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1696556

registered interest
date	18/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Compensation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL3313
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:40:27 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1189796

registered interest
date	21/04/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Balance of Payments: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact of the COVID-19 pandemic on the UK's balance of payments.
tabling member printed	Lord Empey
uin	HL3313
answer	answer is ministerial correction date of answer 05/05/2020 answer text <p>Official balance of payments statistics relating to the period of COVID-19 disruption in the UK are not yet available. The Office for National Statistics will publish trade statistics for March 2020 in May, and will publish balance of payments statistics for the first quarter of 2020 towards the end of June.</p><p> </p><p>The Government has announced unprecedented support for public services, business and workers to protect against the current economic emergency. Our economic response is one of the most generous and comprehensive globally and the government is now working urgently to deliver these schemes as quickly as possible.</p><p> </p><p>The Government is monitoring the impact measures are having with regard to supporting public services, businesses, and individuals, and keeps all policies under review.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 05/05/2020 11:02:20 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4216 label Biography information for Lord Empey