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1256533

	registered interest
	date	30/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Overseas Trade: Finance
	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 regulatory framework on the trade finance gap; and what discussions they are (1) having, and (2) have had, with the Prudential Regulation Authority about reducing the trade finance gap.
	tabling member printed	Viscount Waverley
	uin	HL10928
	answer	answer is ministerial correction date of answer 14/12/2020 answer text The UK’s prudential regulatory framework is underpinned by internationally agreed Basel standards in which the UK plays a key role through its membership of the Basel Committee on Banking Standards (BCBS).<p> </p><p>Through the Financial Services Bill, the Government is delegating responsibility for the implementation of the latest Basel standards to the Prudential Regulation Authority (PRA).</p><p> </p><p>As part of that, the PRA will be required to consider and report on the likely effect of its rules on the sustainable provision of finance to businesses and consumers in the UK.</p><p> </p><p>The Government maintains a regular dialogue with the PRA to ensure our future prudential regulation is appropriate and proportionate for the UK.</p> answering member printed Lord Agnew of Oulton question first answered 14/12/2020 17:15:55 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1338339

	registered interest
	date	21/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: International Cooperation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they plan to take to deliver on the international agreement on global tax reform agreed by the G7 on 5 June.
	tabling member printed	Viscount Waverley
	uin	HL1277
	answer	answer is ministerial correction date of answer 29/06/2021 answer text The Government is delighted that the G7 has, under the UK’s Presidency, reached an agreement on how the international tax framework should be reformed in response to the challenges created by globalisation and digitisation. These reforms would involve two pillars; changing where multinational group profits are taxed as well as requiring a minimum level of tax to be paid on profits in each jurisdiction. The Government believes that the G7 agreement provides the basis for a more comprehensive agreement at the level of the G20 and the 139 members of the OECD Inclusive Framework, and is working actively and constructively with other countries to support this aim. answering member printed Lord Agnew of Oulton question first answered 29/06/2021 16:18:06 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1545538

	registered interest
	date	24/11/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Reconstruction: Ukraine
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what consideration they have given to securitising a war risk insurance scheme for investors from the UK of seized assets.
	tabling member printed	Viscount Waverley
	uin	HL3782
	answer	answer is ministerial correction date of answer 02/12/2022 answer text <p>UK sanctions legislation does not provide powers to seize frozen assets. Under the Russia sanctions regime, assets are frozen immediately by the person in possession or control of them. An asset freeze does not involve a change in ownership of the frozen funds or economic resources.</p><p> </p><p>I can confirm, however, that the Government is considering all options on the seizure of Russian-linked assets in the UK, including for the purposes of supporting Ukraine's recovery and reconstruction.</p><p> </p><p>Several existing products developed by UK Export Finance already have the scope to support UK exports and investors as part of reconstruction efforts, and cover war and political risks in Ukraine.</p> answering member printed Baroness Penn question first answered 02/12/2022 11:16:44 answering member 4726 label Biography information for Baroness Penn
	tabling member	1744 label Biography information for Viscount Waverley

1329141

	registered interest
	date	27/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: New Businesses
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of high street banks refusing new business account applications; and what steps they plan to take as a result.
	tabling member printed	Viscount Waverley
	uin	HL691
	answer	answer is ministerial correction date of answer 07/06/2021 answer text <p>Throughout the COVID-19 pandemic, there has been unprecedented demand for banking services, this accompanied with working restrictions due to social distancing has meant banks have faced significant capacity pressures which has limited their ability to meet demand for their services. Banks are doing all they can to meet this demand in these difficult circumstances.</p><p> </p><p>Decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies. It would be inappropriate for the Government to intervene in these decisions. But the Government has always been clear that lenders should open to new customers where it is operationally possible for them to do so.</p> answering member printed Lord Agnew of Oulton question first answered 07/06/2021 12:58:39 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1646175

	registered interest
	date	20/06/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Customs
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what risk mitigation strategies they have in place to ensure that the UK Single Trade Window project stays within the set parameters of scope, budget, and delivery timelines.
	tabling member printed	Viscount Waverley
	uin	HL8679
	answer	answer is ministerial correction date of answer 04/07/2023 answer text <p>There is significant governance in place to ensure the Single Trade Window (STW) Programme stays within the set parameters of scope, budget and delivery timelines.</p><p> </p><p>The STW will be delivered through strategic releases over several years. This iterative approach will allow regular reviews of delivery against scope, budgets and timelines throughout the Programme’s lifetime and will allow for early escalation and resolution of risks and issues.</p><p> </p><p>Comprehensive internal governance is in place to achieve this. An assurance function within the STW Programme will ensure that functionality developed and released by the Programme’s technical delivery partner delivers the agreed scope and requirements.</p><p><strong> </strong></p><p>In addition to internal Programme governance, the Government’s normal scrutiny through HMRC, HM Treasury, Cabinet Office and the Infrastructure and Projects Authority (IPA) will apply.</p><p> </p> answering member printed Baroness Penn question first answered 04/07/2023 10:53:33 answering member 4726 label Biography information for Baroness Penn
	tabling member	1744 label Biography information for Viscount Waverley

