Lord Cromwell Portrait

Lord Cromwell

Crossbench - Excepted Hereditary

Became Member: 10th April 2014


Finance Committee (Lords)
1st Sep 2016 - 28th Jan 2021
EU Justice Sub-Committee
12th Jun 2015 - 2nd Jul 2019
European Union Committee
27th Jun 2017 - 1st Jul 2019


Division Voting information

During the current Parliament, Lord Cromwell has voted in 195 divisions, and never against the majority of their Party.
View All Lord Cromwell Division Votes

Debates during the 2019 Parliament

Speeches made during Parliamentary debates are recorded in Hansard. For ease of browsing we have grouped debates into individual, departmental and legislative categories.

Sparring Partners
Lord Benyon (Conservative)
Minister of State (Foreign, Commonwealth and Development Office)
(13 debate interactions)
Baroness Neville-Rolfe (Conservative)
Minister of State (Cabinet Office)
(9 debate interactions)
Lord Johnson of Lainston (Conservative)
Minister of State (Department for Business and Trade)
(8 debate interactions)
View All Sparring Partners
Department Debates
Department for Business and Trade
(12 debate contributions)
Home Office
(10 debate contributions)
Ministry of Justice
(8 debate contributions)
View All Department Debates
View all Lord Cromwell's debates

Lords initiatives

These initiatives were driven by Lord Cromwell, and are more likely to reflect personal policy preferences.


Lord Cromwell has not introduced any legislation before Parliament

Lord Cromwell has not co-sponsored any Bills in the current parliamentary sitting


Latest 30 Written Questions

(View all written questions)
Written Questions can be tabled by MPs and Lords to request specific information information on the work, policy and activities of a Government Department
20th Apr 2023
To ask His Majesty's Government how many bids were received for the UK Emergency Alert System.

The original bidding process for suppliers to deliver the UK Emergency Alert system was handled by the Mobile Network Operators (MNOs) during 2020 and 2021. Therefore the UK Government was not privy to the number of bids each of the MNOs received.

For the contract publicly listed on Contract Finder[1] signed by Government Digital Service, two bids were received and Fujitsu was the winning bidder.

[1] https://www.contractsfinder.service.gov.uk/notice/6e9669c8-6908-47ff-bac6-d83f8670403b?origin=SearchResults&p=1

Baroness Neville-Rolfe
Minister of State (Cabinet Office)
5th Jun 2023
To ask His Majesty's Government what steps they are taking to support the growth of the UK space industry across the UK.

The National Space Strategy sets out an ambitious vision for the future of the UK as a space nation, and to make the UK one of the most attractive countries for space businesses of all sizes to grow and thrive.

The strategy describes high level structures and frameworks to guide its implementation, and Government has now committed to developing a joint civil-defence Space Sector Plan in 2023 building on the National Space Strategy, the Defence Space Strategy, and the Defence and Security Industrial Strategy. The publication will communicate where and how Government will work to strengthen and mature its relationship with the space sector across the UK, and will prioritise interventions across government to help facilitate the sector’s growth and resilience. The publication will also increase future planning confidence in the sector by providing a clear demand signal for Government’s strategic capability needs from space, and intentions for pursuing them.

Viscount Camrose
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
5th Jun 2023
To ask His Majesty's Government what progress they have made in regards to the Active Debris Removal programme, in line with their National Space Strategy; and what assessment they have made, if any, of the benefits it will bring to the UK.

Space sustainability activity aims to maintain the space environment, which benefits the UK through continued freedom of access to space services and the environmental and economic benefits space applications provide. The Government is taking forward the actions set out in the Plan for Space Sustainability launched last year. The Government has developed a national satellite monitoring service, is working with industry and academia on an industry-led Space Sustainability Standards initiative, and hosted ministerial roundtables to further our sustainability aims. The Government has also secured funding of both national and ESA Active Debris Removal programmes, which will demonstrate our world leading capabilities, positioning the UK at the forefront of the emerging life extension and debris removal markets.

Viscount Camrose
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
5th Jun 2023
To ask His Majesty's Government whether they have made an assessment of the value of the space sustainability sector to the UK economy.

Space sustainability activity aims to maintain the space environment, which benefits the UK through continued freedom of access to space services and the environmental and economic benefits space applications provide. The Government is taking forward the actions set out in the Plan for Space Sustainability launched last year. The Government has developed a national satellite monitoring service, is working with industry and academia on an industry-led Space Sustainability Standards initiative, and hosted ministerial roundtables to further our sustainability aims. The Government has also secured funding of both national and ESA Active Debris Removal programmes, which will demonstrate our world leading capabilities, positioning the UK at the forefront of the emerging life extension and debris removal markets.

Viscount Camrose
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
20th Mar 2023
To ask His Majesty's Government what plans they have to engage with the concerns of NASA and scientists around the world regarding the increasing risk posed by space junk.

The Government is taking action to deliver on the Plan for Space Sustainability announced last year to help ensure a safe, secure, and sustainable space environment. This includes plans for regulatory reform, supporting the development of an industry-led Space Sustainability Mark, and building sustainable capabilities in the UK including Active Debris Removal and In-Orbit Servicing and Manufacturing missions. The Government engages extensively in international and scientific fora such as the United Nations Committee on the Peaceful Uses of Outer Space, and the Inter-Agency Space Debris Coordination Committee to tackle the issue of the increasingly contested and congested space environment.

Viscount Camrose
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
12th Feb 2020
To ask Her Majesty's Government, given the “real danger that hostile actors use online disinformation to undermine” the UK’s “democratic values and principles” outlined in their Online Harms White Paper, published in April 2019, what steps they plan to take to empower the proposed independent regulator to require online platforms to take down such material that may be perceived to have an impact on an electoral contest; and what guidance they plan to give to that regulator about how any such decision should be reached.

On 12 February the Government published its Initial Consultation Response to the Online Harms White Paper. This sets out our direction of travel on a number of key areas, including that we are minded to appoint Ofcom as the regulator for online harms, and more detail on the proposed approach of the regulator. The response also confirmed that a media literacy strategy will be published in Summer 2020 and aim to support citizens in thinking critically about the things they come across online. More detailed proposals on online harms regulation will be released in the spring.

The Government has also established the Defending Democracy programme to bring together expertise and ongoing work on protecting democratic processes from different departments. This programme, led by the Cabinet Office, has been set up to:

  • protect and secure UK democratic processes, systems and institutions from interference, including from cyber, personnel and physical threats;

  • strengthen the integrity of UK elections;

  • encourage respect for open, fair and safe democratic participation; and

  • promote fact-based and open discourse, including online.

As part of this work, we engage regularly with social media companies to understand the actions they are taking to prevent misuse of their platforms.

Baroness Barran
Parliamentary Under-Secretary (Department for Education)
30th Nov 2022
To ask His Majesty's Government what steps they are taking to support mine clearance in Ukraine with specific reference to the areas surrounding (1) power stations, and (2) electricity substations.

The Foreign, Commonwealth and Development Office (FCDO) has a £2m agreement with The Halo Trust under the Global Mine Action Programme to undertake mine action activities, including clearance, in Ukraine. The FCDO is also providing demining equipment and training to the State Emergency Services (SES) as part of its £14.5m contribution to the multi-donor Partnership Fund for Resilient Ukraine, and providing £0.6m to the UNDP to help sector coordination. The Ukrainian national mine action authority is responsible for mine clearance tasking, including for critical infrastructure, and can use either national operators like SES or accredited international organisations like the Halo Trust.

Lord Ahmad of Wimbledon
Minister of State (Foreign, Commonwealth and Development Office)
30th Nov 2022
To ask His Majesty's Government how many electricity generators they have supplied to Ukraine since February; what are the models of each generator supplied; how they are being distributed; and what is the timetable for their full deployment.

Through the Ukraine Electricity Network Support Taskforce, the Department for Business, Energy and Industrial Strategy has funded the procurement for Ukraine of 856 mobile generators of various models. These have all been delivered to Ukraine, where they are being used to provide power to homes disconnected from the electricity grid. The Prime Minister recently announced £4 million for the International Organisation for Migration in Ukraine. This new support includes the provision of generators for households and collective centres. The UK has also committed £10 million to the Energy Community's Ukraine Energy Support Fund. Since March 2022, the Energy Community has been coordinating business-to-business donations of specialised equipment for repairs, including generators and replacements for damaged infrastructure.

Lord Ahmad of Wimbledon
Minister of State (Foreign, Commonwealth and Development Office)
31st Jan 2024
To ask His Majesty's Government whether they intend to clarify before April 2024 whether fractional shares may be included in individuals savings accounts.

At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.

Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.

Further information will be available in due course.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
31st Jan 2024
To ask His Majesty's Government what guidance HMRC provides concerning whether fractional shares may be held in individual savings accounts; and whether they have made any assessment of any discrepancy between (1) such guidance, and (2) the contents of the Autumn Statement, guidance from the Financial Conduct Authority, and the consensus of the investment community.

At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.

Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.

Further information will be available in due course.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
26th Jan 2024
To ask His Majesty's Government what assessment they have made of the extent to which changes to the definition of "high net worth individual” investors is likely to impact minority group and female angel investors in business start-ups and early-stage businesses, and what assessment they have made of the consequential impact for diversity and access to funding.

The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022. Impacts of the proposals were considered, and a consultation response and de minimis impact assessment were published alongside the final reforms. The changes made aimed to both reduce the risk of consumer detriment and preserve the ability of SMEs to raise finance under the exemptions.

However, the Government recognises the significant concerns that have been raised recently about these changes. The Economic Secretary met last week with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
26th Jan 2024
To ask His Majesty's Government whether any amendment to individual savings account (ISA) regulations is necessary in respect of fractional shares; and if this is the case, what is the timeline to amend ISA regulations in order to enable fractional shares to be included in ISAs.

At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts as eligible ISA investments and committed to engage with stakeholders on implementation. HMT and HMRC officials have met with industry stakeholders and the FCA to understand how to define qualifying ‘fractional shares contracts’ for the purposes of ISA regulations. This work continues to progress at pace, with an expectation to legislate at the earliest opportunity.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
30th Nov 2022
To ask His Majesty's Government at what point Ukrainian refugees who have been in the UK for over 180 days are liable to pay tax.

Under UK tax rules, all income earned through employment is taxable. The Government has made guidance available on GOV.UK for Ukrainians arriving in the UK, which includes a section on employment and tax.

The Government is committed to a fair tax system in which those with the most contribute the most. The income tax system is highly progressive, with different rates of tax sitting above an internationally high tax-free Personal Allowance. Ukrainians arriving in the UK will have to claim the Personal Allowance at the end of each tax year in which they receive UK income.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
14th Jun 2022
To ask Her Majesty's Government whether regulated securities such as equity and debt are classified as digital assets; and what consideration they have given to the possible future use of such securities as a mechanism of fundraising.

The regulatory treatment of a particular asset or instrument depends on its structure, the rights attached to it and how it is used in practice.

The FCA set out in its 2019 perimeter guidance that certain digital assets have characteristics which mean they are the same as or akin to traditional instruments like shares, debentures or units in a collective investment scheme.

Such assets are therefore within the scope of FCA regulation, and it is the responsibility of firms that use them to ensure they are meeting relevant regulatory requirements.

The Government is taking forward various initiatives in this space. The Government’s response to the Call for Evidence on the Investment and Wholesale uses of Cryptoassets published earlier this year made clear that legislation should be technology-neutral and able to accommodate innovation – such as distributed ledger technology – that could more easily enable the transfer of assets. The Government also set out its plans for a Financial Market Infrastructure Sandbox, which could enable firms to test the use of digital technologies in financial markets.

As announced by the Economic Secretary on 4 April, the Government will also be undertaking a programme of work to explore the possibilities for applying distributed ledger technology to the debt issuance process.

Separately, the Law Commission has been tasked by Government to make recommendations for private law reform to ensure that private law is capable of accommodating certain digital assets, including cryptoassets, and to clarify their legal status as objects of property rights.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
29th Mar 2022
To ask Her Majesty's Government what progress they have made with evaluating the benefits of a UK Central Bank Digital Currency.

The UK, like many countries globally, is actively exploring the potential role of central bank digital currencies (CBDC): an electronic form of central bank money that could be used by households and businesses to make payments.

