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1550516

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	Commodity Markets: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to strengthen the regulation of commodity markets to promote (a) stability and (b) transparency.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	108256
answer	answer is ministerial correction date of answer 15/12/2022 answer text <p>The Government believes effective commodities markets regulation is key to ensure economic stability. This is the lesson we have learned from the 2000s food and financial crises and the Government remains committed to the G20 recommendations that sought to uphold that.</p><p> </p><p>Through the Financial Services and Markets Bill, the Government is making changes to the regime which we have inherited from the EU, which is overly complicated and poorly designed. For example, to ensure that the regime is calibrated effectively, the Bill delegates the setting of position limits from the Financial Conduct Authority (FCA) to trading venues, who are well placed to ensure that it only applies to contracts that are subject to high volatility. The FCA will also retain its ability to directly intervene if need be. This will ensure that speculation in agricultural and physically settled contracts such as oil and gas does not lead to economic harm.</p><p> </p><p>The Government is also using the Financial Services and Markets Bill to improve the transparency regime for commodity derivatives. The regime that we have inherited from the EU was designed for equity markets and as such does not take into account the inherent differences between these two markets. The FCA will be given responsibility for creating a more tailored regime that improves transparency and recognises the diverse nature of our markets.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 15/12/2022 08:50:53 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1550350

registered interest
date	09/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Vehicles: Taxation
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 potential impact on tax revenues of a pay-as-you-drive model of vehicle taxation.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	107173
answer	answer is ministerial correction date of answer 14/12/2022 answer text <p>All taxes remain under review. Any changes are considered and announced by the Chancellor at fiscal events.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 14/12/2022 15:22:23 answering member 4519 label Biography information for James Cartlidge
tabling member	4432 label Biography information for Patrick Grady

1548799

registered interest
date	06/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	NHS: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of creating a tax-unregistered pension scheme for consultants on the retention of experienced consultants in the NHS.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	104214
answer	answer is ministerial correction date of answer 09/12/2022 answer text <p>The Government values the extraordinary work being done by NHS staff. In recognition of this vital work, the NHS Pension Scheme is one of the most generous schemes available. In addition, the existing tax relief offered on pension contributions is expensive, costing the Exchequer £67.3 billion in 2020/21, with around 58 per cent relieved at the Higher and Additional rates. A tax unregistered scheme would primarily benefit NHS staff affected by the annual and lifetime allowances, who are the highest-earning savers in the NHS pension scheme.</p><p> </p><p>The Government has listened carefully to the concerns of NHS staff and is committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension and the relevant tax regime. That is why, on 22 September the Government announced changes to the NHS Pension Scheme. These include changing pension rules regarding inflation, encouraging NHS Trusts to offer pension recycling and implementing permanent retirement flexibilities to support workforce retention. The Government continues to keep all areas of the tax system under review.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 09/12/2022 10:52:41 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1519571

registered interest
date	10/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Double Taxation: Malawi
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with his counterpart in Malawi on reform of the 1955 UK-Malawi Double Taxation Agreement and associated protocols.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	59859
answer	answer is ministerial correction date of answer 13/10/2022 answer text <p>HMRC regularly engages with other countries on matters relating to double taxation agreements (DTAs), including negotiating new DTAs, updating existing DTAs and discussing issues with the application of DTAs with our treaty partners.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 13/10/2022 16:23:43 answering member 3912 label Biography information for Richard Fuller
tabling member	4432 label Biography information for Patrick Grady

