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1714630

registered interest
date	29/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Islam
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 disparities between conventional and Sharia-compliant mortgage products in respect of the imposition of capital gains tax.
tabling member printed	Lord Sharkey
uin	HL4179
answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>The government is aware of a difference in tax treatment when a commercial or residential property is refinanced using alternative rather than conventional finance methods. In these situations, a capital gains liability may arise for those using alternative financing, when this would not have been the case for those using conventional financing. The refinancing of main homes is unaffected as Private Residence Relief (PRR) applies.</p><p> </p><p>On 16 January 2024, the government published the <em>Tax Simplification for Alternative Finance </em>consultation to seek views on reforms that would address the capital gains issue. The consultation closed on 9 April 2024 and all responses will be carefully considered and a summary of responses will be published in due course together with details of the next steps.</p> answering member printed Baroness Vere of Norbiton question first answered 13/05/2024 15:52:40 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1695976

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to the Bank of England; and on how many occasions in each year since 2007 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL3261
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.</p><p> </p><ul><li>Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).</li></ul><p> </p><ul><li>Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.</li></ul><p> </p><ul><li>Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.</li></ul><p> </p><ul><li>Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.</li></ul><p> </p><p> </p><p>The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).</p><p> </p><ul><li>Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.</li></ul><p> </p><ul><li>Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.</li></ul><p> </p><ul><li>Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.</li></ul><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3262 question first answered 27/03/2024 11:34:54 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1695977

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers the Bank of England has to issue binding directions to (1) the Prudential Regulation Authority, (2) the Financial Conduct Authority, and (3) the Payment Systems Regulator; and on how many occasions in each year since 2007 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL3262
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.</p><p> </p><ul><li>Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).</li></ul><p> </p><ul><li>Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.</li></ul><p> </p><ul><li>Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.</li></ul><p> </p><ul><li>Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.</li></ul><p> </p><p> </p><p>The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).</p><p> </p><ul><li>Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.</li></ul><p> </p><ul><li>Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.</li></ul><p> </p><ul><li>Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.</li></ul><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3261 question first answered 27/03/2024 11:34:54 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1692261

registered interest
date	27/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority and Prudential Regulation Authority
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to (1) the Financial Conduct Authority, and (2) the Prudential Regulation Authority; and on how many occasions in each year since 2010 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL2806
answer	answer is ministerial correction date of answer 12/03/2024 answer text <p>The Treasury has a limited number of powers to direct the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).</p><p>It has a power to direct the regulators to take an action if doing so is necessary to fulfil international obligations, or to refrain from action which appears incompatible with international obligations.</p><p>The Treasury also has powers of direction which are designed to promote the accountability and transparency of the FCA and PRA. These include the power to direct the regulators to:</p><ul><li>Review specified rules, where doing so is in the public interest;</li><li>Report on their performance, where necessary for scrutinising the discharge of their functions;</li><li>Carry out an investigation into a specified event of regulatory failure in certain circumstances, including, in the case of the PRA, where public funds have been expended.</li></ul><p>These powers have not been used.</p><p>The Treasury has a power to direct the FCA and PRA to undertake an investigation of relevant events, where it is in the public interest, in certain circumstances. This power has been used twice: in 2018, to direct the PRA to review the events relating to the supervision of the Co-operative Bank, and in 2019, to direct the FCA to review the events relating to the failure of London Capital and Finance.</p><p>The Treasury does not have direction-making powers in relation to the FCA or the PRA regarding the content of their rules, or their approach to supervision and enforcement.</p> answering member printed Baroness Vere of Norbiton question first answered 12/03/2024 14:47:51 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1661531

registered interest
date	18/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement of the Mansion House Reforms on 10 July, what progress they have made in recruiting further UK based defined-contribution pension schemes to the Mansion House Compact, beyond the initial nine members.
tabling member printed	Lord Sharkey
uin	HL10283
answer	answer is ministerial correction date of answer 02/10/2023 answer text <p>The Mansion House Compact is a voluntary and industry-led agreement that has been led by the Lord Mayor and the City of London Corporation. Updates on the Compact and signatories are provided by The City of London Corporation on their website (https://www.theglobalcity.uk/insights/mansion-house-compact). There are currently 9 signatories to the Compact.</p> answering member printed Baroness Penn question first answered 02/10/2023 14:45:50 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey

1565273

registered interest
date	09/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Mint: Non-fungible Tokens
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement on 4 April 2022 that the Royal Mint has been asked to create a Non-Fungible Token (NFT) in the summer of 2022, when this token is likely to be issued; and for what use this token is intended.
tabling member printed	Lord Sharkey
uin	HL4591
answer	answer is ministerial correction date of answer 23/01/2023 answer text <p>The Government announced in April 2022 that the Royal Mint intended to create and issue a non-fungible token. The Royal Mint operates as a commercial business and the cost of designing and offering an NFT would be met entirely out of its own revenues. An update on this work will be provided in due course.</p> answering member printed Baroness Penn grouped question UIN HL4592 question first answered 23/01/2023 17:38:43 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey

1565274

registered interest
date	09/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Mint: Non-fungible Tokens
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement on 4 April 2022 that the Royal Mint has been asked to create a Non-Fungible Token (NFT) in the summer of 2022, how many public or civil servants, expressed as full-time equivalents (1) are, and (2) have, been working on this project; what costs have so far been incurred; what the projected total cost of this project is; and what value for money assessment has been carried out on this project.
tabling member printed	Lord Sharkey
uin	HL4592
answer	answer is ministerial correction date of answer 23/01/2023 answer text <p>The Government announced in April 2022 that the Royal Mint intended to create and issue a non-fungible token. The Royal Mint operates as a commercial business and the cost of designing and offering an NFT would be met entirely out of its own revenues. An update on this work will be provided in due course.</p> answering member printed Baroness Penn grouped question UIN HL4591 question first answered 23/01/2023 17:38:43 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey

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

1384150

registered interest
date	01/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Politically Exposed Persons
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the remarks by Viscount Younger of Leckie on 25 November (HL Deb, cols 1002–03), what sanctions may be imposed, and by whom, on financial services organisations that breach Financial Conduct Authority Guidance on the treatment of UK Politically Exposed Persons, their families and known close associates.
tabling member printed	Lord Sharkey
uin	HL4618
answer	answer is ministerial correction date of answer 15/12/2021 answer text <p>Further to the answer of 25 November 2021 by Viscount Younger of Leckie, from April 2018, the Financial Ombudsman has had jurisdiction to consider complaints from Politically Exposed Persons about their treatment by banks, and since 2018, have received fewer than 10 complaints in this area.</p><p> </p><p>Where the Financial Ombudsman find that a bank has not followed regulations, best practice or acted in a fair and reasonable manner, the Financial Ombudsman will tell the bank to put the consumer in the position they would have been in had the bank’s error or wrongdoing not occurred. The Financial Ombudsman also has the power to order banks to pay for financial loss, distress or inconvenience depending on the experience of the consumer.</p><p> </p><p>However, the Financial Ombudsman does not apply sanctions or penalties on banks. The Financial Conduct Authority, as anti-money laundering and counter-terrorist financing supervisor for financial services firms in the UK, has the power to impose civil penalties (fines and censure statements) and prohibitions on management.</p> answering member printed Lord Agnew of Oulton question first answered 15/12/2021 13:53:07 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4196 label Biography information for Lord Sharkey

1378724

registered interest
date	15/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Employee Ownership: Sharing Economy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what consideration, if any, they have given to creating a new category of tax advantaged share scheme, analogous to the existing employee share ownership schemes, for which people in the gig economy would be eligible.
tabling member printed	Lord Sharkey
uin	HL4045
answer	answer is ministerial correction date of answer 26/11/2021 answer text <p>The government is not considering creating a new tax-advantaged share scheme for self-employed contractors.</p><p>The purpose of all the existing schemes is to encourage employee share ownership and support employers' efforts to foster a more enterprising and productive relationship with their employees.</p><p>Where companies employ staff directly, they may offer tax-advantaged options to their employees through one of the existing schemes.</p> answering member printed Lord Agnew of Oulton question first answered 26/11/2021 10:39:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4196 label Biography information for Lord Sharkey