Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of the cost to the public purse of liabilities as a result of the liquidation of Lamp Insurance Company Limited being covered by the Financial Services Compensation Scheme.
Answered by Richard Fuller
HM Treasury does not routinely provide estimates relating to Financial Services Compensation Scheme (FSCS) costs in relation to individual cases.
The FSCS is funded by the financial services industry and is operationally independent of government. Firms that are authorised by the Financial Conduct Authority and the Prudential Regulation Authority pay an annual levy to fund FSCS compensation and management expenses. Some of the funding also comes through recoveries from the estates of failed firms and any third parties that might be liable for, or connected to, the compensation claim. This can reduce the cost of the levy to the wider industry. The FSCS also has in place a revolving credit facility with a consortium of private lenders from which it can drawdown at short notice.
In the unlikely event the FSCS exhausts its available resources, it may request a loan from the National Loans Fund. This means public funds are only used to fund FSCS compensation in a very limited set of special circumstances.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what arrangements exist between authorities in the UK and Gibraltar for cooperation when investigating failed insurance companies at a cost to the public purse.
Answered by Richard Fuller
The Government is committed to maintaining high standards of consumer protection in UK financial services. Authorities within the UK and Gibraltar work together closely, including when insurance firms fail. The current arrangements for cooperation between the financial services regulators in Gibraltar and the UK are set out in a Memorandum of Understanding available here: https://www.fca.org.uk/publication/mou/fsa-mou-gibraltar.pdf.
The forthcoming Gibraltar Authorisation Regime will be a new permanent legislative and institutional framework. It will govern UK market access for certain Gibraltar-based financial services firms, including insurers, and will cement arrangements for insolvency and resolution requirements.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the level of debt that is devalued on the secondary debt market in consumer credit each year.
Answered by Richard Fuller
HM Treasury does not hold data in relation to the secondary debt market trading consumer credit. HM Treasury has also not made estimates of the profits that debt purchasers make by buying devalued consumer debt or of the level of debt that is devalued on the secondary debt market in consumer credit.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the amount of money that debt purchasers make by buying devalued consumer debt on the secondary market and seeking to collect it from people in debt.
Answered by Richard Fuller
HM Treasury does not hold data in relation to the secondary debt market trading consumer credit. HM Treasury has also not made estimates of the profits that debt purchasers make by buying devalued consumer debt or of the level of debt that is devalued on the secondary debt market in consumer credit.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the size of the secondary debt market trading consumer credit.
Answered by Richard Fuller
HM Treasury does not hold data in relation to the secondary debt market trading consumer credit. HM Treasury has also not made estimates of the profits that debt purchasers make by buying devalued consumer debt or of the level of debt that is devalued on the secondary debt market in consumer credit.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he received commitments from the Chinese government on upholding the Sino-British Joint Declaration ahead of the restart of the UK-China Financial and Economic Dialogue.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK Government will continue to urge the Chinese authorities to adhere to their international and legally binding obligations under the Joint Declaration.
We can also pursue an economic relationship with China in a safe, mutually beneficial way without compromising our values. UK-China Economic and Financial Dialogues (EFDs) provide a key mechanism for doing this. We have always been clear that our economic relationship does not come at the expense of our values, and where we have concerns, we will continue to speak out and act.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Chinese owned companies have benefited from the Coronavirus Job Retention Scheme.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
An estimate is not available for the number of Chinese owned companies that have benefited from the Coronavirus Job Retention Scheme (CJRS).
However, HMRC published a list of employers that claimed through the CJRS since December 2020 on 16 December 2021 which can be found here: https://www.gov.uk/government/publications/employers-who-have-claimed-through-the-coronavirus-job-retention-scheme
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had recent discussions with representatives of (a) NatWest and (b) other UK based banks that recently cast votes in the patriots only legislative council elections in Hong Kong.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Ministers meet with a wide range of stakeholders in the course of normal business. Details of all official meetings by ministers are published on www.gov.uk.Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with HSBC on the freezing of pro-democracy activist Ted Hui’s bank account.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government engages in regular dialogue with businesses in Hong Kong and the UK, as well as monitoring the operation of the financial sector and its participants on an ongoing basis. Financial institutions operating in Hong Kong do so within a strict legal and regulatory framework.