Asked by: Viscount Thurso (Liberal Democrat - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of whether HMRC is able to access UK citizens' bank accounts and other personal data without their permission and without judicial oversight.
Answered by Lord Bates
Under longstanding powers HMRC can require banks and building societies to provide data on interest paid to, or collected on behalf of, their customers, without the customer’s permission or judicial approval.
With the approval of the taxpayer or the First Tier Tribunal, HMRC can require additional information from banks about a specific taxpayer that is reasonably required to check the taxpayer’s tax position. These data and information gathering powers, some of which have been in continual use since their introduction at the end of the eighteenth century, are regularly reviewed.
Asked by: Viscount Thurso (Liberal Democrat - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the impact of those recommendations of the Parliamentary Commission on Banking Standards that were put into law through the provisions of the Financial Services (Banking Reform) Act 2013.
Answered by Lord Bates
The Government has made significant steps to reform the financial services sector following the financial crisis, including by implementing the major recommendations of the Parliamentary Committee on Banking Standards (PCBS). The Financial Services (Banking Reform) Act 2013 implemented several of the PCBS’s recommendations. This includes the introduction of the Senior Managers and Certification Regime, which takes action on individual accountability and misconduct, the establishment of the Payment Systems Regulator, and giving the Prudential Regulation Authority a secondary competition objective. The Government continues to monitor the impact of these reforms.Asked by: Viscount Thurso (Liberal Democrat - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment, if any, they have made of the availability of bank accounts to small community groups, charities and societies.
Answered by Lord Bates
The Treasury has not made such an assessment. The RBS alternative remedies package will see a £775m investment in business banking facilities, enabling challenger banks to provide a larger range of business bank accounts.
The Government recognises the enormous contribution that small and local charities make to society, and is working to enable smaller charities to become more independent, resilient and sustainable.