Asked by: Lord Sharpe of Epsom (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what was the value and volume of steel imported into the UK in each of the last three calendar years, broken down by country of origin; and what percentage of total steel imports each country accounted for in each year.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The data on imports of steel is given in the attached tables in Annex A (volume) and Annex B (value).
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have, pending implementation of the review of the Financial Ombudsman Service, to issue interim guidance for cases where Financial Ombudsman Service decisions raise questions about the interpretation of regulatory responsibilities across the financial services sector; or to encourage the Financial Conduct Authority to do so.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure that the Financial Ombudsman Service fully utilises established consultation mechanisms, including the Wider Implications Framework between the Financial Ombudsman Service and the Financial Conduct Authority in cases with potential market-wide impact.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the Financial Ombudsman Service's ability to set precedents that create new rules and thereby bypass the Financial Conduct Authority and established regulatory processes.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government, following the publication of their response to the review of the Financial Ombudsman Service, when they intend to (1) implement these reforms, and (2) introduce the necessary primary legislation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
Asked by: James Cleverly (Conservative - Braintree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Budget Policy Costing 2025, November 2025, page 51, on the High Value Council Tax Surcharge, what proportion of the (a) -£60 million impact in 2025-26, (b) -£120 million impact in 2026-27 and (c) -£155 million impact in 2027-28 is from (i) lower stamp duty, (ii) lower capital gain tax, (iii) lower inheritance tax and (iv) lower Annual Tax on Enveloped Dwellings receipts, in each case and year.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The OBR publishes a breakdown of the Budget 2025 policy costings here:
Policy costings - Office for Budget Responsibility
Asked by: Lord Sharpe of Epsom (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what volume of ferrous scrap was imported into the UK in each of the last three calendar years, broken down by country of origin and by grade or category of scrap.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The data on imports of ferrous scrap is given in table 1. HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ). | |||
|
|
|
|
Table 1: UK import volumes (kg) of Ferrous Scrap |
| ||
Country | 2023 | 2024 | 2025 |
Not Declared | 100,666,973 | 119,323,136 | 110,711,763 |
Ireland | 58,409,303 | 62,163,906 | 54,568,750 |
Belgium | 10,620,084 | 11,853,794 | 385,988 |
Germany | 6,447,914 | 11,121,900 | 392,921 |
Netherlands | 3,600,562 | 5,603,047 | 1,460,658 |
UK | 1,783,716 | 4,873,692 | 705,830 |
United States | 451 | 137,270 | 2,211,158 |
France | 128,252 | 375,242 | 107,888 |
Canada | 2,880 |
| 372,743 |
Costa Rica | 106,506 |
| 25,000 |
Iceland | 110,610 | 9,610 | 6,490 |
Panama | 44,000 | 40,000 | 20,000 |
Spain |
| 2,003 | 99,660 |
Italy | 12,133 | 41,211 | 41,752 |
Malta | 24,100 | 41,760 |
|
Norway |
| 51,060 |
|
Czechia | 14,272 | 11,114 | 25,097 |
Israel |
| 48,830 |
|
Lithuania |
|
| 48,711 |
Estonia |
|
| 29,241 |
Latvia |
| 24,000 |
|
Congo (Dem. Rep) | 15,000 |
|
|
Switzerland | 7,120 | 5,530 | 331 |
China | 158 | 2,041 | 4,380 |
Slovakia |
| 52 | 2,971 |
Sweden |
|
| 2,674 |
Falkland Islands | 2,540 |
|
|
India | 869 | 582 | 209 |
Jamaica |
|
| 637 |
Oman | 228 |
|
|
Comoros |
|
| 180 |
Singapore |
| 54 |
|
Somalia |
|
| 15 |
Taiwan | 3 |
|
|
Hungary | 1 |
|
|
Grand Total | 181,997,675 | 215,729,834 | 171,225,047 |
Source: HMRC Overseas Trade Statistics / UK TradeInfo.com | |||
Notes |
|
|
|
• Data for 2023-2025 are for calendar years | |||
• HS8 72044110, 72044191, 72043000, 72044199, 72044910, 72044930, 72044990, 72045000 | |||
• Import trade is on a country of origin basis | |||
• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
Asked by: Lord Sharpe of Epsom (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what volume of iron ore imports into the UK there was in each of the last three calendar years, broken down by (1) fines, (2) pellets, (3) lump ore and (4) other iron-bearing feedstocks, and by country of origin.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The data on imports of ferrous scrap is given in table 1.
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).
| |||
|
|
|
|
Table 1: UK import volumes (kg) of Iron ore per year, from 2023 to 2025 | |||
Country | 2023 | 2024 | 2025 |
Sweden | 944,860,000 | 650,899,243 | 909,881,920 |
Brazil | 1,293,175,122 | 524,445,534 | 598,107,272 |
Canada | 1,290,465,000 | 496,900,000 | 565,870,677 |
Norway | 1,187,212,714 | 368,949,807 | 27,807,184 |
United States | 596,604,115 | 492,035,282 | 215,978,363 |
South Africa | 745,243,000 | 16,017,200 | 188,157,000 |
Mauritania | 315,269,000 | 248,684,000 | 356,403,000 |
Liberia | 379,172,000 | 243,407,200 |
|
India | 127,150,000 | 71,500,000 |
|
Vatican City | 158,257,000 |
|
|
Egypt | 92,702,000 | 46,135,000 |
|
Uruguay | 47,868,000 | 82,184,000 |
|
Libya | 49,597,000 | 47,248,000 |
|
Netherlands | 329,102 | 78,165,633 | 278,805 |
Trinidad:Tobago |
| 43,061,000 |
|
Australia | 35,718,811 |
|
|
Turkey | 117,089 | 258,720 | 282,240 |
France | 27,193 |
| 1,920 |
Germany | 23,086 |
|
|
Spain |
| 3,018 | 6,178 |
UK | 2,397 | 3,560 | 1,550 |
Chile | 450 |
|
|
Sierra Leone |
|
| 233 |
Ukraine |
| 203 |
|
Italy |
|
| 95 |
Ireland | 14 |
|
|
China |
| 2 |
|
Grand Total | 7,263,793,093 | 3,409,897,402 | 2,862,776,437 |
|
|
| Source: HMRC Overseas Trade Statistics / UK TradeInfo.com |
|
|
|
|
Notes |
|
|
|
• Data for 2023-2025 are for calendar years |
| ||
• HS8 26011100, 260112000, 26012000 |
|
| |
• Import trade is on a country of origin basis |
| ||
• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure that Financial Ombudsman Service determinations do not impose new regulatory expectations on firms operating investment platforms or providing custody and administration services for Self-Invested Personal Pensions outside the Financial Conduct Authority framework; and what safeguards are in place to ensure that the Financial Ombudsman Service does not apply rules, standards or guidance retrospectively in its determinations.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure that the respective regulatory responsibilities are clearly defined between investment platforms, independent financial advisers and Self-Invested Personal Pension operators under Financial Conduct Authority rules.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.