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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

1696583

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	Inflation: Employment and Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.
tabling member printed	Lord Taylor of Warwick
uin	HL3340
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:45:55 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1696422

registered interest
date	15/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Landlords: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to paragraph 6.48ff of the report by the Office for Tax Simplification entitled Property income review: simplifying income tax for residential landlords, published on 25 October 2022, whether his Department has made an assessment of the potential merits of introducing a brightline test to provide tax reliefs where property letting activities subject to income tax would qualify as a trade.
tabling member constituency	St Ives
tabling member printed	Derek Thomas
uin	18911
answer	answer is ministerial correction date of answer 21/03/2024 answer text <p>The suggestion by the Office for Tax Simplification (OTS) for a brightline test would create an arbitrary dividing line, and potential preferential tax treatment for those able to afford to buy more properties, as opposed to considering whether an activity constitutes trading or property letting on its merits. The OTS suggestions also had the effect that more activities would be considered trades. As a result the Government decided not to take that suggestion forward, but does keep all aspects of tax policy under review. <br></p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 21/03/2024 16:42:59 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4532 label Biography information for Derek Thomas

1696429

registered interest
date	15/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Accountancy: Off-payroll Working
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with the accountancy services sector on the enforcement of Managed Service Company legislation against chartered providers of accountancy services.
tabling member constituency	St Ives
tabling member printed	Derek Thomas
uin	18915
answer	answer is ministerial correction date of answer 21/03/2024 answer text <p>HMRC officials have and continue to discuss the Managed Service Company rules with professional accountancy organisations, workers’ representative bodies and other tax professionals. HMRC officials in collaboration with stakeholders are exploring how HMRC’s guidance could be enhanced to enable taxpayers to understand whether certain services are Managed Service Company schemes.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 21/03/2024 16:37:09 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4532 label Biography information for Derek Thomas

1696473

registered interest
date	15/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Lincolnshire
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the adequacy of the availability of cash withdrawal facilities in Lincolnshire.
tabling member constituency	South Holland and The Deepings
tabling member printed	Sir John Hayes
uin	18841
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups.</p><p> </p><p>The government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities, on both a national and local basis. The FCA expects to finalise its regulatory rules in the third quarter of this year.</p><p> </p><p>The most recent analysis undertaken by the FCA is available on the FCA website: <a href="https://www.fca.org.uk/data/access-cash-coverage-uk-2023-q1#:~:text=97.4%25%20of%20the%20UK%20urban,cash%20access%20point%20offering%20deposits" target="_blank">Access to cash coverage in the UK 2023 Q1</a></p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/03/2024 13:48:05 answering member 4639 label Biography information for Bim Afolami
tabling member	350 label Biography information for Sir John Hayes

1696130

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Schools: Concrete
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to paragraph 3.5 of Treasury minutes: Government response to the Committee of Public Accounts on the Second report from Session 2023-24, HC 78, published 8 March 2024, how much and what proportion of funding to tackle RAAC concentrate in schools will come from (a) existing and (b) additional budget funding.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	18756
answer	answer is ministerial correction date of answer 22/03/2024 answer text <p>Government is funding the removal of RAAC present in schools and colleges either through grants, or through the School Rebuilding Programme. A list of education settings with confirmed RAAC and the funding route to remove RAAC was published on 8 February, available at: <a href="https://www.gov.uk/government/publications/reinforced-autoclaved-aerated-concrete-raac-management-information" target="_blank">https://www.gov.uk/government/publications/reinforced-autoclaved-aerated-concrete-raac-management-information</a>.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 22/03/2024 14:10:23 answering member 4780 label Biography information for Laura Trott
tabling member	4488 label Biography information for Martyn Day

1696165

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
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 bank closures on (a) local communities and (b) elderly people's access to banking services.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	18747
answer	answer is ministerial correction date of answer 22/03/2024 answer text <p>Whilst decisions to open or close a bank branch are commercial decisions for firms, and the Government does not intervene on individual closures, it is imperative that banks and building societies recognise the needs of all their customers, including those who still need to use in-person services. The impact of branch closures must be mitigated where possible so that all customers, wherever they live, continue to have appropriate access to banking services.</p><p> </p><p>The Financial Conduct Authority (FCA)’s guidance sets out that firms must carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place reasonable alternatives. This seeks to ensure the implementation of closure decisions is done in a way that treats customers fairly. Where firms fall short, the FCA may ask for closures to be paused or other options to be put in place.</p><p> </p><p>Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office or Banking Hubs. The Post Office allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.</p><p> </p><p>Banking Hubs are an initiative which enable customers of participating banks to access cash and banking services in shared facilities. Over 100 Banking Hubs have been announced so far, and the Government hopes to see these Hubs open as soon as possible.</p><p><strong> </strong></p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/03/2024 11:20:14 answering member 4639 label Biography information for Bim Afolami
tabling member	4471 label Biography information for Rachael Maskell

1696210

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department plans to increase the regulation digital buy-now pay-later products.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	18773
answer	answer is ministerial correction date of answer 22/03/2024 answer text <p>The Government is committed to regulating Buy-Now Pay-Later (BNPL).The Government will publish a response to the consultation, which will set out next steps, in due course.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/03/2024 11:13:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4651 label Biography information for Dan Carden

1696219

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Treasury: Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the impact that changes in the national (a) living and (b) minimum wage commencing on 1 April 2024 will have on staffing costs in his Department; and how many staff in his Department will receive a pay uplift as a result of those changes.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	18698
answer	answer is ministerial correction date of answer 20/03/2024 answer text <p>All HM Treasury staff are paid above the National Living Wage. The changes that take effect on 1 April 2024 will therefore have no impact on staffing costs to the Department.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 20/03/2024 17:54:41 answering member 4850 label Biography information for Gareth Davies
tabling member	3973 label Biography information for Grahame Morris

1696228

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debt Collection: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to improve the regulation of debt collection practices.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	18774
answer	answer is ministerial correction date of answer 22/03/2024 answer text <p>The Government wants to see fair treatment of individuals in problem debt, and there is a range of work underway across government and regulators to promote responsible debt collection practices.</p><p>In June 2023 the FCA, Ofgem, Ofwat and Ofcom published a joint letter via the UK Regulators’ Network (UKRN) setting out how firms in their respective sectors should support customers in financial difficulty. On 18 March 2024, the same group of regulators issued further guidance, setting out their shared expectations on firms’ debt collection practices. This is to ensure that firms support customers in debt and that firms’ collection practices are not causing harm to customers.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/03/2024 11:15:07 answering member 4639 label Biography information for Bim Afolami
tabling member	4651 label Biography information for Dan Carden