Mentions:
1: None With this it will be convenient to consider the draft Financial Services and Markets Act 2023 (Resolution - Speech Link
2: Bim Afolami (Con - Hitchin and Harpenden) for financial markets, financial stability and public funds.The UK’s expanded resolution regime will - Speech Link
3: James Murray (LAB - Ealing North) Throughout the debates on the Bill that became the Financial Services and Markets Act 2023, it was my - Speech Link
4: Bim Afolami (Con - Hitchin and Harpenden) Services and Markets Act 2023. - Speech Link
Laid - 20 May 2024 In Force Not stated
Part 2 of these Regulations makes provision about the calculation of the risk margin, which is the amount of capital that insurance and reinsurance undertakings are required to hold to ensure that they are able to transfer their liabilities to another insurer if required. Part 2 restates Articles 37 (calculation …
Found: Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions
Published - Monday 20th May 2024
Department: HM TreasuryPart 2 of these Regulations makes provision about the calculation of the risk margin, which is the amount of capital that insurance and reinsurance undertakings are required to hold to ensure that they are able to transfer their liabilities to another insurer if required. Part 2 restates Articles 37 (calculation …
Found: The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions
Asked by: Chris Law (Scottish National Party - Dundee West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what criteria the Financial Conduct Authority uses to decide what markets to (a) monitor and (b) intervene in.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The Financial Services and Markets Act 2000 also gives the FCA a set of statutory objectives and the appropriate regulatory tools and powers to pursue those objectives.
The question of how the FCA monitors and intervenes in the markets it regulates, in order to fulfil its statutory functions, is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
May. 21 2024
Source Page: Economic Secretary's speech at the CityWeek ConferenceFound: And it is why for the UK’s financial services sector, everything has had to change for our success to
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to engage with international financial service businesses on the Government's approach to Clause 37 of the Financial Services and Markets Act 2023.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government published a Call for Proposals on 9 May 2023, seeking views on what additional metrics the regulators should publish to support scrutiny of their work embedding and advancing their new secondary growth and competitiveness objectives.
The Call for Proposals also set out the Government’s proposed approach to the exercise of the power of direction in Clause 37 of the Financial Services and Markets Bill, which is now section 39 of the Financial Services and Markets Act 2023. It asked respondents whether they agreed with the Government’s proposed approach.
The Call for Proposals was open to all persons, including international financial services businesses, and closed on 4 July. The Treasury is currently analysing the responses and will respond in due course.
More broadly, international comparisons were considered by the Government in the design of the new secondary growth and competitiveness objectives as part of the Future Regulatory Framework Review. For example, Australia, Singapore, Hong Kong, and Japan have growth or competitiveness embedded in their regulatory frameworks, and this is something that the Government considered when introducing the new secondary growth and competitiveness objectives for the regulators.
Jun. 14 2024
Source Page: Letter dated 12/04/2024 from Greg Sachrajda, Director of Cross-Cutting Strategy and Policy, Financial Conduct Authority (FCA), to Chris Law MP in response to a Written Parliamentary Question regarding what criteria the Financial Conduct Authority uses to decide what markets to monitor and intervene in. 1p.Found: Letter dated 12/04/2024 from Greg Sachrajda, Director of Cross-Cutting Strategy and Policy, Financial
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many businesses the Financial Conduct Authority regulated (a) as of 20 May 2024 and (b) in 2016.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The FCA is responsible for regulating and supervising the financial services industry, including authorising businesses.
The question of how many businesses the FCA regulated is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
May. 17 2024
Source Page: The Future of UK FinanceFound: thriving financial services sector.
May. 24 2024
Source Page: Access to cash designationFound: Notice of designation under section 131R(1) of the Financial Services and Markets Act 2000 1.