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997070

registered interest
date	29/10/2018
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 Her Majesty's Government whether they will require firms offering international money transfer services to show the difference between the exchange rate they are offering and the interbank rate after Brexit.
tabling member printed	Lord Birt
uin	HL11074
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Currently the Cross Border Payments Regulation (CPBR), an EU regulation, sets rules on the pricing of cross-border euro payments.</p><p> </p><p>A revised regulation, “CPBR2”, is currently under negotiation in the EU. The original Commission proposal, would, amongst other things, mandate greater transparency for cross-border payments which include currency conversion, through for example reference to the interbank exchange rate. The Government is broadly supportive of proposals which make financial services more affordable and pricing more transparent for consumers, while ensuring that regulation is proportionate to the risks that it seeks to address.</p><p>The Government is making good progress towards agreeing a Withdrawal Agreement with the EU, including an Implementation Period during which common rules would continue to apply until 31 December 2020.</p><p>After the Implementation Period, our proposal for the future UK-EU relationship on financial services would ensure that the development of regulation would be an autonomous matter for both the UK and the EU. Equally, we acknowledge that maintaining continued EU market access will, where necessary, involve maintaining comparable regulatory outcomes with the EU. The Chancellor has been clear that it is vitally important that the UK and the EU, with our common values and standards, continue to work closely together to further enhance the strong international rules we have forged in financial services. The Government has not committed to any changes to the policy outcomes of the current regime following the UK’s exit from the EU.</p> answering member printed Lord Bates question first answered 08/11/2018 15:57:14 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

964049

registered interest
date	03/09/2018
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, whether he has had discussions with his international counterparts on establishing new Fin Tech bridge agreements between their countries and the UK.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	169243
answer	answer is ministerial correction date of answer 10/09/2018 answer text <p>There have been no recent discussions between the Chancellor of the Exchequer and international counterparts on establishing new FinTech Bridge agreements since the signing of the UK-Australia FinTech Bridge in March 2018. However the UK remains committed to fostering international collaboration and exploring the scope for additional FinTech Bridge agreements where opportunities are present.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/09/2018 15:01:59 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

947642

registered interest
date	24/07/2018
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 Her Majesty's Government what steps they are taking to advance the UK’s position as an international financial centre.
tabling member printed	Viscount Waverley
uin	HL9898
answer	answer is ministerial correction date of answer 02/08/2018 answer text <p>The UK is home to the world’s preeminent financial centre and the government is committed to maintaining and enhancing this position. In addition to our natural advantages, such as a central time zone and the English language, we have strengths across all the major sectors – banking, asset management, and insurance – alongside a globally respected regulatory system, and world-class legal and professional services.</p><p> </p><p>As the Chancellor of the Exchequer set out in his Mansion House speech in June, the government has a long-term vision for the future of UK financial services, based on ensuring the continued innovation, resilience, and openness of the sector. This includes strengthening the UK’s already world-leading positions in the markets of the future, whether in Fintech, green and sustainable finance, or rupee and renminbi products.</p> answering member printed Lord Bates question first answered 02/08/2018 12:10:45 answering member 1091 label Biography information for Lord Bates
tabling member	1744 label Biography information for Viscount Waverley

946846

registered interest
date	23/07/2018
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 White Paper, The Future Relationship Between the United Kingdom and the European Union, published in July 2018, what assessment he has made of the effect of the policies set out in that White Paper on transactions in euro-denominated assets for the UK financial sector.
tabling member constituency	Greenwich and Woolwich
tabling member printed	Matthew Pennycook
uin	167337
answer	answer is ministerial correction date of answer 10/09/2018 answer text <p>Derivatives clearing is an integral part of the UK financial system and the financial stability of both the UK and the EU. This includes euro-denominated clearing, which forms an important part of the overall financial structure in London, generating economic efficiencies from which many firms in the UK, in Europe and internationally benefit.</p><p> </p><p>We aim to ensure that we avoid outcomes that impose unnecessary costs and disruption on individuals and businesses as the UK leaves the EU. We have been clear that equivalence, as it currently stands, will not work for the UK, and will not work for the EU.</p><p> </p><p>As set out in the White Paper, the UK is seeking a future UK-EU relationship which recognises the autonomy of each party over decisions regarding access to its market. Importantly, it also includes a bilateral component which would create shared commitments for the governance of the relationship, establish extensive supervisory and regulatory cooperation, as well as robust and transparent processes. This includes appropriate timelines and notice-periods if market access was to be withdrawn.</p><p> </p><p>The effect of the agreement would be stability for the UK-EU financial ecosystem and the continuation of economically valuable financial services under a new balance of rights and obligations.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 167338 question first answered 10/09/2018 13:05:01 answering member 4051 label Biography information for John Glen
tabling member	4520 label Biography information for Matthew Pennycook

