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1699319

	registered interest
	date	27/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Interparliamentary Finance Committee Forum
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government why no Minister attended the meeting on 21 March of the Interparliamentary Finance Committee Forum with members of the Scottish Parliament and Senedd Cymru.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL3655
	answer	answer is ministerial correction date of answer 12/04/2024 answer text <p>The Government recognises the importance of the devolved legislature finance committees’ roles in providing rigorous scrutiny to devolved administration budgets and holding devolved administration ministers to account for their policy and budgetary decisions. As the previous Chief Secretary to the Treasury set out in his letters to the Senedd Finance Committee and the Finance and Public Administration Committee last year, we are mindful of parliamentary accountabilities where UK Government is accountable to the UK Parliament for its tax and spending decisions.</p> answering member printed Lord Roborough question first answered 12/04/2024 13:10:02 answering member 4953 label Biography information for Lord Roborough
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1696556

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Compensation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL3313
	answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:40:27 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1685669

	registered interest
	date	29/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pension Funds
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the practice of the pension funds of regulators investing in companies for which the regulator has oversight responsibility, for example in the recent case of the Environment Agency’s pension fund investing in companies which produce PFAS.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL1972
	answer	answer is ministerial correction date of answer 12/02/2024 answer text <p>Most regulators participate in the unfunded public service pension schemes, which do not invest monies in order to generate returns. Those that do have funded schemes are subject to DWP occupational pension scheme legislation, with investments separated from the organisation and trustees responsible for scheme investments, or, in the case of the Environment Agency, participate in the Local Government Pension Scheme (LGPS). Trustees and LGPS administering authorities have specific legal and fiduciary duties.</p><p>LGPS administering authorities, including the Environment Agency Pension Fund, are required to act in the interest of the fund and not the employer in setting and implementing their investment strategy. DLUHC guidance sets out that it is good practice for administering authorities to have robust policies to manage any potential conflicts of interest. The EAPF conflicts of interest policy is available online.<sup><sup>[1]</sup></sup></p><p> </p><p>[1] <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.eapf.org.uk%2F~%2Fmedia%2Fdocument-libraries%2Feapf2%2Fpolicies%2F2023%2Fconflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf%3Fla%3Den%26hash%3D73A3192F28D6418F742FA515277EE97CA00E8542&amp;data=05%7C02%7Cliam.claughton%40hmtreasury.gov.uk%7Cd1f5cbd49b934f2e54fe08dc27043b27%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638428146718896084%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=6NtMfv0A8FIJd%2BvNxeF5MDIS8LjTIz8IR8hIB0SQnMc%3D&amp;reserved=0" target="_blank">https://www.eapf.org.uk/~/media/document-libraries/eapf2/policies/2023/conflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf?la=en&amp;hash=73A3192F28D6418F742FA515277EE97CA00E8542</a></p> answering member printed Baroness Vere of Norbiton question first answered 12/02/2024 16:40:10 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1654938

	registered interest
	date	20/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Travel: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to ensure that travel insurance companies provide cover for travel cancellations due to heatwaves, given their rising incidence and intensity, and the risks to the health of travellers.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL9535
	answer	answer is ministerial correction date of answer 26/07/2023 answer text The Government does not prescribe the terms, conditions or price that insurance companies may set when offering insurance, including travel insurance. As travel insurance policies differ, customers should speak to their insurer or check the terms and conditions of their policy.<p> </p><p> </p><p>Travel insurers must treat customers fairly and are required to do so by the Financial Conduct Authority.</p> answering member printed Baroness Penn question first answered 26/07/2023 14:08:23 answering member 4726 label Biography information for Baroness Penn
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle