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1666841

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with industry stakeholders on the issuing of a digital gilt.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203991
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The government has spoken to numerous industry participants who have supported the development of the government’s practical understanding of the potential advantages of digital ledger technology (DLT) to financial markets, the design choices around the technology’s implementation, and the legal considerations associated with digital securities.</p><p> </p><p>We are not actively pursuing an issuance of a DLT sovereign debt instrument at this time. We will continue to monitor market developments relating to the use of DLT within capital markets, including how these may impact the government as a market participant in future.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:47:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666597

registered interest
date	23/10/2023
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Social Security Benefits: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, with reference to the judgment in R (TD & Ors) v Secretary of State for Work and Pensions [2020] EWCA Civ 618, when his Department plans to introduce a remedy scheme in the context of that judgment; which claimants are to be included in the proposed scheme; and whether it is his Department's policy for the proposed scheme to offer beneficiaries the difference between the amount they would have received had their legacy benefits not been terminated and the amount received through Universal Credit.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203733
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>We are working on the delivery process for implementing the remedy and will set out the details in due course.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 26/10/2023 09:04:26 answering member 4142 label Biography information for Guy Opperman
tabling member	163 label Biography information for Sir Stephen Timms

1666657

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with counterparts in (a) Canada, (b) the European Union and (c) other jurisdictions on alignment of the (i) definition and (ii) interpretation of fiduciary duty.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203734
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203735 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666658

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support the UK’s investment industry in meeting their fiduciary duty to consumers.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203735
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Fiduciary duty – and the role it plays in ensuring that those managing money do so in the best interest of their beneficiaries – is an important part of any successful financial system.</p><p> </p><p>The government recognises that investors and pension trustees would like further information and clarity on how best to fulfil their fiduciary duty, particularly in the context of the transition to net zero and investment in productive finance.</p><p> </p><p> </p><p>That is why the government is supporting further consideration of these issues.</p><p> </p><p>The government published a call for evidence on Pension Trustee Skills, Capability and Culture on 11 July which sought to understand whether fiduciary duty contributes to risk avoidance in the investment supply chain, to the detriment of pension savers. We will be publishing our response later this year.</p><p> </p><p>In addition, to support investors, DWP committed in the revised Green Finance Strategy to examining how closely their Stewardship Guidance is being followed, including whether incorrect interpretations of fiduciary duties are playing a role in limiting investor’s decision making.</p><p> </p><p>Moreover, the Financial Markets and Law Committee – which includes DWP and HMT representatives – is currently considering issues around fiduciary duties and sustainability, and whether further action or clarity from the government or regulators is needed.</p><p> </p><p>The government would expect questions around international comparators to be raised as part of these discussions, where those comparisons are relevant. Any additional action or clarity on the definition or interpretation of fiduciary duty will be made in line with UK legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 203734 question first answered 26/10/2023 10:27:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666659

registered interest
date	23/10/2023
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds: Management
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment his Department has made of the adequacy of the extent to which his Department’s Stewardship Guidance is being followed by pension scheme trustees.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203736
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>We remain committed to reviewing the extent to which the Department’s Stewardship Guidance is being followed by pension scheme trustees to determine how far the guidance has helped trustees understand expectations around the Statement of Investment Principles (SIP) and Implementation Statement (IS), and whether improvements can be made.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 26/10/2023 09:11:59 answering member 4780 label Biography information for Laura Trott
tabling member	163 label Biography information for Sir Stephen Timms

1666660

registered interest
date	23/10/2023
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds: Management
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what progress the Financial Markets and Law Committee’s working group is making on reforming the guidance on fiduciary duty for pension trustees.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203737
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Government continues to work with the Financial Markets and Law Committee’s (FMLC) working group to review how best to clarify fiduciary duty, particularly in relation to climate change. The FMLC working group is independent from government. DWP looks forward to the publication of the group’s final report.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 26/10/2023 09:15:24 answering member 4780 label Biography information for Laura Trott
tabling member	163 label Biography information for Sir Stephen Timms

1666734

registered interest
date	23/10/2023
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Social Security Benefits: Overpayments
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to help improve collections of debts from individuals who are not currently in receipt of Universal Credit; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203738
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The department is committed to improving debt collections from those individuals no longer in receipt of benefits, and we continue to investigate opportunities to ensure parity of treatment between those in receipt of a benefit, or in PAYE employment, and those who are not.</p> answering member constituency Corby answering member printed Tom Pursglove question first answered 26/10/2023 08:29:35 answering member 4369 label Biography information for Tom Pursglove
tabling member	163 label Biography information for Sir Stephen Timms

1666131

registered interest
date	19/10/2023
answering body	Home Office
answering dept id	1
answering dept short name	Home Office
answering dept sort name	Home Office
hansard heading	Immigration: ICT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for the Home Department, pursuant to the Answers of 25 November 2022 to Question 93420 and 1 December 2022 to Question 97406, what recent estimate she has made of the date by which the Atlas caseworking system will provide further information on the number of applicants having the No Recourse to Public Funds condition attached to their Leave to Remain.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203428
answer	answer is ministerial correction date of answer 24/10/2023 answer text <p>ATLAS will become the default caseworking system for in-country casework by early to Mid-2024.</p><p> </p><p>Following transition of in-country casework, ATLAS will therefore become the primary source of MI, including No Recourse to Public Funds, by early to Mid-2024.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 24/10/2023 16:51:40 answering member 4320 label Biography information for Robert Jenrick
tabling member	163 label Biography information for Sir Stephen Timms

1665670

registered interest
date	18/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Protection Fund: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether money a person receives from their pension scheme via the Fraud Compensation Fund is taxable; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203192
answer	answer is ministerial correction date of answer 23/10/2023 answer text <p>The Fraud Compensation Fund pays compensation to pension scheme administrators or trustees, who then provide benefits to members. Those benefits will be taxed like any other pension benefits. An individual pays income tax if their total annual income is more than their Income Tax Personal Allowance which is currently £12,570. Where an individual has income above the Personal Allowance, payments of pension (including pension benefits arising from a compensation payment) is subject to income tax, which is collected through Pay As You Earn.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/10/2023 13:10:28 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1665673

registered interest
date	18/10/2023
answering body	Foreign, Commonwealth and Development Office
answering dept id	208
answering dept short name	Foreign, Commonwealth and Development Office
answering dept sort name	Foreign, Commonwealth and Development Office
hansard heading	Gaza: Hospitals
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what information his Department holds on who was responsible for the explosion at the al-Ahli Arab Hospital on 17 October 2023.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203193
answer	answer is ministerial correction date of answer 25/10/2023 answer text <p>Following a thorough review, we think that it was likely a missile launched from within Gaza to Israel. Any loss of innocent life is a dreadful tragedy, and everyone will be thinking of both them and the families that they leave behind. This incident only reinforces the importance of getting humanitarian relief into Gaza safely and opening the Rafah crossing. Since the Hamas terrorist attacks on 7 October, the Prime Minister and Foreign Secretary have spoken to counterparts from almost twenty countries, as well as the EU, as part of extensive diplomatic efforts to sustain the prospect of peace and stability in the Middle East.</p> answering member constituency Macclesfield answering member printed David Rutley grouped question UIN 203194 question first answered 25/10/2023 14:56:30 answering member 4033 label Biography information for David Rutley
tabling member	163 label Biography information for Sir Stephen Timms