Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential impact of energy market liberalisation in the Democratic Republic of the Congo on levels of investment by British hydropower companies in that country.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The Department for Business and Trade (DBT) does not have an office in the Democratic Republic of the Congo (DRC) to assess the commercial opportunities, either in general or the specific sectors named in the questions. However, DBT can support opportunities in DRC via its hub in South Africa or sector advisers. The Prime Minister’s Trade Envoy, Lord Popat, has a watching brief to evaluate the opportunities in DRC and His Majesty’s Trade Commissioner (HMTC) for Africa is working to ensure we understand the potential for British Business to operate ethically in the DRC. Both our Trade Envoy and HMTC are due to visit the DRC in April.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether her Department has taken recent steps to help support British hydropower companies to increase trade in the Democratic Republic of the Congo in the context of energy market liberalisation in that country.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The Department for Business and Trade (DBT) does not have an office in the Democratic Republic of the Congo (DRC) to assess the commercial opportunities, either in general or the specific sectors named in the questions. However, DBT can support opportunities in DRC via its hub in South Africa or sector advisers. The Prime Minister’s Trade Envoy, Lord Popat, has a watching brief to evaluate the opportunities in DRC and His Majesty’s Trade Commissioner (HMTC) for Africa is working to ensure we understand the potential for British Business to operate ethically in the DRC. Both our Trade Envoy and HMTC are due to visit the DRC in April.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment she has made of the potential impact of increasing trade with the Democratic Republic of the Congo on the aid required by that country.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The Department for Business and Trade (DBT) does not have an office in the Democratic Republic of the Congo (DRC) to assess the commercial opportunities, either in general or the specific sectors named in the questions. However, DBT can support opportunities in DRC via its hub in South Africa or sector advisers. The Prime Minister’s Trade Envoy, Lord Popat, has a watching brief to evaluate the opportunities in DRC and His Majesty’s Trade Commissioner (HMTC) for Africa is working to ensure we understand the potential for British Business to operate ethically in the DRC. Both our Trade Envoy and HMTC are due to visit the DRC in April.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps she is taking to promote agricultural technology to the Democratic Republic of the Congo.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The Department for Business and Trade (DBT) does not have an office in the Democratic Republic of the Congo (DRC) to assess the commercial opportunities, either in general or the specific sectors named in the questions. However, DBT can support opportunities in DRC via its hub in South Africa or sector advisers. The Prime Minister’s Trade Envoy, Lord Popat, has a watching brief to evaluate the opportunities in DRC and His Majesty’s Trade Commissioner (HMTC) for Africa is working to ensure we understand the potential for British Business to operate ethically in the DRC. Both our Trade Envoy and HMTC are due to visit the DRC in April.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Foreign, Commonwealth & Development Office:
To ask the Minister of State, Foreign, Commonwealth and Development Office, if he will make an assessment of the potential merits of providing funding for projects to support agricultural businesses in the Democratic Republic of the Congo.
Answered by Andrew Mitchell - Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development)
DRC's fertile land has enormous agricultural potential, but production is hampered by a number of factors. Improving food security, including through the rehabilitation of agriculture, has a central role in building peace, while contributing to food rural development. The UK contributes to food security, protection and resilience through our £98 million 3-year humanitarian programme for the East of DRC which delivers life-saving emergency assistance to over 1.1 million people.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Foreign, Commonwealth & Development Office:
To ask the Minister of State, Foreign, Commonwealth and Development Office, if he will make an assessment of the potential merits of providing funding for sustainable agricultural equipment for people in the Democratic Republic of the Congo.
Answered by Andrew Mitchell - Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development)
DRC's fertile land has enormous agricultural potential, but production is hampered by a number of factors. Improving food security, including through the rehabilitation of agriculture, has a central role in building peace, while contributing to food rural development. The UK contributes to food security, protection and resilience through our £98 million 3-year humanitarian programme for the East of DRC which delivers life-saving emergency assistance to over 1.1 million people.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many active registered financial advisers there are; how many such advisers there were in 2014; and what assessment the Financial Conduct Authority has made of the causes of changes in the levels of such advisers.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many small financial advice firms the Financial Conduct Authority has visited in the last 12 months; and for what reasons.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many regulations governing the financial advice sector there are; how many there were in 2014; and what assessment the Financial Conduct Authority has made of the potential impact of changes in the level of such regulations on the work of the sector.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to increase the (a) availability and (b) affordability of financial advice for consumers, and how the effectiveness of such steps is measured.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.