1506177

registered interest
date	08/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority: Liability
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 removing the Financial Conduct Authority's exemption from civil liability.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	49703
answer	answer is ministerial correction date of answer 23/09/2022 answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA has statutory immunity from claims for damages under the Financial Services and Markets Act 2000. The Government believes this is important in allowing the FCA to take a robust approach to regulation and to focus its resources on pursuing its objectives without the distraction of claims that may frustrate these efforts, or the risk that firms can delay supervisory interventions through vexatious litigation. The FCA’s ability to act robustly is important to millions of consumers across the country.</p><p> </p><p>Given this statutory immunity, it is vital that those directly affected by the FCA’s actions have an avenue to have matters put right where the FCA has failed in carrying out its role. The Financial Services Act 2012 requires that the FCA establishes a complaints scheme and appoints, with the Treasury’s approval, an independent person (the Complaints Commissioner) who can investigate complaints.</p><p> </p><p>The complaints scheme is an informal mechanism for investigating complaints and ensuring that there is transparency around the way the FCA operates whilst not undermining the principle of the FCA’s statutory immunity. The activities of the Complaints Commissioner are governed by the framework set out in legislation and in the regulators’ Complaints Scheme. The Complaints Commissioner has powers to recommend the payment of compensation by the FCA and to require the FCA to publish its response to any recommendation that the Complaints Commissioner makes. The Complaints Commissioner does not have powers to compel the FCA to pay compensation. It is not a court, nor is there a right of appeal for the FCA if the investigator makes an adverse finding against it. The FCA remains solely accountable for the decisions it makes over how to use its funds.</p><p> </p><p>The FCA is a self-financing organisation funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. The Government has no role in the FCA’s budgeting or the setting of the levy. The FCA, like other public authorities, has the ability to make compensation payments on a voluntary (‘ex gratia’) basis. The FCA publishes their approach to these payments as part of the information on their complaints scheme.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 49704 49705 question first answered 23/09/2022 05:14:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1506178

registered interest
date	08/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to help ensure that the Financial Conduct Authority has a (a) robust complaints process and (b) appropriate compensation scheme for cases of regulatory failure.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	49704
answer	answer is ministerial correction date of answer 23/09/2022 answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA has statutory immunity from claims for damages under the Financial Services and Markets Act 2000. The Government believes this is important in allowing the FCA to take a robust approach to regulation and to focus its resources on pursuing its objectives without the distraction of claims that may frustrate these efforts, or the risk that firms can delay supervisory interventions through vexatious litigation. The FCA’s ability to act robustly is important to millions of consumers across the country.</p><p> </p><p>Given this statutory immunity, it is vital that those directly affected by the FCA’s actions have an avenue to have matters put right where the FCA has failed in carrying out its role. The Financial Services Act 2012 requires that the FCA establishes a complaints scheme and appoints, with the Treasury’s approval, an independent person (the Complaints Commissioner) who can investigate complaints.</p><p> </p><p>The complaints scheme is an informal mechanism for investigating complaints and ensuring that there is transparency around the way the FCA operates whilst not undermining the principle of the FCA’s statutory immunity. The activities of the Complaints Commissioner are governed by the framework set out in legislation and in the regulators’ Complaints Scheme. The Complaints Commissioner has powers to recommend the payment of compensation by the FCA and to require the FCA to publish its response to any recommendation that the Complaints Commissioner makes. The Complaints Commissioner does not have powers to compel the FCA to pay compensation. It is not a court, nor is there a right of appeal for the FCA if the investigator makes an adverse finding against it. The FCA remains solely accountable for the decisions it makes over how to use its funds.</p><p> </p><p>The FCA is a self-financing organisation funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. The Government has no role in the FCA’s budgeting or the setting of the levy. The FCA, like other public authorities, has the ability to make compensation payments on a voluntary (‘ex gratia’) basis. The FCA publishes their approach to these payments as part of the information on their complaints scheme.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 49703 49705 question first answered 23/09/2022 05:14:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1506179

