Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 24 February 2014, to the hon. Member for Vale of Glamorgan, Official Report, column 26W, on Bitcoin, what his policy is on the regulation of Bitcoin derivatives and other securities paired to digital currencies.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
Bitcoin itself is not regulated. However, the UK’s regulatory perimeter in relation to derivatives is wide and would capture Bitcoin and digital currency derivatives that were futures, options or contracts for difference.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to his speech of 6 August 2014 on FinTech, what progress his Department has made on its programme of work exploring the potential of virtual currencies and digital money.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
On 3 November the Treasury published a Call for Information, focused on the potential benefits and risks of digital currencies and looking into whether digital currencies could or should be regulated in the UK.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the ability of businesses using digital currencies to open a UK bank account.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
On 3 November the Treasury published a Call for Information on digital currencies. This Call for Information asks whether there are currently barriers to digital currency businesses setting up in the UK, and will consider access to UK bank accounts as part of this.
In October, the Financial Conduct Authority launched its Innovation Hub to provide support to innovative businesses. It has identified helping innovators access bank accounts as an area of priority.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what guidance he has issued to vendors accepting digital currencies as payment for goods and services.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Chancellor of the Exchequer has not issued guidance to vendors accepting digital currencies as payment for goods and services.
In August 2014 the Chancellor announced the Government would undertake a major programme of work looking at the benefits and risks of digital currencies, and look into whether they could or should be regulated.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, where each company seeking authorisation as a bank was located when the application was made in each of the last four years; and when each such application was determined.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The publication of details and statistics on new bank authorisations, and changes of control are matters for the independent financial regulators: the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
The PRA and FCA published a Review of the authorisation process as part of A review of requirements for firms entering into or expanding in the banking sector: one year on, on 7 July 2014. This followed an earlier review of barriers to entry published in March 2013.
The PRA published its Annual Report and Accounts 2014 in June, which included details of the number of banks and insurance firms authorised between 1 April 2013 and 28 February 2014. The PRA has committed to publish authorisation statistics on an annual basis.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will publish a list of each application for the change of control of a bank made in the last four years.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The publication of details and statistics on new bank authorisations, and changes of control are matters for the independent financial regulators: the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
The PRA and FCA published a Review of the authorisation process as part of A review of requirements for firms entering into or expanding in the banking sector: one year on, on 7 July 2014. This followed an earlier review of barriers to entry published in March 2013.
The PRA published its Annual Report and Accounts 2014 in June, which included details of the number of banks and insurance firms authorised between 1 April 2013 and 28 February 2014. The PRA has committed to publish authorisation statistics on an annual basis.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when his Department last conducted a review of the process of granting authorisation for (a) banks and (b) insurance companies.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The publication of details and statistics on new bank authorisations, and changes of control are matters for the independent financial regulators: the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
The PRA and FCA published a Review of the authorisation process as part of A review of requirements for firms entering into or expanding in the banking sector: one year on, on 7 July 2014. This followed an earlier review of barriers to entry published in March 2013.
The PRA published its Annual Report and Accounts 2014 in June, which included details of the number of banks and insurance firms authorised between 1 April 2013 and 28 February 2014. The PRA has committed to publish authorisation statistics on an annual basis.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the role of private equity in providing capital to the (a) banking sector and (b) insurance sector.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
This question has been passed on to the Presidential Regulation Authority (PRA). The PRA will reply to directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many businesses (a) applied for and (b) were granted authorisation as insurers in each of the last five years.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Prudential Regulation Authority and the Financial Conduct Authority are responsible for overseeing the authorisation of insurance companies. The Treasury does not publish data on authorisations of insurance providers.
This question has been passed on to the Financial Conduct Authority and the Prudential Regulation Authority, and they will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Mark Hoban (Conservative - Fareham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make an estimate of the cost to the Exchequer of equalising the tax relief given on employee contributions to pension schemes at 30 per cent.
Answered by David Gauke
Estimates of the Exchequer effect of equalising the tax relief given on employee contributions to pension schemes at 30 per cent are not available.