I recognise that many in the financial services sector have concerns about the Financial Conduct Authority\u2019s (FCA) proposed changes to its approach to enforcement.<\/p>
This is why the Chancellor and I have been clear that we believe the FCA should reconsider its proposals, in light of responses to its consultation, and considering its new growth and competitiveness objective. The competitiveness of the UK\u2019s world-leading financial services sector is one of the Government\u2019s top priorities.<\/p>
The legislative framework provides for the FCA to be operationally independent from the government. The independence of the FCA is vital to its role. The Government respects this operational independence, but takes holding it to account very seriously.<\/p>
The specific concerns you have raised are a matter for the FCA, as the operationally independent regulator. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.<\/p>
The purpose of any consultation is to allow the regulators to test their proposals and understand their potential impact. It is therefore appropriate to suggest that the FCA reconsider its proposals in light of the feedback received. The Government will continue to engage closely with stakeholders, and with the FCA as they consider next steps.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-24T08:59:59.44Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-21", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Conduct Authority"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the Financial Conduct Authority's (FCA) proposals to publicly announce the names of firms and/or individuals at the commencement of enforcement investigations on the (a) commercial value of firms, (b) career prospects of individuals who are named and (c) overall competitiveness of the UK\u2019s (i) financial and related professional services industries and (ii) wider economy; and if he will make an assessment of the compatibility of that proposal with the FCA\u2019s secondary objective to consider international competitiveness and economic growth.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"} } , "tablingMemberConstituency" : {"_value" : "Wimbledon"} , "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"} ], "uin" : "27312"} , {"_about" : "http://data.parliament.uk/resources/1719275", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719275/answer", "answerText" : {"_value" : "
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "27099"} , {"_value" : "27100"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-23T15:51:54.24Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Northern Rock plc: Compensation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of a compensation scheme for Northern Rock shareholders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4122", "label" : {"_value" : "Biography information for Alex Cunningham"} } , "tablingMemberConstituency" : {"_value" : "Stockton North"} , "tablingMemberPrinted" : [{"_value" : "Alex Cunningham"} ], "uin" : "27037"} , {"_about" : "http://data.parliament.uk/resources/1719346", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719346/answer", "answerText" : {"_value" : "
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "27037"} , {"_value" : "27100"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-23T15:51:54.29Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Northern Rock plc: Compensation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of delivering compensation to former Northern Rock PLC shareholders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4435", "label" : {"_value" : "Biography information for Patricia Gibson"} } , "tablingMemberConstituency" : {"_value" : "North Ayrshire and Arran"} , "tablingMemberPrinted" : [{"_value" : "Patricia Gibson"} ], "uin" : "27099"} , {"_about" : "http://data.parliament.uk/resources/1719349", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719349/answer", "answerText" : {"_value" : "
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "27037"} , {"_value" : "27099"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-23T15:51:54.333Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Northern Rock plc: Compensation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of providing compensation for small shareholders for the loss of their shares in Northern Rock Plc.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4435", "label" : {"_value" : "Biography information for Patricia Gibson"} } , "tablingMemberConstituency" : {"_value" : "North Ayrshire and Arran"} , "tablingMemberPrinted" : [{"_value" : "Patricia Gibson"} ], "uin" : "27100"} , {"_about" : "http://data.parliament.uk/resources/1719356", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719356/answer", "answerText" : {"_value" : "
The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The FCA is responsible for regulating and supervising the financial services industry, including authorising businesses.<\/p>
<\/p>
The question of how many businesses the FCA regulated is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-23T09:12:53.957Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Business: Regulation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, how many businesses the Financial Conduct Authority regulated (a) as of 20 May 2024 and (b) in 2016.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4070", "label" : {"_value" : "Biography information for Matt Hancock"} } , "tablingMemberConstituency" : {"_value" : "West Suffolk"} , "tablingMemberPrinted" : [{"_value" : "Matt Hancock"} ], "uin" : "27022"} , {"_about" : "http://data.parliament.uk/resources/1719419", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719419/answer", "answerText" : {"_value" : "
The Government is committed to sustainable public finances and delivering on the priority of getting debt falling over the medium-term. To deliver on this priority, the Government has fiscal rules \u2013 the rules require underlying debt to be falling and borrowing to be below 3% of GDP in the fifth year of the rolling forecast period. The fiscal rules are comprehensive, and targeting public sector wide measures means the impact of Government decisions on the public finances is clearly reflected.<\/p>
The Government is committed to ensuring fiscal decision making is aligned with achieving net zero and our legally binding environmental targets. The Green Book requires departments to assess the climate and environmental impacts of policy proposals, with major bids and proposals at fiscal events assessed according to these impacts, and Spending Review 2021 was developed alongside the Net Zero Strategy to ensure our plans were funded.<\/p>
Spending Review 2021 committed £30 billion of domestic investment for the green industrial revolution. Since then, we have committed a further £6 billion for energy efficiency in the next parliament, up to £20 billion of long-term funding for early deployment of carbon capture, usage and storage, and over £1 billion for green industries supply chains through the Green Industries Growth Accelerator.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-23T15:48:59.277Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Climate Change: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he plans to amend fiscal rules to (a) incentivise and (b) reward spending on climate change mitigation measures.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4856", "label" : {"_value" : "Biography information for Stephen Farry"} } , "tablingMemberConstituency" : {"_value" : "North Down"} , "tablingMemberPrinted" : [{"_value" : "Stephen Farry"} ], "uin" : "27157"} , {"_about" : "http://data.parliament.uk/resources/1719090", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719090/answer", "answerText" : {"_value" : "
Banking Hubs are a voluntary initiative provided by the financial services sector. Upon the closure of a core cash access service, such as a bank branch, or a direct request from a community, LINK assesses the community\u2019s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub. Hubs offer basic counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank.<\/p>
<\/p>
UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following the Government\u2019s recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a \u2018customer liaison service\u2019 and trialling Saturday openings.<\/p>
<\/p>