Asked by: Lord Stunell (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what progress they have made on the delivery of the banking hubs and delivery hubs recommended by Link for locations which have been identified as lacking in services, such as Marple in Greater Manchester; and what steps are they planning to ensure that delivery is accelerated.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
Banking Hubs are a voluntary industry initiative, which enable customers of participating banks to access cash and banking services in shared facilities. To date, LINK has recommended over 100 Banking Hubs across the UK. Over 30 Banking Hubs have opened, with a further 70 expected to open by the end of the year. LINK has also recommended cash deposit services in another 90 communities, including Marple in Greater Manchester. While industry is responsible for delivering these services, the government is closely monitoring the rollout and hopes to see facilities open as soon as possible.
Separately, the government has legislated to protect access to cash specifically. The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. Following the conclusion of its consultation on 8 February, the FCA expects to finalise its rules in Q3 2024.
Asked by: Lord Stunell (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government, further to the September 2021 report of the Office for Professional Body Anti-Money Laundering Supervision, what plans, if any, they have to ensure that (1) the 80 per cent of bodies identified as having failed to implement an effective risk-based approach to anti-money laundering do so without delay; and (2) the 66 per cent of bodies identified as not having or having only ineffective systems for recording sector risk profiles, move swiftly to develop them.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
Since 2018, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has worked with the accountancy and legal sector professional body anti-money laundering supervisors (PBSs) to increase the consistency of their anti-money laundering/counter-terrorist financing (AML/CTF) supervision and facilitate increased intelligence and information sharing. OPBAS has independently assessed how each PBS carries out their AML/CTF supervisory responsibilities.
In its third report, published in September 2021, OPBAS found that although PBS compliance with the Money Laundering Regulations continues to improve, there were some weaknesses in the effectiveness of their supervision, including risk assessment, governance and enforcement.
OPBAS noted significant improvements in PBSs’ technical compliance, driven in part by PBSs’ positive response to action plans drawn up as a result of the first annual report. However, OPBAS will continue to work with individual PBSs to address issues identified in the third report.
In addition, HM Treasury is currently reviewing the UK’s AML/CFT regulatory and supervisory regimes.
Asked by: Lord Stunell (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what recent discussions they have had with the insurance industry about flexibility in the provision of Employer Liability Insurance for businesses in the (1) hospitality, (2) adult, and (3) retail, sectors, to support such businesses to reopen when the restrictions in place to address the COVID-19 pandemic are lifted.
Answered by Lord Agnew of Oulton
The Government recognises the essential role of the insurance industry in providing the cover businesses need to operate. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses as the economy reopens, and to monitor the availability of cover and the impact this is having on the sector.
As measures to control the virus change, it is right that government support should also evolve. Because of this, we continue to take a flexible approach and keep all impacts and policies under review.
Asked by: Lord Stunell (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to extend the underwriting of insurance costs of care homes to businesses in the (1) hospitality, (2) adult, and (3) retail, sector to support the reopening of such businesses once restrictions in place to address the COVID-19 pandemic are lifted.
Answered by Lord Agnew of Oulton
The Government recognises the essential role of the insurance industry in providing the cover businesses need to operate. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses as the economy reopens, and to monitor the availability of cover and the impact this is having on the sector.
As measures to control the virus change, it is right that government support should also evolve. Because of this, we continue to take a flexible approach and keep all impacts and policies under review.