Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that investors in 79th Group receive adequate compensation.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.
However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.
Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.
Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.
However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.
Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of Financial Conduct Authority support for victims of financial fraud in the context of the insolvency of 79th Group.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.
However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.
Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.
Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.
However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.
Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the Authorised Push Payment framework in tackling financial fraud.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.
However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.
Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.
Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.
However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.
Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will list the revenue raised in each of the last four years from machine games duty on (a) Type 1, (b) Type 2 and (c) Type 3 machines; and if he will list the revenue raised in each of the last four years from remote gaming duty.
Answered by Andrew Jones
Total receipts from Betting and Gaming duties are published here:
https://www.uktradeinfo.com/Statistics/Pages/TaxAndDutybulletins.aspx
A breakdown of revenue for Machine Games Duty and Remote Gaming Duty is included in this publication. A separate breakdown for revenue from Type 1, Type 2 and Type 3 machines is not available.
Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he plans to publish draft regulations for community amateur sports clubs; and what his policy is on when those regulations will come into force.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
Draft new regulations for Community Amateur Sports Club scheme were published by HM Revenue & Customs on 9 October. A consultation document explaining how the new regulations will work was published at the same time. The consultation will close on 5 November.
The new regulations are expected to come into force on 1 April 2015.
HMRC will register a club as a Community Amateur Sports Club from the beginning of the accounting period in which the club applied for registration if the club is eligible for Community Amateur Sports Club status under the new regulations and met all conditions of the scheme at the time their application was submitted.
Asked by: John Whittingdale (Conservative - Maldon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether it is his policy that sports clubs qualifying for community amateur sports clubs status under proposed regulations will be able to backdate that status to the date of application.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
Draft new regulations for Community Amateur Sports Club scheme were published by HM Revenue & Customs on 9 October. A consultation document explaining how the new regulations will work was published at the same time. The consultation will close on 5 November.
The new regulations are expected to come into force on 1 April 2015.
HMRC will register a club as a Community Amateur Sports Club from the beginning of the accounting period in which the club applied for registration if the club is eligible for Community Amateur Sports Club status under the new regulations and met all conditions of the scheme at the time their application was submitted.