946847

registered interest
date	23/07/2018
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 White Paper, The Future Relationship Between the United Kingdom and the European Union, published in July 2018, what assessment he has made of the effect of policies set out in that White Paper on derivatives clearing for the UK financial sector.
tabling member constituency	Greenwich and Woolwich
tabling member printed	Matthew Pennycook
uin	167338
answer	answer is ministerial correction date of answer 10/09/2018 answer text <p>Derivatives clearing is an integral part of the UK financial system and the financial stability of both the UK and the EU. This includes euro-denominated clearing, which forms an important part of the overall financial structure in London, generating economic efficiencies from which many firms in the UK, in Europe and internationally benefit.</p><p> </p><p>We aim to ensure that we avoid outcomes that impose unnecessary costs and disruption on individuals and businesses as the UK leaves the EU. We have been clear that equivalence, as it currently stands, will not work for the UK, and will not work for the EU.</p><p> </p><p>As set out in the White Paper, the UK is seeking a future UK-EU relationship which recognises the autonomy of each party over decisions regarding access to its market. Importantly, it also includes a bilateral component which would create shared commitments for the governance of the relationship, establish extensive supervisory and regulatory cooperation, as well as robust and transparent processes. This includes appropriate timelines and notice-periods if market access was to be withdrawn.</p><p> </p><p>The effect of the agreement would be stability for the UK-EU financial ecosystem and the continuation of economically valuable financial services under a new balance of rights and obligations.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 167337 question first answered 10/09/2018 13:05:01 answering member 4051 label Biography information for John Glen
tabling member	4520 label Biography information for Matthew Pennycook

946848

registered interest
date	23/07/2018
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 advice his Department has issued to the financial sector on contract continuity (a) during the implementation period and (b) after 31 December 2020.
tabling member constituency	Greenwich and Woolwich
tabling member printed	Matthew Pennycook
uin	167339
answer	answer is ministerial correction date of answer 10/09/2018 answer text <p>The UK and EU negotiating teams reached a hugely important milestone in the Brexit process by agreeing the terms of a time-limited implementation period (IP).</p><p> </p><p>The <a href="https://www.gov.uk/government/publications/financial-services-legislation-under-the-eu-withdrawal-act." target="_blank">document</a> “HM Treasury’s approach to financial services legislation under the EU (Withdrawal) Act 2018,” published by HM Treasury on 27 June 2018, sets out that during the IP, access to one another’s markets will remain unchanged and firms will be able to trade on the same terms as now until 31 December 2020. This will allow citizens and businesses in the UK and across the EU to plan with confidence for life after our withdrawal, on the basis that businesses can operate as now throughout the IP.</p><p> </p><p>The <a href="https://www.gov.uk/government/publications/the-future-relationship-between-the-united-kingdom-and-the-european-union" target="_blank">White Paper</a>, “The future relationship between the United Kingdom and the European Union,” published on 12 July 2018, sets out HMG’s position on the future relationship in financial services with the EU. As set out in the White Paper, the UK is seeking a future UK-EU relationship which continues to facilitate economically beneficial cross-border financial services, with a scope that reflects global business models. The White Paper also includes a proposal to protect consumers and businesses through a commitment that existing contracts can be fulfilled even if access is withdrawn. The effect of the agreement would be to provide stability for the UK-EU financial ecosystem.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/09/2018 12:54:41 answering member 4051 label Biography information for John Glen
tabling member	4520 label Biography information for Matthew Pennycook

