I recognise that many in the financial services sector have concerns about the Financial Conduct Authority\u2019s (FCA) proposed changes to its approach to enforcement.<\/p>
This is why the Chancellor and I have been clear that we believe the FCA should reconsider its proposals, in light of responses to its consultation, and considering its new growth and competitiveness objective. The competitiveness of the UK\u2019s world-leading financial services sector is one of the Government\u2019s top priorities.<\/p>
The legislative framework provides for the FCA to be operationally independent from the government. The independence of the FCA is vital to its role. The Government respects this operational independence, but takes holding it to account very seriously.<\/p>
The specific concerns you have raised are a matter for the FCA, as the operationally independent regulator. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.<\/p>
The purpose of any consultation is to allow the regulators to test their proposals and understand their potential impact. It is therefore appropriate to suggest that the FCA reconsider its proposals in light of the feedback received. The Government will continue to engage closely with stakeholders, and with the FCA as they consider next steps.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-24T08:59:59.44Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-05-21", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Conduct Authority"} , "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 assessment he has made of the potential impact of the Financial Conduct Authority's (FCA) proposals to publicly announce the names of firms and/or individuals at the commencement of enforcement investigations on the (a) commercial value of firms, (b) career prospects of individuals who are named and (c) overall competitiveness of the UK\u2019s (i) financial and related professional services industries and (ii) wider economy; and if he will make an assessment of the compatibility of that proposal with the FCA\u2019s secondary objective to consider international competitiveness and economic growth.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"} } , "tablingMemberConstituency" : {"_value" : "Wimbledon"} , "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"} ], "uin" : "27312"} , {"_about" : "http://data.parliament.uk/resources/1582365", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1582365/answer", "answerText" : {"_value" : "
The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf<\/em><\/a>.<\/em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.<\/p> <\/p> The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf<\/em><\/a>.<\/em><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-02-06", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "136518"}
, {"_value" : "136521"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-02-06T18:34:15.71Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-01-31", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Multinational Companies: Taxation"}
, "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 the calculations by which an estimate of £2.11bn of revenue in 2024-25 from implementation of the global minimum corporate tax reforms was arrived at.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"}
}
, "tablingMemberConstituency" : {"_value" : "Wimbledon"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"}
], "uin" : "136517"}
, {"_about" : "http://data.parliament.uk/resources/1582366", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1582366/answer", "answerText" : {"_value" : " The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf<\/em><\/a>.<\/em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.<\/p> <\/p> The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf<\/em><\/a>.<\/em><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-02-06", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "136517"}
, {"_value" : "136521"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-02-06T18:34:15.773Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-01-31", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Multinational Companies: Taxation"}
, "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 account was taken of potential behaviour change in estimating revenue arising from implementation of the global minimum corporate tax reforms.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"}
}
, "tablingMemberConstituency" : {"_value" : "Wimbledon"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"}
], "uin" : "136518"}
, {"_about" : "http://data.parliament.uk/resources/1582367", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1582367/answer", "answerText" : {"_value" : " The international group representing more than 135 countries that are collaborating to tackle tax avoidance (known as the \u2018Inclusive Framework\u2019) have agreed that Pillar 2 implementation is subject to a \u2018common approach\u2019. This means that countries that implement Pillar 2 must do so in line with the intended outcomes of the rules, ensuring consistency in implementation. A qualification process for each country that implements Pillar 2 is under discussion by the Inclusive Framework.<\/p> <\/p> The United States have already implemented a tax on low taxed foreign profits called Global Intangible Low Taxed Income (GILTI). The Government recognises that the US has committed to reforming the GILTI rules so that they align with the Pillar 2 rules. How GILTI and Pillar 2 will interact, pending such reform, is being agreed internationally.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-02-07", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "136745"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-02-07T19:32:11.42Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-01-31", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Taxation: USA"}
, "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 paragraph 3.6 of the consultation on implementation of OECD Pillar 2 published on11 January 2022, whether his Department has made an assessment of the implications for his policies of the progress towards the consistent implementation of the rules in the United States; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"}
}
, "tablingMemberConstituency" : {"_value" : "Wimbledon"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"}
], "uin" : "136519"}
, {"_about" : "http://data.parliament.uk/resources/1582369", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1582369/answer", "answerText" : {"_value" : " The £8.2 million average reoccurring annual impact cost was calculated based on HMRC\u2019s Standard Cost Model methodology for determining the administrative impacts of compliant, efficient businesses complying with new measures.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-02-08", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-02-08T16:28:20.167Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-01-31", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Multinational Companies: Taxation"}
, "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 HM Revenue and Customs' policy paper \u2018Multinational top-up tax: UK adoption of Organisation for Economic Co-operation and Development Pillar 2, published on 20 July 2022, if he will publish the calculations behind the estimate of £8.2m annual costs to businesses affected by the measure.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1585", "label" : {"_value" : "Biography information for Stephen Hammond"}
}
, "tablingMemberConstituency" : {"_value" : "Wimbledon"}
, "tablingMemberPrinted" : [{"_value" : "Stephen Hammond"}
], "uin" : "136520"}
, {"_about" : "http://data.parliament.uk/resources/1582370", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1582370/answer", "answerText" : {"_value" : " The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf<\/em><\/a>.<\/em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.<\/p> <\/p>