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1249789

registered interest
date	09/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Evasion
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to publish the number of (1) prosecutions, (2) convictions, and (3) fines, resulting from their investigations into the Panama papers.
tabling member printed	Lord Sikka
uin	HL10116
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>To date, HMRC’s work on the Panama Papers has produced about £190 million in yield. Data from the Panama Papers has been fully brought into HMRC’s systems and the data continues to be used as part of their usual risking process.</p><p> </p><p>HMRC regularly publish details of prosecutions, convictions and fines and will look to do the same in relation to their Panama Papers work when it is appropriate to do so.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 23/11/2020 16:29:09 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1249790

registered interest
date	09/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	PwC: Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what action they have taken against PricewaterhouseCooper for any role played in implementing tax avoidance schemes exposed by the 'Luxembourg leaks'.
tabling member printed	Lord Sikka
uin	HL10117
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>It is not possible for HM Revenue and Customs (HMRC) to provide details of any action taken in connection with this or any named organisation, for reasons of taxpayer confidentiality.</p><p>Should any tax agent be found to be enabling or facilitating tax avoidance then HMRC will use the full range of tools available, which include strict financial penalties, criminal sanctions, and public interest disclosures.</p><p> </p><p>HMRC have reviewed all the documents relating to 142 taxpayers who had documents relating to their tax affairs disclosed by the International Consortium of Investigative Journalists, which have been referred to as the ‘Luxembourg Leaks’.</p><p> </p><p>This work did not reveal a single case of material information where either the detail of the transactions had not already been provided to HMRC, or when examined did any more than confirm HMRC’s understanding of particular arrangements that were already known to HMRC.</p><p> </p><p>The Government has taken resolute action since 2010 to clamp down on tax non-compliance and unfair outcomes. It has targeted a broad range of bad practice in order to ensure that everyone, from individuals to large multinationals, is required to pay the right amount at the right time.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL10118 question first answered 23/11/2020 16:15:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1249791

registered interest
date	09/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to publish the number of (1) prosecutions, (2) convictions, and (3) fines, resulting from their investigations into tax avoidance schemes exposed by the 'Luxembourg leaks'.
tabling member printed	Lord Sikka
uin	HL10118
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>It is not possible for HM Revenue and Customs (HMRC) to provide details of any action taken in connection with this or any named organisation, for reasons of taxpayer confidentiality.</p><p>Should any tax agent be found to be enabling or facilitating tax avoidance then HMRC will use the full range of tools available, which include strict financial penalties, criminal sanctions, and public interest disclosures.</p><p> </p><p>HMRC have reviewed all the documents relating to 142 taxpayers who had documents relating to their tax affairs disclosed by the International Consortium of Investigative Journalists, which have been referred to as the ‘Luxembourg Leaks’.</p><p> </p><p>This work did not reveal a single case of material information where either the detail of the transactions had not already been provided to HMRC, or when examined did any more than confirm HMRC’s understanding of particular arrangements that were already known to HMRC.</p><p> </p><p>The Government has taken resolute action since 2010 to clamp down on tax non-compliance and unfair outcomes. It has targeted a broad range of bad practice in order to ensure that everyone, from individuals to large multinationals, is required to pay the right amount at the right time.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL10117 question first answered 23/11/2020 16:15:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1249792

registered interest
date	09/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland: Small Businesses
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the release of the unredacted report RBS Group's treatment of SME customers referred to the Global Restructuring Group by the Treasury Committee on 20 February 2018, how many directors and employees of the Royal Bank of Scotland have been (1) interviewed by the police, (2) charged, (3) convicted, (4) fined, and (5) banned from holding corporate directorships.
tabling member printed	Lord Sikka
uin	HL10119
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>In June 2019, the Financial Conduct Authority released their final report regarding their investigative steps in relation to Royal Bank of Scotland, Global Restructuring Group (GRG).</p><p> </p><p>The outcome of the report states that although GRG fell short of the high standards expected from their customers, the investigation by the FCA concluded that RBS did not treat their customers unfairly. However, in light of the findings, the FCA did provide RBS with clear recommendations to adhere to, which RBS have responded to with a series of actions they will undertake in order to address those concerns.</p><p> </p><p>RBS rightly apologised for these mistakes, and set up a scheme to compensate victims. This scheme has, to date, paid out in excess of £150 million to complainants.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 23/11/2020 16:30:43 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1249793

registered interest
date	09/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the number of UK-registered companies that have the word “bank” in their name but do not have Part 4A permission under the Financial Services and Markets Act 2000 to carry out regulated banking activities.
tabling member printed	Lord Sikka
uin	HL10120
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>The estimates requested are not held by HM Treasury.</p><p> </p><p>As you may know, a bank is defined as a UK institution that has permission under Part 4A of the Financial Services and Markets Act (FSMA) (2000) to accept deposits and is a credit institution. Financial services, including banks, are regulated by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) which are independent non-governmental bodies, given statutory powers by the FSMA as amended by the Financial Services Act (2012) and financed entirely by the financial services industry.</p><p> </p><p>Although the Treasury sets the legal framework for the regulation of financial services, it does not have investigative or prosecuting powers of its own. The Treasury has no general power of direction over the regulators and therefore cannot intervene in individual cases. You can find a list of FCA and PRA regulated firms on their websites at:</p><p> </p><p>FCA: <a href="https://www.fca.org.uk/firms/financial-services-register" target="_blank">https://www.fca.org.uk/firms/financial-services-register</a></p><p> </p><p>PRA: <a href="https://www.bankofengland.co.uk/prudential-regulation/authorisations/which-firms-does-the-pra-regulate" target="_blank">https://www.bankofengland.co.uk/prudential-regulation/authorisations/which-firms-does-the-pra-regulate</a></p><p> </p><p>The word ‘Bank’ is a sensitive word which requires approval of the Secretary of State for Business Energy and Industrial Strategy (BEIS) under section 55 of the Companies Act 2006 and The Company, Limited Liability Partnership and Business Names (Sensitive Words and Expressions) Regulations 2014. Companies House carries out this function on behalf of the Secretary of State. Anybody wishing to register a company name that includes the word ‘Bank’ must also first obtain a letter of non-objection from the Financial Conduct Authority (FCA) as required by the Regulations. On receipt of the letter on non-objection, Companies House will register the name.</p> answering member printed Lord Agnew of Oulton question first answered 23/11/2020 16:30:06 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka