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1695244

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Finance: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many active registered financial advisers there are; how many such advisers there were in 2014; and what assessment the Financial Conduct Authority has made of the causes of changes in the levels of such advisers.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	18090
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.</p><p>HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.</p><p>In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.</p><p>The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 18091 18092 18093 18094 question first answered 18/03/2024 15:41:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1695245

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Finance: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many small financial advice firms the Financial Conduct Authority has visited in the last 12 months; and for what reasons.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	18091
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.</p><p>HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.</p><p>In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.</p><p>The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 18090 18092 18093 18094 question first answered 18/03/2024 15:41:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1695246

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Finance: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many regulations governing the financial advice sector there are; how many there were in 2014; and what assessment the Financial Conduct Authority has made of the potential impact of changes in the level of such regulations on the work of the sector.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	18092
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.</p><p>HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.</p><p>In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.</p><p>The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 18090 18091 18093 18094 question first answered 18/03/2024 15:41:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1695247

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Finance: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to increase the (a) availability and (b) affordability of financial advice for consumers, and how the effectiveness of such steps is measured.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	18093
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.</p><p>HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.</p><p>In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.</p><p>The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 18090 18091 18092 18094 question first answered 18/03/2024 15:41:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1695248

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Finance: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the number of financial advisers in relation to the demand for financial advice from consumers (a) now and (b) in the future.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	18094
answer	answer is ministerial correction date of answer 18/03/2024 answer text <p>HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.</p><p>HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.</p><p>In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.</p><p>The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 18090 18091 18092 18093 question first answered 18/03/2024 15:41:58 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1684373

registered interest
date	23/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Research: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact of research and development (R&D) tax relief claims being disallowed by HMRC on (a) the level of R&D being undertaken by individual companies and (b) retention of R&D companies in the UK.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	11035
answer	answer is ministerial correction date of answer 26/01/2024 answer text <p>The UK’s R&amp;D tax reliefs provide generous support to encourage companies to conduct R&amp;D activity, driving innovation and growth in the UK.</p><p>Where a claim is disallowed because it is not legitimate R&amp;D, HMRC would not expect this to have an impact on either retention or the amount of R&amp;D undertaken by companies.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 26/01/2024 10:18:52 answering member 4407 label Biography information for Nigel Huddleston
tabling member	1566 label Biography information for Daniel Kawczynski

1681921

registered interest
date	15/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Non-fungible Tokens
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential merits of using non-fungible tokens to replace paper identification required to (a) open a bank account and (b) access (i) loans, (ii) mortgages, (iii) credit cards, (iv) investment opportunities and (v) other financial instruments.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	9488
answer	answer is ministerial correction date of answer 23/01/2024 answer text <p>The Government recognises the widespread benefits of digital identity use.</p><p> </p><p>HM Treasury’s Money Laundering Regulations (MLRs) 2017 require banks and other regulated financial firms to verify a customer’s identity to open, access or maintain a bank account or other financial products. The MLRs do not impose a preference in how a regulated firm should verify its customers’ identities, either using traditional paper or digital identity sources.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/01/2024 11:38:41 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1681925

registered interest
date	15/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Finance: Non-fungible Tokens
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential role of Non-Fungible Tokens in tackling corruption in the administration of public finances.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	9491
answer	answer is ministerial correction date of answer 18/01/2024 answer text <p>HM Treasury has made no assessment of the potential role of non-fungible tokens in tackling corruption in the administration of public finances.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/01/2024 12:34:01 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1678452

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Non-fungible Tokens
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of using Non-Fungible Tokens in the (a) issuing and (b) tracking of government loans.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	7302
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The government is not pursuing the use of Non-Fungible Tokens for issuing and tracking government debt at this time, though all decisions in this regard remain under review.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 08/01/2024 17:35:03 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1611847

registered interest
date	18/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Health Insurance: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will review the level of insurance tax for private health insurance.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	181391
answer	answer is ministerial correction date of answer 25/04/2023 answer text <p>The revenue raised from IPT helps the Government to fund public services, including the NHS and social care. Reform leading to any loss in tax revenue would have to be balanced by a reduction in public spending, increased borrowing or increased taxation elsewhere.</p><p>Given this, there are currently no plans to change the IPT treatment of medical insurance, however, all taxes are kept under review and the views expressed to us are carefully considered as part of the Budget process.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/04/2023 12:57:53 answering member 4874 label Biography information for Andrew Griffith
tabling member	1566 label Biography information for Daniel Kawczynski