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1679392

	registered interest
	date	05/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Funerals: Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking with the Financial Conduct Authority to help ensure funeral fund providers have sufficient resources to meet their obligations.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	7745
	answer	answer is ministerial correction date of answer 11/01/2024 answer text <p>In January 2021 the government legislated to bring all pre-paid funeral plan providers and intermediaries within the Financial Conduct Authority’s regulatory remit.</p><p> </p><p>The FCA has extensive experience of both conduct and prudential regulation. As part of its regulation of the sector, the FCA have introduced requirements that ensure that funeral plan providers have sufficient funds to fulfil the funeral plan contracts they have entered into.</p><p> </p><p>This includes rules that require funeral plan providers to:</p><p> </p><ul><li>place sufficient funds to provide any agreed upon funeral in a trust or insurance arrangements;</li></ul><p> </p><ul><li>have systems and controls in place to ensure the adequacy of those trust and insurance arrangements and to ensure that pricing does not lead to insufficient sums being available to provide the agreed upon funeral; and</li></ul><p> </p><ul><li>consider the risk of inflation and volatility of trust assets when assessing the sums needed to provide for the funeral.</li></ul> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 11/01/2024 17:05:56 answering member 4639 label Biography information for Bim Afolami
	tabling member	318 label Biography information for John Spellar

1564309

	registered interest
	date	06/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wind Power
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how much revenue accrued to the Crown Estate from offshore wind leases in the last year.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	117438
	answer	answer is ministerial correction date of answer 16/01/2023 answer text <p>The Crown Estate operates as an independent commercial business, in line with The Crown Estate Act and the Framework Agreement with HM Treasury. The Crown Estate returns 100% of its net revenue to HM Treasury each year, totally over £3billion in the last decade.</p><p> </p><p>The Crown Estate publishes its revenue performance for each business unit on an annual basis. These accounts are laid in Parliament.</p><p> </p><p>For the financial year 2021/22, The Crown Estate generated £113.3million from its marine business, which includes offshore wind leasing activity alongside other seabed leasing activity. The seabed is a valuable national asset, and through The Crown Estate’s leasing and investment activity appropriate value is being secured to the benefit of the nation.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 16/01/2023 16:23:03 answering member 4519 label Biography information for James Cartlidge
	tabling member	318 label Biography information for John Spellar

1564447

	registered interest
	date	06/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pension Funds: Investment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the underlying causes of concerns relating to liability driven investment funds in the pensions industry in 2022; and what lessons his Department has learned about the operation of these funds during this period.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	117451
	answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>The Pensions Regulator (TPR) regulates pension schemes, and the Financial Conduct Authority (FCA) regulates UK-based asset managers that manage LDI funds which are often used by pension schemes. The Government welcomes the recent work of the UK regulators to require that LDI funds hold higher levels of resilience, following volatility in gilt markets in 2022. This work has also been welcomed, as a first step, by the Bank of England’s independent Financial Policy Committee (FPC), which is responsible for identifying and addressing systemic risks to improve UK financial stability. The FPC’s December 2022 Financial Stability Report (FSR), and its assessment of the vulnerabilities associated with LDI funds, was an important milestone in the ongoing lessons learned process.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:47:57 answering member 4874 label Biography information for Andrew Griffith
	tabling member	318 label Biography information for John Spellar

1564448

	registered interest
	date	06/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Rating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if his Department will make an assessment of the level of potential (a) inefficiencies and (b) inequalities in credit scoring systems.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	117452
	answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>The Financial Conduct Authority (FCA) recently published an interim report on its Credit Information Market Study, which looks at how the credit information sector is working and how it could be improved. This includes consideration of the purpose, quality and accessibility of credit information. It can be found at: <a href="https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study" target="_blank">https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study</a>.</p><p> </p><p>The Treasury is engaging with the FCA, as well as industry and consumer groups, on the emerging findings of the Market Study.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:54:29 answering member 4874 label Biography information for Andrew Griffith
	tabling member	318 label Biography information for John Spellar