928877

registered interest
date	21/06/2018
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 Her Majesty's Government what progress they have made in safeguarding the legality of (1) cross-border derivative, and (2) insurance, contracts after Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL8878
answer	answer is ministerial correction date of answer 05/07/2018 answer text <p>The Financial Policy Committee (FPC) is responsible for reviewing risks to the UK’s financial stability associated with its exit from the EU, including legal uncertainties concerning existing cross-border financial services contracts sold under passporting arrangements. This affects both UK and EU financial services firms and their customers.</p><p> </p><p>The UK and EU have reached a hugely important milestone in the Brexit process by agreeing the terms of a time-limited implementation period. During the implementation period, access to one another’s markets will remain unchanged and on the current terms. This will allow citizens and businesses in the UK and across the EU to plan with confidence on the basis that businesses can operate as now throughout the implementation period.</p><p> </p><p>The UK government has also been clear that, per its 20 December 2017 announcement, it will legislate, if necessary, to ensure that financial services firms’ contractual obligations can continue to be met, mitigating the potential impact of withdrawal on EU firms’ existing contracts in the UK.</p><p> </p><p>There is a shared interest for both the UK and the EU to ensure that we avoid outcomes that impose unnecessary costs and disruption on individuals and businesses as the UK leaves the EU. It is vitally important that we work with our European partners to put the technical arrangements in place to avoid financial market disruption.</p> answering member printed Lord Bates question first answered 05/07/2018 15:46:07 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

911251

registered interest
date	24/05/2018
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 Mr Chancellor of the Exchequer, what discussions his officials have had with the EU Commission on reform of the third country equivalence regime.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	147782
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>My officials and I engage regularly with EU counterparts and the European Commission in the course of ongoing EU business, including in relation to the third country equivalence regime where it is affected by current legislative proposals. We are clear that we expect inclusion of financial services in the future economic partnership with the EU and that the current regime would not be suitable for the volume of trade that exists between us.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 147783 question first answered 04/06/2018 12:33:31 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

911252

registered interest
date	24/05/2018
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 Mr Chancellor of the Exchequer, what discussions he has had with his EU counterparts on reform of the third country equivalence regime.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	147783
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>My officials and I engage regularly with EU counterparts and the European Commission in the course of ongoing EU business, including in relation to the third country equivalence regime where it is affected by current legislative proposals. We are clear that we expect inclusion of financial services in the future economic partnership with the EU and that the current regime would not be suitable for the volume of trade that exists between us.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 147782 question first answered 04/06/2018 12:33:31 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

911254

registered interest
date	24/05/2018
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 Mr Chancellor of the Exchequer, what estimate his Department has made of the number of financial service contracts that will require (a) repapering and (b) novating after the UK leaves the EU.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	147784
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>The Financial Policy Committee (FPC) is responsible for reviewing risks to the UK’s financial stability following its exit from the EU, including legal uncertainties concerning existing cross-border financial services contracts sold under passporting arrangements. This affects both UK and EU financial services firms and their customers. The FPC estimates that 10 million UK policyholders and 38 million EEA policyholders could be affected.</p><p> </p><p>Whilst coordination between the UK and EU is required to fully mitigate contractual continuity risks, the UK government has been clear that, per its 20 December 2017 announcement, it will legislate if necessary to ensure that contractual obligations can continue to be met, mitigating the effect of withdrawal on existing contractual relationships for inbound firms<strong><em>.</em></strong></p><p><strong><em> </em></strong></p><p>There is a shared interest for both the UK and the EU to ensure that we avoid outcomes that impose unnecessary costs and disruption on individuals and businesses as the UK leaves the EU. It is vitally important that we work with our European partners to put the technical arrangements in place to avoid financial market disruption.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 147785 question first answered 04/06/2018 12:40:18 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms