeal of retained EU law in financial services and build a smarter financial services regulatory framework as part of the Edinburgh Reforms.</p><p> </p><p>Amongst other areas, the document set out that the Government will split areas of regulation into tranches, prioritising those areas including those with the biggest potential to deliver improvements to UK economic growth. The government aims to make significant progress on tranches one and two of the programme by the end of 2023 and will ensure that there are opportunities for the full range of stakeholders to engage and to feed in views as the programme is delivered. More detail can be found online at:</p><p> </p><p>https://www.gov.uk/government/publications/building-a-smarter-financial-services-framework-for-the-uk</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 30/01/2023 15:41:37 answering member 4874 label Biography information for Andrew Griffith
tabling member	4860 label Biography information for Dr Kieran Mullan

1551092

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: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact on financial stability of the proposals to amend regulation of the financial sector announced in Edinburgh on 9th December 2022.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	109751
answer	answer is ministerial correction date of answer 19/12/2022 answer text <p>The Edinburgh Reforms, launched by the Chancellor on 9 December, take forward the government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.</p><p> </p><p>The government’s approach recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness. This approach will continue to ensure that the sector is resilient and able to support economic growth, while ensuring consumers and citizens benefit from high-quality services, appropriate consumer protection, and a sector that embraces the latest technology.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/12/2022 14:18:40 answering member 4051 label Biography information for John Glen
tabling member	4799 label Biography information for Charlotte Nichols

1550458

registered interest
date	12/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government which of the Chancellor’s proposed reforms to financial services regulation, announced in Edinburgh on 8 December, will (1) require primary legislation, (2) require secondary legislation, (3) be achievable using existing powers; and for each of the proposed reforms that can be made using existing powers, what power they intend to use in each case.
tabling member printed	Lord Sharkey
uin	HL4237
answer	answer is ministerial correction date of answer 15/12/2022 answer text <p>The Edinburgh Reforms, launched by the Chancellor on 9 December, take forward the government’s ambition for the UK to be the world’s most innovative and competitive global financial centre. We are committed to 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.</p><p> </p><p>As part of the Edinburgh Reforms package, several consultations were either launched or trailed. It would not be appropriate to pre-judge the outcome of these consultations, nor how any measures may be implemented when final government policy has yet to be agreed. The outcomes of these consultations will be taken forward in the usual manner and peers will be able to engage in the normal ways depending on the precise form of implementation.</p><p> </p><p>As set out in the Chancellor's written statement, a number of reforms will require secondary legislation. These are:</p><p> </p><ul><li>Secondary legislation in Q1 2023 to remove burdens for firms trading commodities derivatives as an ancillary activity. The powers to implement this can be found in: Article 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Article 3 of the Financial Service and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, and Article 4 of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018.</li><li>Secondary legislation in 2023 to improve the functionality of the ring-fencing regime. The powers to implement these proposed reforms, which will be subject to consultation in mid-2023, can be found in Part 9B of the Financial Services and Markets Act 2000.</li><li>Secondary legislation, when parliamentary time allows, to amend the Building Societies Act 1986. The powers to implement this can be found in Section 7 of the Building Societies Act 1986, and Section 104 (1) of the Building Societies Act 1986.</li></ul><p> </p><p>Additionally, the government will add transactions in certain cryptoassets to the Investment Management Exemption list for tax purposes. The existing list of investment transactions is set out in the Investment Manager (Investment Transactions) Regulations 2014. HMRC is able to make this change using existing powers contained in sections 827(2) and 835S(4) ITA07 and section 1150 CTA10.</p><p> </p><p>Several of the Edinburgh Reforms are also being taken forward as primary legislation through the Financial Services and Markets Bill (FSM). These are the implementation of a Financial Market Infrastructure Sandbox in 2023, the establishment of a safe regulatory environment for stablecoins and the repeal of retained EU law in financial services. The FSM Bill contains provisions that will enable the government to commence the repeal of retained EU law in financial services and implement its replacement, a smarter regulatory framework specifically tailored to the UK, using secondary legislation following the passage of the Bill. The government will also legislate in the Finance Bill to amend the tax rules for Real Estate Investment Trusts.</p> answering member printed Baroness Penn question first answered 15/12/2022 17:23:17 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey

1542135

registered interest
date	15/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
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 improve the regulatory framework for the financial services sector.
tabling member constituency	Harrow East
tabling member printed	Bob Blackman
uin	902262
answer	answer is ministerial correction date of answer 15/11/2022 answer text <p>The Financial Services and Markets Bill seizes the opportunities of Brexit, tailoring financial services regulation to UK markets to bolster our competitiveness and deliver better outcomes for consumers and businesses.</p><p>The Bill implements the outcomes of the Future Regulatory Framework Review, revoking retained EU law, so it can be replaced with an approach designed for the UK.</p><p>The Bill introduces secondary growth and competitiveness objectives and measures to ensure clear accountability, appropriate democratic input, and transparent oversight of the regulators.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 15/11/2022 15:25:50 answering member 4874 label Biography information for Andrew Griffith
tabling member	4005 label Biography information for Bob Blackman