1564449

	registered interest
	date	06/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance: Racial Discrimination
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of potential trends in the level of discrimination of people from ethnic minority backgrounds in the provision of insurance.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	117453
	answer	answer is ministerial correction date of answer 11/01/2023 answer text <p>Under the Equality Act 2010 insurers cannot use ethnicity as a risk factor when determining the price of insurance. Insurers must treat customers fairly under the Financial Conduct Authority’s (FCA) rules and the FCA has powers to act against firms that fail to comply.</p><p> </p><p>The Treasury met with insurance companies following the Citizens Advice report on the ‘ethnicity penalty’ published in March 2022 and will continue to engage with the insurance industry and the regulator on this important issue.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/01/2023 15:53:44 answering member 4874 label Biography information for Andrew Griffith
	tabling member	318 label Biography information for John Spellar

1563740

	registered interest
	date	20/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Rating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of people who have (a) no credit record, (b) an insufficient credit record and (c) no recent credit history.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	114534
	answer	answer is ministerial correction date of answer 09/01/2023 answer text <p>The Government does not hold information on the number of people who have limited or no credit history on their credit files.</p><p> </p><p>However, the Financial Conduct Authority (FCA) recently published an interim report on its Credit Information Market Study, which may include information and insights relevant to this question. It can be found at: <a href="https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study" target="_blank">https://www.fca.org.uk/publications/market-studies/ms19-1-credit-information-market-study</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 09/01/2023 14:01:29 answering member 4874 label Biography information for Andrew Griffith
	tabling member	318 label Biography information for John Spellar

1505290

	registered interest
	date	06/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	England Illegal Money Lending Team: Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will provide additional resources to the England Illegal Money Lending Team to tackle the threat of illegal money lending.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	48217
	answer	answer is ministerial correction date of answer 14/09/2022 answer text <p>The Government recognises the dangers of illegal money lending, and that is why the Treasury funds the Illegal Money Lending Teams (IMLTs) across the UK via an industry levy collected by the Financial Conduct Authority (FCA).</p><p> </p><p>Since taking over funding of the IMLTs in 2017, the Treasury has increased their annual funding by 37%. For the 2022/23 financial year, the Treasury increased funding for the England Illegal Money Lending Team by over 6% compared to 2021/22.</p><p> </p><p>HMT officials regularly meet the IMLTs to understand the latest intelligence and monitor how funding is being deployed. These discussions will inform decisions about the appropriate levels of funding for the next financial year.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 14/09/2022 16:31:49 answering member 4874 label Biography information for Andrew Griffith
	tabling member	318 label Biography information for John Spellar

1316417

	registered interest
	date	19/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Answer of 23 April 2021 to Question 180919 on Bitcoin: electricity, what his planned timescale is for providing a common definition for environmentally sustainable economy activities for (a) Bitcoin and (b) other crypto-currencies.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	3796
	answer	answer is ministerial correction date of answer 26/05/2021 answer text <p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2021 11:47:34 answering member 4051 label Biography information for John Glen
	tabling member	318 label Biography information for John Spellar

1308940

	registered interest
	date	14/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bitcoin: Electricity
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what environmental impact assessment his Department has made of the electricity demand of Bitcoin mining.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	180918
	answer	answer is ministerial correction date of answer 23/04/2021 answer text <p>I refer the Hon. Member to the answer given on 14 April.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 23/04/2021 11:14:25 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	318 label Biography information for John Spellar

1309030

	registered interest
	date	14/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bitcoin: Electricity
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether the environmental impact of the electricity demand of bitcoin mining will be on the COP26 agenda.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	180919
	answer	answer is ministerial correction date of answer 23/04/2021 answer text <p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 23/04/2021 11:15:49 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	318 label Biography information for John Spellar