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173364

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Expenditure
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the total amount of non-fiscal spending in each year from 2009-10 to 2014-15 is (a) in real terms and (b) as a proportion of total government spending.
	tabling member constituency	Wakefield
	tabling member printed	Mary Creagh
	uin	220622
	answer	answer is ministerial correction date of answer 21/01/2015 answer text “Non-fiscal spend” is not a formal term in the UK National Accounting framework. It is sometimes used to refer to items of public expenditure, which although included in departmental budgets, are either not classified as spending in the National Accounts or use a different source.<p> </p> answering member constituency Inverness, Nairn, Badenoch and Strathspey answering member printed Danny Alexander grouped question UIN 220647 220808 question first answered 21/01/2015 17:22:14 answering member 1535 label Biography information for Danny Alexander
	tabling member	1579 label Biography information for Mary Creagh

173366

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Expenditure
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what his Department's non-fiscal spend was in real terms in (a) 2009-10, (b) 2010-11, (c) 2011-12, (d) 2012-13, (e) 2013-14 and (f) 2014-15.
	tabling member constituency	Wakefield
	tabling member printed	Mary Creagh
	uin	220647
	answer	answer is ministerial correction date of answer 21/01/2015 answer text “Non-fiscal spend” is not a formal term in the UK National Accounting framework. It is sometimes used to refer to items of public expenditure, which although included in departmental budgets, are either not classified as spending in the National Accounts or use a different source.<p> </p> answering member constituency Inverness, Nairn, Badenoch and Strathspey answering member printed Danny Alexander grouped question UIN 220622 220808 question first answered 21/01/2015 17:22:14 answering member 1535 label Biography information for Danny Alexander
	tabling member	1579 label Biography information for Mary Creagh

173360

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Invest NI
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, when he last met the Chief Executive of Invest NI.
	tabling member constituency	Bury South
	tabling member printed	Mr Ivan Lewis
	uin	220521
	answer	answer is ministerial correction date of answer 16/01/2015 answer text <p>Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p> </p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:<br> <a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 16/01/2015 14:40:57 answering member 1529 label Biography information for Mr David Gauke
	tabling member	441 label Biography information for Mr Ivan Lewis

173365

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many businesses were ordered by the Financial Services Ombudsman to award consumers fair compensation up to the £100,000 limit in each year from 2001 to 2011.
	tabling member constituency	Leeds North West
	tabling member printed	Greg Mulholland
	uin	220649
	answer	answer is ministerial correction date of answer 21/01/2015 answer text <p>The issues raised are a matter for the Financial Ombudsman Service (FOS) who are operationally independent from Government.</p><p> </p><p> </p><p> </p><p>These questions have been passed on to the FOS. The FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220172 220187 220188 question first answered 21/01/2015 09:53:39 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1540 label Biography information for Greg Mulholland

173367

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Monetary Policy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what criteria his Department uses to assess the effectiveness of quantitative easing.
	tabling member constituency	Easington
	tabling member printed	Grahame M. Morris
	uin	220643
	answer	answer is ministerial correction date of answer 20/01/2015 answer text <p>The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC).</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 20/01/2015 17:34:49 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3973 label Biography information for Grahame Morris

173523

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in the light of the practice in the life assurance and reassurance markets of pension buyouts and longevity swaps, what is their assessment of the expected growth of those markets and at what point it would require assessment of the market exposure to systemic risk.
	tabling member printed	Lord Mendelsohn
	uin	HL4105
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>The Government recognises that pension buy-outs, buy-ins and longevity swap transactions provide an important means for pension schemes and firms to transfer longevity risk to a willing buyer. Factors that may lead to changes in the size and quantum of these markets and their ability to pose systemic risks to regulated firms is a matter for the Prudential Regulation Authority.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:53:37 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173504

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Advisory Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of the number of people who will seek to use the Pensions Wise service in the financial year 2015-16.
	tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
	tabling member printed	Gregg McClymont
	uin	220634
	answer	answer is ministerial correction date of answer 16/01/2015 answer text <p>The Government is working closely with stakeholders to understand and estimate potential demand for the service, and to build sufficient and flexible capacity in the Pension wise service to meet demand.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 16/01/2015 14:43:12 answering member 1529 label Biography information for Mr David Gauke
	tabling member	3949 label Biography information for Gregg McClymont