1583140

	registered interest
	date	01/02/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Customs
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have to make Authorised Economic Operator status mandatory for customs declarants.
	tabling member printed	Viscount Waverley
	uin	HL5346
	answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>There are no plans to make Authorised Economic Operator (AEO) status mandatory for customs declarants.</p><p> </p><p>Unlike some countries, the UK does not make AEO status a mandatory requirement for businesses that want to access other customs authorisations and simplifications. These can be applied for through separate authorisations processes. This means UK businesses can tailor their authorisations and simplifications to their business needs.</p> answering member printed Baroness Penn question first answered 09/02/2023 12:51:56 answering member 4726 label Biography information for Baroness Penn
	tabling member	1744 label Biography information for Viscount Waverley

1362431

	registered interest
	date	21/10/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	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 on regulated investment firms operating SME Growth Markets being required to charge their members stamp duty on transactions whilst recognised investment exchanges operating equivalent SME Growth Markets benefit from a waiver; and what assessment they have made of the compatibility of this requirement with (1) Her Majesty’s Government’s policy of encouraging innovation in financial services, and (2) the recommendations of the Kalifa Review.
	tabling member printed	Viscount Waverley
	uin	HL3332
	answer	answer is ministerial correction date of answer 03/11/2021 answer text <p>The relief from Stamp Duty and Stamp Duty Reserve Tax for trades in unlisted shares admitted to Recognised Stock Exchanges which are designated as Recognised Growth Markets was introduced in 2014. The relief is designed to boost investor participation in equity growth markets and improve the conditions for growing companies raising equity finance.</p><p> </p><p>Regulated investment firms that are operating SME Growth Markets are able to apply to HMRC for Recognised Stock Exchange and Recognised Growth Market status for their exchange, which will be granted if the exchange meets the relevant criteria. This would then allow their members to qualify for the relief.</p><p> </p><p>The government believes that the relief in its current format strikes the right balance between ensuring revenue for public services and supporting growth for the economy.</p><p> </p><p>However, as with all elements of the tax rules, the government keeps such reliefs under review, including the scope of the Stamp Duty growth market exemption.</p><p> </p><p>Innovation is central to the UK government’s vision for the future of the UK’s financial services sector. The Kalifa Review of UK Fintech, published in February this year, was commissioned to ensure the UK is continuing to create the right conditions for our fintech businesses to grow and compete, both here and abroad. Following the Review, the government and regulators are now delivering its key recommendations.</p> answering member printed Lord Agnew of Oulton question first answered 03/11/2021 16:19:39 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1362427

	registered interest
	date	21/10/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	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 Financial Conduct Authority’s decision to restrict (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology financial innovation, through its implementation of the cryptoasset register; and in particular, the compatibility of this decision with (a) Her Majesty’s Government’s policy of encouraging innovation in financial services, and (b) the recommendations of the Kalifa review.
	tabling member printed	Viscount Waverley
	uin	HL3328
	answer	answer is ministerial correction date of answer 03/11/2021 answer text <p>The government believes that having an effective anti-money laundering and counter-terrorist financing regime goes hand-in-hand with supporting British fintech firms and consumers by providing confidence that new technologies can be used both reliably and safely. The scope of the UK’s anti-money laundering registration regime for cryptoassets is based on international standards agreed at the Financial Action Task Force (FATF). This applies to cryptoassets regardless of whether they are intended to function as a medium of exchange or as an investment. As the Kalifa review noted, the UK has a hard-won reputation of trust regarding regulation and the rule of law which we must build on. The government supports the FCA’s approach to establishing the regime, which will provide the confidence needed to support genuine innovation in the cryptoassets sector.</p><p> </p><p>Whilst it is open to UK cryptoasset firms to relocate to another jurisdiction, most major financial centres worldwide are in FATF member jurisdictions, which are expected to implement AML standards for cryptoasset firms that are broadly in line with those in the UK. Firms based overseas that do not carry on their cryptoasset business in the UK may still interact with UK consumers. The government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January and will outline next steps in due course. The FCA’s consumer protection objective applies where the FCA is discharging one of its general objectives under the Financial Services and Markets Act 2000, and does not apply with regard to functions conferred under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).</p><p> </p><p>Under the MLRs, firms are expected to assess money laundering and terrorist financing risks when considering the services they provide to current or potential customers. The ultimate decision about whether to provide services to a customer belongs to the bank, which may take into account commercial considerations in addition to financial crime risks.</p><p> </p><p>To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market. That a firm is already permitted to carry out activities in one area therefore does not mean it meets the required standards for another area. It is therefore necessary for a firm to apply to be registered for its cryptoasset activities, even though it has already registered with the FCA for AML supervision related to other activities.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3329 HL3331 HL3333 question first answered 03/11/2021 16:16:43 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1362428

	registered interest
	date	21/10/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of (1) whether the Financial Conduct Authority’s cryptoasset registration scheme permits UK cryptocurrency firms to move offshore and still serve UK consumers, and (2) the impact of this scheme on the FCA’s objective to secure an appropriate degree of protection for consumers.
	tabling member printed	Viscount Waverley
	uin	HL3329
	answer	answer is ministerial correction date of answer 03/11/2021 answer text <p>The government believes that having an effective anti-money laundering and counter-terrorist financing regime goes hand-in-hand with supporting British fintech firms and consumers by providing confidence that new technologies can be used both reliably and safely. The scope of the UK’s anti-money laundering registration regime for cryptoassets is based on international standards agreed at the Financial Action Task Force (FATF). This applies to cryptoassets regardless of whether they are intended to function as a medium of exchange or as an investment. As the Kalifa review noted, the UK has a hard-won reputation of trust regarding regulation and the rule of law which we must build on. The government supports the FCA’s approach to establishing the regime, which will provide the confidence needed to support genuine innovation in the cryptoassets sector.</p><p> </p><p>Whilst it is open to UK cryptoasset firms to relocate to another jurisdiction, most major financial centres worldwide are in FATF member jurisdictions, which are expected to implement AML standards for cryptoasset firms that are broadly in line with those in the UK. Firms based overseas that do not carry on their cryptoasset business in the UK may still interact with UK consumers. The government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January and will outline next steps in due course. The FCA’s consumer protection objective applies where the FCA is discharging one of its general objectives under the Financial Services and Markets Act 2000, and does not apply with regard to functions conferred under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).</p><p> </p><p>Under the MLRs, firms are expected to assess money laundering and terrorist financing risks when considering the services they provide to current or potential customers. The ultimate decision about whether to provide services to a customer belongs to the bank, which may take into account commercial considerations in addition to financial crime risks.</p><p> </p><p>To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market. That a firm is already permitted to carry out activities in one area therefore does not mean it meets the required standards for another area. It is therefore necessary for a firm to apply to be registered for its cryptoasset activities, even though it has already registered with the FCA for AML supervision related to other activities.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3328 HL3331 HL3333 question first answered 03/11/2021 16:16:43 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley

1362430

	registered interest
	date	21/10/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	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 risks faced by UK businesses which engage in (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology innovation, of being de-banked and financially excluded from services by UK banks; and what plans they have, if any, to support such businesses to operate in the UK.
	tabling member printed	Viscount Waverley
	uin	HL3331
	answer	answer is ministerial correction date of answer 03/11/2021 answer text <p>The government believes that having an effective anti-money laundering and counter-terrorist financing regime goes hand-in-hand with supporting British fintech firms and consumers by providing confidence that new technologies can be used both reliably and safely. The scope of the UK’s anti-money laundering registration regime for cryptoassets is based on international standards agreed at the Financial Action Task Force (FATF). This applies to cryptoassets regardless of whether they are intended to function as a medium of exchange or as an investment. As the Kalifa review noted, the UK has a hard-won reputation of trust regarding regulation and the rule of law which we must build on. The government supports the FCA’s approach to establishing the regime, which will provide the confidence needed to support genuine innovation in the cryptoassets sector.</p><p> </p><p>Whilst it is open to UK cryptoasset firms to relocate to another jurisdiction, most major financial centres worldwide are in FATF member jurisdictions, which are expected to implement AML standards for cryptoasset firms that are broadly in line with those in the UK. Firms based overseas that do not carry on their cryptoasset business in the UK may still interact with UK consumers. The government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January and will outline next steps in due course. The FCA’s consumer protection objective applies where the FCA is discharging one of its general objectives under the Financial Services and Markets Act 2000, and does not apply with regard to functions conferred under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).</p><p> </p><p>Under the MLRs, firms are expected to assess money laundering and terrorist financing risks when considering the services they provide to current or potential customers. The ultimate decision about whether to provide services to a customer belongs to the bank, which may take into account commercial considerations in addition to financial crime risks.</p><p> </p><p>To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market. That a firm is already permitted to carry out activities in one area therefore does not mean it meets the required standards for another area. It is therefore necessary for a firm to apply to be registered for its cryptoasset activities, even though it has already registered with the FCA for AML supervision related to other activities.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3328 HL3329 HL3333 question first answered 03/11/2021 16:16:43 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1744 label Biography information for Viscount Waverley