Financial Conduct Authority (FCA) consultation paper CP 18/3 accurately sets out which changes to the Financial Ombudsman Service\u2019s compulsory jurisdiction the FCA could make using its powers.<\/p>
<\/p>
The Government awaits the outcomes of the analysis currently being conducted by various parties regarding small businesses\u2019 options for resolving disputes with financial services providers.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-04-26", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-04-26T13:34:00.803Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-04-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services: Small Businesses"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the oral contribution of the Economic Secretary to the Treasury on 18 January 2018, Official Report column 1127-8, what assessment he has made of the adequacy (a) with which the Financial Conduct Authority consultation paper CP18 sets out (i) Treasury and (ii) FCA powers, duties and responsibilities to small and medium-sized enterprises that suffered from bank maladministration in its proposed expansion of the range of people eligible to complain to the Financial Ombudsman Service from 1 December 2018 and (b) of the remedies available to people who suffered from bank maladministration in August 2007 and (A) went out of business and (B) still trade.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4131", "label" : {"_value" : "Biography information for Jim Shannon"} } , "tablingMemberConstituency" : {"_value" : "Strangford"} , "tablingMemberPrinted" : [{"_value" : "Jim Shannon"} ], "uin" : "136323"} , {"_about" : "http://data.parliament.uk/resources/886130", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/886130/answer", "answerText" : {"_value" : "
The Principles for Businesses set out in paragraph 2.1 of the Financial Conduct Authority (FCA) handbook are directed at authorised firms\u2019 conduct in relation to their regulated activity, with three exceptions (as set out in paragraph 3.2): principle three \u2013 the adequacy of a firm\u2019s systems and controls; principle four \u2013 the adequacy of a firm\u2019s financial resources; and principle eleven \u2013 the duty to deal with the FCA in an open and co-operative way. These three principles apply to authorised firms\u2019 regulated and unregulated business.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-04-26", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-04-26T13:28:13.573Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-04-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services: Small Businesses"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the oral contribution of the Economic Secretary to the Treasury of 18 January 2018, Official Report, column 1125, whether the Financial Conduct Authority (FCA) principles set out in paragraph 2.1 of the handbook apply to all firms authorised by the FCA for its (a) regulated and (b) unregulated business.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4131", "label" : {"_value" : "Biography information for Jim Shannon"} } , "tablingMemberConstituency" : {"_value" : "Strangford"} , "tablingMemberPrinted" : [{"_value" : "Jim Shannon"} ], "uin" : "136325"} , {"_about" : "http://data.parliament.uk/resources/886141", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/886141/answer", "answerText" : {"_value" : "
The Financial Conduct Authority (FCA) sets the overall conduct standards for asset managers, including the requirement to treat customers fairly. The FCA has a broad suite of supervision and enforcement powers, to ensure financial services businesses comply with their rules.<\/p>
<\/p>
Following a comprehensive Market Study, the FCA have published new rules and guidance, aimed at driving better competition in the sector and allowing customers to find better value services. Specifically, the new regulations will require firms to publicly report on whether clients should be moved to lower cost share classes, where they are invested in more expensive classes which are otherwise the same. They will also make it easier for investors to be switched on to less costly management options by removing the need to secure express consent from investors.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-04-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-04-23T15:53:49.643Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-04-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, if he will take steps to ensure that Asset Fund Managers automatically switch small investors' funds into less costly management options in compliance with Financial Conduct Authority guidance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "136336"} , {"_about" : "http://data.parliament.uk/resources/886159", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/886159/answer", "answerText" : {"_value" : "
Treasury systems are subject to regular patching and version updates in line with recommendations from the National Cyber Security Centre. We currently have one system that is more than three years old and work is ongoing to update this.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2018-04-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-04-23T14:59:09.477Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-04-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Treasury: ICT"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, how many IT systems which his Department uses are more than (a) three, (b) five and (c) eight years old; and what steps he is taking to ensure that all his Department's IT systems are updated promptly.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/410", "label" : {"_value" : "Biography information for Jon Trickett"} } , "tablingMemberConstituency" : {"_value" : "Hemsworth"} , "tablingMemberPrinted" : [{"_value" : "Jon Trickett"} ], "uin" : "136354"} , {"_about" : "http://data.parliament.uk/resources/886161", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/886161/answer", "answerText" : {"_value" : "
The independent Office for Budget Responsibility (OBR) produces budget forecasts independently of Ministers, doing so objectively, transparently and impartially, as required by law. Since Autumn Statement 2016 the OBR have continued to forecast contributions past the point of exit as if the UK were a member state, assuming any reduction in EU contributions is recycled into spending elsewhere. Annex B of the OBR\u2019s March Economic and Fiscal Outlook estimates the size of our financial settlement with the EU and an illustrative profile for future years.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2018-04-26", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-04-26T12:36:15.057Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-04-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Expenditure"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, when his Department put into the budget forecasts of the savings from the UK ending our payments to the EU budget.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/14", "label" : {"_value" : "Biography information for Sir John Redwood"} } , "tablingMemberConstituency" : {"_value" : "Wokingham"} , "tablingMemberPrinted" : [{"_value" : "John Redwood"} ], "uin" : "136356"} , {"_about" : "http://data.parliament.uk/resources/886162", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/886162/answer", "answerText" : {"_value" : "
The information requested is not available.<\/p>
<\/p>