173521

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what is their evaluation of progress in changing the culture in the banking sector in the United Kingdom.
	tabling member printed	Lord Mendelsohn
	uin	HL4103
	answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>The Government has taken a substantial number of measures to change the culture in UK banking.</p><p> </p><p> </p><p> </p><p>This Government supported the work of the Parliamentary Commission on Banking Standards which reported in June 2013 on professional standards and culture of the UK banking sector. Legislation to give effect to its recommendations on banking standards and individual accountability were included in the Financial Services (Banking Reform) Act 2013. The Financial Conduct Authority, the Prudential Regulation Authority and the Treasury worked through 2014 to prepare secondary legislation, regulatory rules and other detailed implementing measures.</p><p> </p><p>The Government expects to announce the final timetable for implementing these reforms shortly.</p><p> </p><p> </p><p> </p><p>In the Financial Services Act 2012, this Government introduced a new criminal offence to address the issue of the manipulation of the LIBOR interest rate benchmark. In December 2014 the government announced that this offence would be extended to cover a further seven financial benchmarks from, subject to Parliamentary approval, 1 April 2015.</p><p> </p><p> </p><p> </p><p>We also recognise that there is more to do if the banking industry and global financial markets are to regain public trust. The Chancellor of the Exchequer therefore announced in his Mansion House speech in June 2014 a Treasury, Bank of England and FCA review of the operation of the foreign exchange, fixed income and commodity markets. The Fair and Effective Markets Review will examine how trust and credibility in these markets can be restored. The review will report in June 2015.</p><p> </p><p> </p><p> </p><p>In November 2014 the Financial Conduct Authority (FCA), in co-ordination with financial regulators in the US and Switzerland, announced the outcome of its investigations into attempted manipulation of foreign exchange markets by 5 banks. It imposed penalties on 5 banks totalling £1.11 billion. In addition the Director of the <a href="http://en.wikipedia.org/wiki/Serious_Fraud_Office" target="_blank">Serious Fraud Office</a> opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries.</p><p> </p><p> </p><p> </p><p>Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial services. The Fair &amp; Effective Markets Review’s scope covers trading practices in markets, and drivers of behaviour including incentives for individuals. In November 2014 the Chancellor wrote to the Governor of the Bank of England to ask that the increasing levels of fixed remuneration in the financial sector following the introduction of the ‘bonus cap’ be considered as part of this work.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL4096 HL4104 question first answered 27/01/2015 16:42:38 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173522

	registered interest
	date	13/01/2015
	answering body	HM 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 whether the Department for Business, Innovation and Skills has considered investigating the conduct or operation of the boards of any of the companies that have been fined for practices relating to LIBOR, gold price fixing or foreign exchange manipulation.
	tabling member printed	Lord Mendelsohn
	uin	HL4104
	answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>The Government has taken a substantial number of measures to change the culture in UK banking.</p><p> </p><p> </p><p> </p><p>This Government supported the work of the Parliamentary Commission on Banking Standards which reported in June 2013 on professional standards and culture of the UK banking sector. Legislation to give effect to its recommendations on banking standards and individual accountability were included in the Financial Services (Banking Reform) Act 2013. The Financial Conduct Authority, the Prudential Regulation Authority and the Treasury worked through 2014 to prepare secondary legislation, regulatory rules and other detailed implementing measures.</p><p> </p><p>The Government expects to announce the final timetable for implementing these reforms shortly.</p><p> </p><p> </p><p> </p><p>In the Financial Services Act 2012, this Government introduced a new criminal offence to address the issue of the manipulation of the LIBOR interest rate benchmark. In December 2014 the government announced that this offence would be extended to cover a further seven financial benchmarks from, subject to Parliamentary approval, 1 April 2015.</p><p> </p><p> </p><p> </p><p>We also recognise that there is more to do if the banking industry and global financial markets are to regain public trust. The Chancellor of the Exchequer therefore announced in his Mansion House speech in June 2014 a Treasury, Bank of England and FCA review of the operation of the foreign exchange, fixed income and commodity markets. The Fair and Effective Markets Review will examine how trust and credibility in these markets can be restored. The review will report in June 2015.</p><p> </p><p> </p><p> </p><p>In November 2014 the Financial Conduct Authority (FCA), in co-ordination with financial regulators in the US and Switzerland, announced the outcome of its investigations into attempted manipulation of foreign exchange markets by 5 banks. It imposed penalties on 5 banks totalling £1.11 billion. In addition the Director of the <a href="http://en.wikipedia.org/wiki/Serious_Fraud_Office" target="_blank">Serious Fraud Office</a> opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries.</p><p> </p><p> </p><p> </p><p>Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial services. The Fair &amp; Effective Markets Review’s scope covers trading practices in markets, and drivers of behaviour including incentives for individuals. In November 2014 the Chancellor wrote to the Governor of the Bank of England to ask that the increasing levels of fixed remuneration in the financial sector following the introduction of the ‘bonus cap’ be considered as part of this work.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL4096 HL4103 question first answered 27/01/2015 16:42:38 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173499

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Advisory Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the capacity within the citizens advice network to deal with Pensions Wise enquiries.
	tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
	tabling member printed	Gregg McClymont
	uin	220611
	answer	answer is ministerial correction date of answer 11/02/2015 answer text <p>Pension Wise telephone sessions will be delivered by the Pensions Advisory Service, based at its headquarters in London.</p><p> </p><p> </p><p> </p><p>Face to face sessions are being delivered by Citizens Advice England and Wales, Citizens Advice Scotland and Citizens Advice Northern Ireland. These will be offered in selected bureaux across the United Kingdom with the aim of providing good geographic coverage and ensuring the service is accessible across the UK.</p><p> </p><p> </p><p> </p><p>The government is working closely with the three Citizens Advice bodies to ensure that they are appropriately funded and supported to build sufficient capacity in the bureaux network.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220610 220635 question first answered 11/02/2015 16:57:43 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3949 label Biography information for Gregg McClymont