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.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the number of financial advisers in relation to the demand for financial advice from consumers (a) now and (b) in the future.
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 Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, Food and Rural Affairs, what steps he has taken to help secure adequate quantities of vaccines for (a) BVT-3, (b) BVT-4 and (c) BVT-8 over the next year.
Answered by Mark Spencer - Minister of State (Department for Environment, Food and Rural Affairs)
There are several serotypes of Bluetongue virus, but vaccines are only available for certain serotypes at present – BTV-1, 2, 4 and 8. For these serotypes, where vaccination is possible and where there are UK authorised products, vaccination is the best way to protect livestock. The decision on whether to vaccinate is a commercial decision for livestock keepers and they should discuss the options with their vet. Veterinary surgeons can apply to the Veterinary Medicines Directorate for a Special Import Certificate, which will allow keepers to import safe and effective bluetongue vaccine to vaccinate their stock should they decide that it is appropriate for their animals.
There are no authorised vaccines available for BTV-3 in the UK or Europe, but we are engaging with vaccine manufacturers on the development of a BTV-3 vaccine for use in the UK.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, Food and Rural Affairs, what estimate he has made of the impact of the recent outbreak of the bluetongue virus on farmers' profits as a result of loss of livestock.
Answered by Mark Spencer - Minister of State (Department for Environment, Food and Rural Affairs)
It is too early to say what the wider impacts on the industry will be, including profitability. 121 cases of Bluetongue serotype 3 have been found to date and 54 animals were culled to stem potential disease spread - full market compensation for those animals was paid to these keepers. Market impacts of animal disease are a risk carried by the industry. However, the Government seeks to minimise that risk, particularly by taking prompt action to ensure that the risk of spread of the disease is reduced. We also continue to work closely with industry bodies to ensure that matters of concern are addressed promptly.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment he has made of the implications for his polices of recent trends in levels of protests relating to farming.
Answered by Mark Spencer - Minister of State (Department for Environment, Food and Rural Affairs)
British farming is at the heart of British trade. The Government continues to support British farmers, placing agriculture at the forefront of negotiations, prioritising new export opportunities, protecting UK food standards and removing market access barriers.
The Government is committed to maintaining the £2.4 billion annual farming budget which will support farmers to produce food profitably and sustainably and are also looking at ways to further improve fairness in the supply chain and support British farmers and growers, as well as ensuring customers have access to high-quality fresh British products. In addition to this, the Government is committed to protecting nature and helping to meet our net zero ambitions.
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, what recent discussions he has had with his Egyptian counterpart on the Houthi attacks in the Red Sea.
Answered by Anne-Marie Trevelyan - Minister of State (Foreign, Commonwealth and Development Office)
We are working with allies and partners to safeguard maritime security and navigational rights and freedoms in the Red Sea.
In December, the Foreign Secretary visited Egypt with Minister for the Middle East and North Africa, Lord (Tariq) Ahmad of Wimbledon. They discussed the Red Sea crisis with President Sisi. The Defence Secretary also spoke with his counterpart, General Zaki, in January.
Prior to strikes on Houthi targets, we engaged extensively with regional partners to deter Houthi threats, and to ensure freedom of navigation and safe passage in the Red Sea. We continue to work with our allies and partners to safeguard maritime security and navigation rights and freedoms in the Red Sea. It is in all our interests to work together to de-escalate tensions in the region. We continue to pursue all diplomatic routes.
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, what recent assessment he has made of the impact of the Houthi attacks in the Red Sea on shipping through the Suez Canal.
Answered by Anne-Marie Trevelyan - Minister of State (Foreign, Commonwealth and Development Office)
Overall, the volume of ships passing through the Suez Canal has significantly decreased because of the reckless actions of the Houthis in the Red Sea. PORTWATCH report that the number of commercial ships passing through the Suez Canal has fallen by 45 per cent year-on-year this month (February 2024).
Larger commercial vessels have been more likely to divert around the Cape of Good Hope than smaller vessels and so the volume has fallen further. Diverting around the Cape of Good Hope adds at least 10 days to a journey from Asia to Europe, and over 15 per cent to shipping costs.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department for Transport:
To ask the Secretary of State for Transport, if he will make an assessment of the implications for his policies of the decision by Avanti West Coast to withdraw the daily direct service between Shrewsbury and London after June 2024.
Answered by Huw Merriman - Minister of State (Department for Transport)
While Avanti will be withdrawing this service due to the very low number of passengers who use it, West Midlands Trains has plans to ramp up the number of trains between Shropshire towns and Birmingham, while Avanti is looking to increase fast services between Birmingham and London. This will bring greater benefits to more passengers in the West Midlands. Furthermore, the Wrexham, Shropshire & Midlands Railway Company has applied to operate services between Wrexham General and London Euston, which would include calling at Shrewsbury and other stations in North Wales and the West Midlands. While it is ultimately a decision for the Office of Rail and Road whether to approve this application, the Rail Minister has set out his support.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Home Office:
To ask the Secretary of State for the Home Department, how many private investigators have been questioned by police over allegations of assisting Russia in the last 12 months; and what steps his Department is taking to tackle companies that assist (a) Russia and (b) other sanctioned countries.
Answered by Chris Philp - Minister of State (Home Office)
The Home Office does not hold information on how many private investigators have been questioned by police over allegations of assisting Russia.
Departments across HMG including FCDO, HMT (through OFSI), DBT, DFT, HMRC, Home Office, and NCA, work together to ensure that UK companies are compliant with UK sanctions, including through guidance, engagement, civil enforcement and criminal prosecution.
The launch of the Office of Trade Sanctions Implementation (OTSI) by DBT will further enhance guidance and engagement with industry, as well as civil enforcement of trade sanctions.
Legislation is being enhanced to expand the powers to impose civil monetary penalties for breaches of both trade and transport sanctions measures.
Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)
Question to the Department of Health and Social Care:
To ask the Secretary of State for Health and Social Care, what steps she is taking to ensure that men who have taken Sodium Valproate receive compensation for (a) fertility and (b) other health effect.
Answered by Maria Caulfield - Parliamentary Under Secretary of State (Department for Business and Trade) (Minister for Women)
Our sympathies remain with those affected by sodium valproate. The Government is carefully considering the Patient Safety Commissioner’s recommendations as set out in the Hughes Report: Options for redress for those harmed by valproate and pelvic mesh, published on 7 February 2024, and will respond substantively in due course.
As part of the Medicines and Healthcare products Regulatory Agency’s ongoing monitoring of valproate safety, we continue to rigorously review all emerging data on valproate.