registered interest
date	08/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Regulators Complaints Commissioner
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 making the findings of the Financial Regulators Complaints Commissioner binding as opposed to advisory.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	49705
answer	answer is ministerial correction date of answer 23/09/2022 answer text <p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA has statutory immunity from claims for damages under the Financial Services and Markets Act 2000. The Government believes this is important in allowing the FCA to take a robust approach to regulation and to focus its resources on pursuing its objectives without the distraction of claims that may frustrate these efforts, or the risk that firms can delay supervisory interventions through vexatious litigation. The FCA’s ability to act robustly is important to millions of consumers across the country.</p><p> </p><p>Given this statutory immunity, it is vital that those directly affected by the FCA’s actions have an avenue to have matters put right where the FCA has failed in carrying out its role. The Financial Services Act 2012 requires that the FCA establishes a complaints scheme and appoints, with the Treasury’s approval, an independent person (the Complaints Commissioner) who can investigate complaints.</p><p> </p><p>The complaints scheme is an informal mechanism for investigating complaints and ensuring that there is transparency around the way the FCA operates whilst not undermining the principle of the FCA’s statutory immunity. The activities of the Complaints Commissioner are governed by the framework set out in legislation and in the regulators’ Complaints Scheme. The Complaints Commissioner has powers to recommend the payment of compensation by the FCA and to require the FCA to publish its response to any recommendation that the Complaints Commissioner makes. The Complaints Commissioner does not have powers to compel the FCA to pay compensation. It is not a court, nor is there a right of appeal for the FCA if the investigator makes an adverse finding against it. The FCA remains solely accountable for the decisions it makes over how to use its funds.</p><p> </p><p>The FCA is a self-financing organisation funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. The Government has no role in the FCA’s budgeting or the setting of the levy. The FCA, like other public authorities, has the ability to make compensation payments on a voluntary (‘ex gratia’) basis. The FCA publishes their approach to these payments as part of the information on their complaints scheme.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 49703 49704 question first answered 23/09/2022 05:14:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1506180

registered interest
date	08/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
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 imposing on financial services firms a general duty of care towards their consumers.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	49706
answer	answer is ministerial correction date of answer 23/09/2022 answer text <p>The Government is committed to ensuring that consumers of financial services are appropriately protected whilst preserving the competitiveness of the UK financial services sector.</p><p>The Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. This was in response to concerns from Parliamentarians, who wanted to reduce levels of consumer harm in financial services.</p><p>Following extensive engagement with stakeholders, the FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty. The Consumer Duty will clarify and raise expectations for the standard of care that should be provided by financial services firms to consumers, and ensure consumers benefit from a higher level of care from financial services firms.</p><p>The FCA, as an operationally independent regulator, is responsible for implementing and enforcing its Consumer Duty rules. It would not be appropriate for the government to comment on the specific rules introduced by the FCA.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/09/2022 05:16:10 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1504375

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Southern Africa
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, in the context of remarks made by Anglican Bishops at the recent Lambeth Conference, what assessment he has made of the potential merits of cancelling debts owed by countries in southern Africa that are facing food shortages.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	45883
answer	answer is ministerial correction date of answer 20/09/2022 answer text <p>The Government recognises the significant debt vulnerabilities in developing countries and the critical challenge posed by food insecurity and is working closely with international partners to address these issues.</p><p> </p><p>The UK, along with the G20 and Paris Club, agreed a new Common Framework for Debt Treatments beyond the DSSI (CF), which was designed to help deliver a long-term, sustainable approach for supporting low-income countries facing debt vulnerabilities. 73 of the most vulnerable countries are eligible to request a debt treatment under the Framework and our priority is to work with our G20 partners to implement it quickly for those who have requested it and support new countries who come forward.</p><p> </p><p>The UK also continues to work with the international community to directly support countries affected by the food security crisis. For example, the UK played a leading role in securing the World Bank’s commitment of $12 billion of new projects in the next 15 months to respond to the food security crisis, on top of $18 billion of existing projects.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 13:43:24 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1504376

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Zambia
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with UK-based private creditors and financial institutions that have bought debt owed by Zambia as part of its recent debt restructuring process.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	45884
answer	answer is ministerial correction date of answer 20/09/2022 answer text The Common Framework was agreed in November 2020 by the UK, along with the G20 and Paris Club, to help deliver a long-term, sustainable approach for supporting low-income countries to tackle their debt vulnerabilities. Zambia is one of three countries – along with Chad and Ethiopia - to have so far requested the Common Framework.<p> </p><p>Private sector participation in the Common Framework is critical. Under the terms of the Common Framework, a debtor country that signs an MoU with participating official creditors will be required to seek from all private creditors a treatment at least as favourable. Accordingly, once Zambia signs an MoU for its case it will need to engage its private creditors to ensure their participation on comparable terms.</p><p>The Government engages private sector creditors on international debt issues in a number of fora and will work closely with its international partners to ensure private creditors fully play their part in Zambia’s restructuring.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 13:45:27 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady