The Government works closely with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure that the market for pensions advice works fairly.<\/p>
<\/p>
The FCA already has considerable powers to take enforcement action where consumers are harmed by poor financial advice and where an FCA authorised firm has breached FCA rules. The FCA has the power to impose a range of sanctions, including fines on firms or individuals, requirements to carry out redress exercises, and bans on firms or individuals. There are currently no plans to introduce further penalties in respect of negligent pensions transfer advice.<\/p>
<\/p>
If the FCA suspects that criminal fraud has been committed, the FCA will refer the case to the relevant authorities for further action to be taken. The FCA can also take action through the courts against firms or individuals who carry out regulated activity without authorisation.<\/p>
<\/p>
The FCA have recently consulted on a number of interventions in the Defined Benefit (DB) pensions transfer market to reduce the number of consumers transferring their pensions when it is not in their best interests. The FCA are in the process of considering the feedback they have received and plan to publish a Policy Statement on the outcome in the first quarter of 2020.<\/p>
<\/p>
In addition, the Department for Work and Pensions are introducing legislation, through the Pension Schemes 2019-20 Bill, to allow regulations to be made to stipulate the destinations and circumstances under which a pension scheme member will have a right to transfer their pension savings to another pension scheme. This will further protect members from pension scams by helping trustees of occupational pension schemes ensure transfers are made to safe and not fraudulent schemes.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2020-02-06", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-06T17:10:36.437Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pensions: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will take steps to introduce penalties in respect of negligent independent financial advice on transferring pensions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3928", "label" : {"_value" : "Biography information for Nick Smith"} } , "tablingMemberConstituency" : {"_value" : "Blaenau Gwent"} , "tablingMemberPrinted" : [{"_value" : "Nick Smith"} ], "uin" : "10347"} , {"_about" : "http://data.parliament.uk/resources/1174842", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1174842/answer", "answerText" : {"_value" : "
The requirement for Independent Financial Advisers (IFAs) to hold adequate Professional Indemnity Insurance (PII) cover is an important element in protecting consumers who receive financial advice. The Financial Conduct Authority\u2019s (FCA) handbook sets out the various requirements around the PII cover that IFAs are required to hold.<\/p>
<\/p>
There is no intention to raise the minimum PII cover levels for IFAs at present. The minimum limit of indemnity of PII is specified by FCA rules and European legislation such as the Insurance Distribution Directive (IDD), depending upon the type of IFA. The UK is no longer a Member State of the European Union. However, both the UK and the EU are committed to a period of transition \u2013 lasting until the end of 2020 \u2013 where common rules for businesses and consumers will remain in place, including the IDD.<\/p>
<\/p>
Many IFAs are in scope of the IDD, because they undertake life assurance type transactions. IDD limits are reviewed every five years via regulatory technical standards and were last reviewed in November 2019 and the revised limits, which have increased slightly, will apply to IFAs that are IDD firms from 12 June 2020.<\/p>
<\/p>
The FCA are continuing work to examine consumer harms, and potential claims that may arise from certain business activities carried out by IFAs; and these findings may prompt a further examination of the minimum levels of indemnity in the future.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2020-02-06", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-06T16:56:33.097Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Insurance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what plans he has to raise professional indemnity cover limits which independent financial advisers are required to have to practise.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3928", "label" : {"_value" : "Biography information for Nick Smith"} } , "tablingMemberConstituency" : {"_value" : "Blaenau Gwent"} , "tablingMemberPrinted" : [{"_value" : "Nick Smith"} ], "uin" : "10348"} , {"_about" : "http://data.parliament.uk/resources/1174843", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1174843/answer", "answerText" : {"_value" : "
As announced at Budget 2018 and following the recommendation of the APPG on Illicit Trade, the Government has now established a UK-wide Anti-Illicit Trade Group.<\/p>
<\/p>
The Group met for the first time in September and brought together officials from several departments and enforcement agencies. The aim of the Group continues to be to share best practice and develop a national strategy for tackling the illicit trade. The next meeting of the Group will take place in Spring 2020.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4655", "label" : {"_value" : "Biography information for Sir Simon Clarke"} } , "answeringMemberConstituency" : {"_value" : "Middlesbrough South and East Cleveland"} , "answeringMemberPrinted" : {"_value" : "Mr Simon Clarke"} , "dateOfAnswer" : {"_value" : "2020-02-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-05T11:58:27.14Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Smuggling"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what the outcome was of the inaugural meeting of the UK Anti-Illicit Trade Group held on 24 September 2019; and what proposals it has for further action on (a) the activities of the group itself and (b) tackling illicit trade.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4772", "label" : {"_value" : "Biography information for Kenny MacAskill"} } , "tablingMemberConstituency" : {"_value" : "East Lothian"} , "tablingMemberPrinted" : [{"_value" : "Kenny MacAskill"} ], "uin" : "10468"} , {"_about" : "http://data.parliament.uk/resources/1174870", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1174870/answer", "answerText" : {"_value" : "
The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.<\/p>
<\/p>
A summary of responses to the consultation was published in February 2019, and can be viewed here: https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency<\/a>. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3991", "label" : {"_value" : "Biography information for Jesse Norman"}
}
, "answeringMemberConstituency" : {"_value" : "Hereford and South Herefordshire"}
, "answeringMemberPrinted" : {"_value" : "Jesse Norman"}
, "dateOfAnswer" : {"_value" : "2020-02-07", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "10335"}
, {"_value" : "10336"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-02-07T10:04:12.407Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-01-30", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Insolvency"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what representations he has received on the effect on business lending of making HMRC a secondary preferential creditor in insolvencies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1554", "label" : {"_value" : "Biography information for Stephen Crabb"}
}
, "tablingMemberConstituency" : {"_value" : "Preseli Pembrokeshire"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Crabb"}
], "uin" : "10334"}
, {"_about" : "http://data.parliament.uk/resources/1174871", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1174871/answer", "answerText" : {"_value" : " The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.<\/p> <\/p> A summary of responses to the consultation was published in February 2019, and can be viewed here: https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency<\/a>. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3991", "label" : {"_value" : "Biography information for Jesse Norman"}
}
, "answeringMemberConstituency" : {"_value" : "Hereford and South Herefordshire"}
, "answeringMemberPrinted" : {"_value" : "Jesse Norman"}
, "dateOfAnswer" : {"_value" : "2020-02-07", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "10334"}
, {"_value" : "10336"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-02-07T10:04:12.447Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-01-30", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Insolvency"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, if he will publish an impact assessment on making HMRC a secondary preferential creditor in insolvencies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1554", "label" : {"_value" : "Biography information for Stephen Crabb"}
}
, "tablingMemberConstituency" : {"_value" : "Preseli Pembrokeshire"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Crabb"}
], "uin" : "10335"}
, {"_about" : "http://data.parliament.uk/resources/1174872", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1174872/answer", "answerText" : {"_value" : " The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.<\/p> <\/p>
Tax Year penalty relates to<\/p><\/td> | Penalty payments<\/p><\/td><\/tr> |
2016-17<\/p><\/td> | £106,244,000<\/p><\/td><\/tr> |
2017-18<\/p><\/td> | £63,956,000<\/p><\/td><\/tr><\/tbody><\/table> <\/p> Note: Figures have been rounded to the nearest thousand. These figures have been produced using an extract of the data provided for analytical purposes, and there may be small differences between this and the live SA system.<\/p> <\/p> This analysis is based on penalties created and payments received to 3 January 2020. The 2017-18 figures cover a period of 11 months. The 2016-17 figures cover a period of 23 months. HMRC anticipate that more penalties will be issued and paid in relation to 2017-18, so it is not possible to make meaningful comparisons between the two sets of figures.<\/p> <\/p> The above figures include both full and part-payments for the initial £100 late filing penalty, daily penalties, 6 month and 12 month late filing penalties. Late payment penalties have not been included.<\/p> <\/p> These late filing penalties relate to:<\/p> \u2022 Individuals who filed online after 31 January after the end of the corresponding tax year and at least 3 months after they were issued with a notice to file<\/p> \u2022 Individuals who have missed the 31 January deadline and who have not yet filed their SA return for the corresponding tax year<\/p> \u2022 Individuals who did not need to file an SA return for that tax year but received late filing penalties due to late notification<\/p> <\/p> As with the answer to PQ268996, the figures may include some penalty payments relating to Trust returns as they receive the same penalty code. Penalty payments relating to partnership returns are not included.<\/p> <\/p> Penalties are not used as a means of generating revenue. HMRC want taxpayers to comply with their obligations and to file their returns on time.<\/p> <\/p> HMRC charge penalties to encourage taxpayers to meet their tax obligations and to act as a sanction for those who do not, so the majority who do are not disadvantaged.<\/p> <\/p> Not all taxpayers who fail to submit their return on time will have to pay a penalty. A penalty will not be payable if a taxpayer had a reasonable excuse for not filing their return on time or if they no longer need to file a return.<\/p> <\/p> HMRC will not know if a taxpayer has a reasonable excuse or no longer needs to file a return until they inform HMRC.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3991", "label" : {"_value" : "Biography information for Jesse Norman"} } , "answeringMemberConstituency" : {"_value" : "Hereford and South Herefordshire"} , "answeringMemberPrinted" : {"_value" : "Jesse Norman"} , "dateOfAnswer" : {"_value" : "2020-02-03", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-03T13:41:01.837Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-29", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Self-assessment: Fines"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the Answer of 1 July 2019 to Question 268996 on taxation: self-assessment, how much was paid in fines by people who submitted tax returns after the deadline of 31 January in each year since 2018.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "9608"} , {"_about" : "http://data.parliament.uk/resources/1174229", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1174229/answer", "answerText" : {"_value" : " The Statement of Funding Policy is typically updated at each multi-year Spending Review, so the eighth edition is due to be published in 2020 alongside the Comprehensive Spending Review.<\/p> <\/p> At Spending Round 2019, HM Treasury published a Statement of Funding Policy addendum to reflect the creation of the Department for Business, Energy and Industrial Strategy and the reclassification of Network Rail spending from AME to DEL since Spending Review 2015.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4483", "label" : {"_value" : "Biography information for Rishi Sunak"} } , "answeringMemberConstituency" : {"_value" : "Richmond (Yorks)"} , "answeringMemberPrinted" : {"_value" : "Rishi Sunak"} , "dateOfAnswer" : {"_value" : "2020-02-03", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-03T13:08:24.447Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-29", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Devolution: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, when his Department plans to publish an updated Statement of funding policy: funding the Scottish Parliament, National Assembly for Wales and Northern Ireland Assembly document.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"} } , "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"} , "tablingMemberPrinted" : [{"_value" : "Alan Brown"} ], "uin" : "9731"} ], "itemsPerPage" : 10, "next" : "https://eldaddp.azurewebsites.net/answeredquestions.text?_page=1&min-dateTabled=2020-01-20&answeringDeptId=14&AnswerDate=2020-02-03", "page" : 0, "startIndex" : 1, "totalResults" : 30, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} } |