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1694968

	registered interest
	date	11/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has plans to remove the corporate opt-out for cross-border payments pricing disclosures.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	17767
	answer	answer is ministerial correction date of answer 14/03/2024 answer text <p>The UK’s legislative framework for payment services, including cross-border payments, places various disclosure requirements on payment firms. This includes the ability to opt out of disclosures for certain corporates, where both parties agree.</p><p>This legislation derives from EU law, which will be replaced under the government’s Smarter Regulatory Framework programme. Under this, it is intended that government legislation will set the framework within which the regulators will operate. In general, firm-facing requirements, such as these cross-border disclosures, will be determined by the relevant regulator (in this case, the FCA).</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 14/03/2024 17:04:02 answering member 4639 label Biography information for Bim Afolami
	tabling member	163 label Biography information for Sir Stephen Timms

1685243

	registered interest
	date	26/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance Companies: Carbon Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will issue guidance to insurance companies on reducing emissions from installations financed by those companies.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	11554
	answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>Insurance companies make commercial decisions about the investments they make and the coverage they provide. The Government does not intervene in these commercial decisions as it could damage market competition.</p><p> </p><p>However, the Government recognises the important role insurers play as investors in supporting the transition to net zero and has introduced a framework for Sustainability Disclosure Requirements (SDR) to help provide the market, including insurance companies, with information to inform their decision making and allocation of capital.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 31/01/2024 12:19:37 answering member 4639 label Biography information for Bim Afolami
	tabling member	163 label Biography information for Sir Stephen Timms

1685244

	registered interest
	date	26/01/2024
	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: Climate Change
	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 placing statutory duties on the (a) Financial Conduct Authority and (b) Prudential Regulation Authority to help meet the UK's climate targets.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	11555
	answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>The financial regulators’ primary focus must be to ensure the safety, soundness and integrity of the markets they regulate. While the government expects that the regulators will play a crucial role in supporting the achievement of the government’s net zero target, it is not their primary responsibility given many of the levers for change sit outside of financial services regulation.</p><p> </p><p>However, the Financial Services and Markets Act 2023 introduced a new regulatory principle for the Financial Conduct Authority, Bank of England and Payment Systems Regulator to consider in their work. To further strengthen the UK’s regulatory regime relating to climate and the environment, the government has embedded the consideration of the UK’s climate and environmental targets across the full breadth of the regulators’ general functions on a statutory basis.</p><p> </p><p>This regulatory principle seeks to cement the government’s long-term commitment to transform the economy in line with its target to reach net zero by 2050, and to make progress towards the government’s long-term environmental goals, by ensuring the regulators must have regard to the government’s commitment to achieve these targets when discharging their functions.</p><p> </p><p>This principle does not create any specific requirements on firms. Rather, they are expected to inform the future work of the regulators.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 11556 question first answered 31/01/2024 12:21:32 answering member 4639 label Biography information for Bim Afolami
	tabling member	163 label Biography information for Sir Stephen Timms

1685247

	registered interest
	date	26/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lloyds of London and Prudential Regulation Authority: Climate Change
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to amend the cooperation agreement between the Society of Lloyds and the Prudential Regulation Authority to place obligations on Lloyds of London to help meet the UK's climate targets.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	11556
	answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>The financial regulators’ primary focus must be to ensure the safety, soundness and integrity of the markets they regulate. While the government expects that the regulators will play a crucial role in supporting the achievement of the government’s net zero target, it is not their primary responsibility given many of the levers for change sit outside of financial services regulation.</p><p> </p><p>However, the Financial Services and Markets Act 2023 introduced a new regulatory principle for the Financial Conduct Authority, Bank of England and Payment Systems Regulator to consider in their work. To further strengthen the UK’s regulatory regime relating to climate and the environment, the government has embedded the consideration of the UK’s climate and environmental targets across the full breadth of the regulators’ general functions on a statutory basis.</p><p> </p><p>This regulatory principle seeks to cement the government’s long-term commitment to transform the economy in line with its target to reach net zero by 2050, and to make progress towards the government’s long-term environmental goals, by ensuring the regulators must have regard to the government’s commitment to achieve these targets when discharging their functions.</p><p> </p><p>This principle does not create any specific requirements on firms. Rather, they are expected to inform the future work of the regulators.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 11555 question first answered 31/01/2024 12:21:32 answering member 4639 label Biography information for Bim Afolami
	tabling member	163 label Biography information for Sir Stephen Timms