Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the letter from Baroness Penn to Lord Hodgson of Astley Abbotts on 22 August 2023, when they expect to publish the interim report on the review of treatment of Politically Exposed Persons by financial institutions.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The Financial Services and Markets Act 2023 committed the Financial Conduct Authority to conduct, and publish the conclusions of, a review into how financial institutions are following its guidance on politically exposed persons (PEPs) by the end of June 2024. As set out in the Written Statement on the treatment of PEPs published on 14 December 2023, given the strength of concern on this issue, the Government expects that the FCA will prioritise this review over the coming months.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans, if any, they have to permit fractionated shares to be held in ISAs.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
HMRC’s long standing view on interpretation of the current law is that a fraction of a share is not a share for the purposes of the ISA legislation.
The government is committed to ensuring the ISA the market works for both industry and consumers. We are aware of representations from the industry to allow fractional shares to be included in ISAs going forward, and are considering the issue.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how many requests were made to HMRC for details of property ownership under the (1) "offshore company", or (2) "legitimate interest", provision in each of the past two years; and how many were accepted.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Trust Registration Service (TRS) is a register of beneficial ownership of trusts held by HMRC, rather than property ownership. Third parties have been able to request access to information held on the TRS since 1 September 2022.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what is the total amount of index-linked government stock; and what percentage of total government debt it represents.
Answered by Lord Agnew of Oulton
The total amount of index-linked gilts (ILGs) in issue on close of business 05 July 2021 stood at £476.93 billion including inflation uplift (£357.60 billion nominal excluding inflation uplift). Therefore, ILGs represent 22.79% of the total amount of wholesale government debt outstanding (£2,092.42 billion as of 05 July 2021 including inflation uplift for ILGs). Further details on the ILGs in issue can be found on the Debt Management Office (DMO) website.
Following a revision to the DMO’s financing remit in April 2021, £29.4 billion of ILGs are planned to be sold in 2021-22. This accounts for 11.6% of all gilt financing plans in this fiscal year.
The Government considers the appropriate balance between index-linked and conventional gilts when setting its financing plans, taking account of the level of structural demand, the diversity of the investor base, and the Government’s desired inflation exposure. Decisions on precise levels of ILGs and conventional issuance continue to be taken annually through the financing remit, taking into account market and demand conditions as well as other factors.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to discuss with the insurance industry the implications of COVID-19 for firms which have taken out pandemic insurance.
Answered by Lord Agnew of Oulton
The Chancellor has made clear that, for those businesses which have an appropriate policy that covers pandemics, government’s medical advice of 16 March is sufficient to allow businesses to make a claim against their insurance, provided the other terms and conditions in their policy are met.
In addition, the FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed.
However, most businesses have not purchased insurance that covers pandemic related losses. As such, any affected businesses should note the government’s full package of support.
The Government is in continual dialogue with the insurance sector about its contribution to handling this unprecedented situation.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what action they plan to take to ensure that the reduction in the availability of cash does not act to the detriment of the most disadvantaged in society.
Answered by Lord Bates
The Government is committed to safeguarding access to cash for those who need it. We will continue to engage with the regulators and industry to ensure people continue to have real choice over how they spend their money, recognising that cash is particularly important to the most vulnerable members of our society.
The Government-established Payment Systems Regulator is closely monitoring developments within ATM provision. It has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.
Last year, Government conducted a call for evidence on cash and digital payments in the new economy. This sought to gather evidence on how changing preferences for cash and digital payments impact on different sectors, regions and demographics. The Government welcomes the Access to Cash Review, which will help inform our ongoing work to ensure cash remains accessible.
The Government will formally respond to the call for evidence in due course.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether they plan to issue guidance to the Financial Conduct Authority when it takes over responsibility for the regulation of claims management companies from the Ministry of Justice.
Answered by Lord Bates
The Financial Conduct Authority (FCA) is an independent non-governmental body responsible for regulating and supervising the financial services industry.
Although the Treasury is responsible for setting the legal framework under which the FCA regulates, the Treasury has no general power of direction over the FCA.
As an independent body, it will be up to the FCA to set specific rules for claims management companies, whilst taking into account its statutory objectives: to ensure an appropriate degree of protection for consumers; protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what assessment they have made of the costs of compliance for charities in implementing the Automatic Exchange of Financial Account Information in Tax Matters via the OECD Common Reporting Standard compared with the intended benefits for the taxpayer.
Answered by Baroness Williams of Trafford - Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
It is the responsibility of each fire and rescue authority to manage its prevention, protection and operational resources to address effectively risks within their communities. This includes determining which premises to audit to ensure compliance with the provisions of the Fire Safety Order. When carrying out an audit, including for short-term accommodation let through Airbnb or similar platforms, it is for the individual fire and rescue authority to determine how they assess whether the fire risk assessment carried out by the responsible person and the fire precautions in place are adequate and appropriate for a particular premises. No two premises are the same. What may represent a proportionate approach to improved fire safety management in one building, will not necessarily apply in another.
The level of competency required for individual premises will vary according to their nature and complexity.
The Government issued guidance to assist enforcing authorities in their enforcement responsibilities under the Fire Safety Order, which is available here - https://www.gov.uk/government/publications/regulatory-reform-fire-safety-order-2005-guidance-note-enforcement. In addition, the Chief Fire Officers Association, now the National Fire Chiefs Council, produced a standardised audit form to ensure consistency of audits.
The person responsible for complying with the Fire Safety Order (usually the owner, employer, landlord or managing agent) may decide that they are competent to carry out the risk assessment themselves or they may choose to appoint a competent person to undertake the risk assessment on their behalf. A decision on this may be made in conjunction with their insurers.
The requirements for a competent person are set out in the Fire Safety Order. A person is to be regarded as competent for the purposes of making a fire risk assessment if they have sufficient training and experience or knowledge and other qualities to enable them properly to assist in undertaking the preventative and protective measures. To help those responsible for ensuring that the risk from fire in their premises has been accurately assessed, the fire sector has produced guidance on how to choose a competent fire risk assessor. This is available on www.cfoa.org.uk/19532.
In addition, fire safety risk assessment guidance produced by the Government and by the Local Government Association also provides advice and guidance to those responsible for fire safety compliance to help them to accurately assess the risks from fire and implement adequate and appropriate fire safety measures. This is available here: https://www.gov.uk/workplace-fire-safety-your-responsibilities/fire-risk-assessments.
The Government will consider the ongoing suitability of the Fire Safety Order as part of the wider work underway following the horrific fire at Grenfell Tower.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what regulatory impact assessment they have conducted in relation to the implementation of the Automatic Exchange of Financial Account Information in Tax Matters via the OECD Common Reporting Standard, and what were the conclusions of that assessment with regard to its effect on charities and their grant recipients.
Answered by Baroness Williams of Trafford - Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
It is the responsibility of each fire and rescue authority to manage its prevention, protection and operational resources to address effectively risks within their communities. This includes determining which premises to audit to ensure compliance with the provisions of the Fire Safety Order. When carrying out an audit, including for short-term accommodation let through Airbnb or similar platforms, it is for the individual fire and rescue authority to determine how they assess whether the fire risk assessment carried out by the responsible person and the fire precautions in place are adequate and appropriate for a particular premises. No two premises are the same. What may represent a proportionate approach to improved fire safety management in one building, will not necessarily apply in another.
The level of competency required for individual premises will vary according to their nature and complexity.
The Government issued guidance to assist enforcing authorities in their enforcement responsibilities under the Fire Safety Order, which is available here - https://www.gov.uk/government/publications/regulatory-reform-fire-safety-order-2005-guidance-note-enforcement. In addition, the Chief Fire Officers Association, now the National Fire Chiefs Council, produced a standardised audit form to ensure consistency of audits.
The person responsible for complying with the Fire Safety Order (usually the owner, employer, landlord or managing agent) may decide that they are competent to carry out the risk assessment themselves or they may choose to appoint a competent person to undertake the risk assessment on their behalf. A decision on this may be made in conjunction with their insurers.
The requirements for a competent person are set out in the Fire Safety Order. A person is to be regarded as competent for the purposes of making a fire risk assessment if they have sufficient training and experience or knowledge and other qualities to enable them properly to assist in undertaking the preventative and protective measures. To help those responsible for ensuring that the risk from fire in their premises has been accurately assessed, the fire sector has produced guidance on how to choose a competent fire risk assessor. This is available on www.cfoa.org.uk/19532.
In addition, fire safety risk assessment guidance produced by the Government and by the Local Government Association also provides advice and guidance to those responsible for fire safety compliance to help them to accurately assess the risks from fire and implement adequate and appropriate fire safety measures. This is available here: https://www.gov.uk/workplace-fire-safety-your-responsibilities/fire-risk-assessments.
The Government will consider the ongoing suitability of the Fire Safety Order as part of the wider work underway following the horrific fire at Grenfell Tower.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government when they expect to publish the outcome of the consultation on the delivery methods and priorities for the Shale Wealth Fund.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
The Shale Wealth Fund consultation resulted in 170 responses and closed on 26 October. Following this the government set out at Autumn Statement 2016 that local communities will benefit first and determine how the money is spent in their area. A government response to the consultation will be published shortly.