The government has taken several actions to signal its commitment to leading the global conversation on the opportunities and risks of a potential CBDC.

This includes creating a new Taskforce led by HM Treasury and the Bank of England to lead exploration of a CBDC, with separate forums to engage civil society and technology experts. The government has also made a public commitment to issue a joint consultation with the Bank of England on the use cases for a UK CBDC in 2022, followed by the publication of a technical specification.

At the international level, we have used our 2021 G7 Presidency to develop and agree a set of public policy principles for CBDC, which are intended to support and inform exploration of CBDCs in the G7 and beyond.

The government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
29th Mar 2022
To ask Her Majesty's Government what assessment they have made of the benefits of stablecoins, including as an efficient means of payment.

On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.

The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
29th Mar 2022
To ask Her Majesty's Government when they intend to publish their response to their consultation on the UK regulatory approach to cryptoassets and stablecoins, which closed on 21 March 2021.

On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.

The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
21st Mar 2022
To ask Her Majesty's Government, further to the introduction of anti-money laundering regulations for cryptoasset firms, what assessment they have made of the number of firms not yet registered by the FCA; what discussions they have had with the FCA about this; and what steps they are taking to ensure compliance with the regulations.

As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.

Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.

In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.

Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
21st Mar 2022
To ask Her Majesty's Government what consideration they have given to granting a further extension of the Financial Conduct Authority deadline for registration of cryptoasset firms if the FCA is unable to meet its deadline of 31 March.

As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.

Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.

In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.

Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
21st Mar 2022
To ask Her Majesty's Government what discussions they have had with the Financial Conduct Authority regarding the number of cryptoasset firms that are still awaiting registration by the FCA ahead of the deadline on 31 March.

As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.

Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.

In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.

Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.

Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
17th Jan 2022
To ask Her Majesty's Government what plans they have to accelerate registration with the Financial Conduct Authority of companies involved in the crypto sector.

To comply with the Money Laundering Regulations (MLRs), cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market; any officers, managers and beneficial owners must be fit and proper; and they are required to register with the FCA for the purposes of money laundering supervision.

In some cases, the FCA has needed to request additional information from firms when applications contained insufficient supporting information and evidence. The application process for cryptoasset firms has therefore taken longer than originally anticipated.

The government does not believe it would be appropriate for the FCA to relax the standard against which firms are assessed. To do so would risk undermining the UK’s high anti-money laundering and counter-terrorist financing standards.

To manage delays in the processing of applications for registration, the FCA has established the Temporary Registration Regime. It allows existing cryptoasset firms, which had applied to be registered with the FCA by 16 December 2020, to continue trading whilst their applications are assessed. This has prevented undue disruption to established cryptoasset businesses and their customers, whilst ensuring all firms are subject to a rigorous assessment process.

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
17th Jan 2022
To ask Her Majesty's Government what assessment they have made of (1) the size of the market for (a) cryptocurrencies, and (b) other digital assets, in the UK, and (2) the need for legislation to facilitate a well-regulated market of these; whether they have any plans to introduce legislation in order to regular this market; and if so, what is the timetable for that legislation.

The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.

HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.

Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.

Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.

Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
17th Jan 2022
To ask Her Majesty's Government what their timetable is to (1) determine, or (2) create, an appropriate regulatory authority with a full regulatory perimeter for crypto assets.

The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.

HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.

Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.

Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.

Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
17th Jan 2022
To ask Her Majesty's Government what plans they have to increase the skills in the workforce of regulatory authorities in relation to crypto assets.

The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.

HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.

Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.

Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.

Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
17th Jan 2022
To ask Her Majesty's Government what plans they have to expand consumer protection in relation to crypto assets, in particular through access to the (1) Financial Ombudsman Service, and (2) Financial Services Compensation Scheme.

The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.

HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.

Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.

Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.

Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
17th Jan 2022
To ask Her Majesty's Government what plans they have to teach consumers about the (1) nature, (2) taxation, and (3) levels of protection of digital assets, such as crypto currency; in particular, including through making the rules about advertising such digital products consistent with other risk assets.

The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.

HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.

Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.

Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.

Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.

The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).

Viscount Younger of Leckie
Parliamentary Under-Secretary (Department for Work and Pensions)
24th May 2022
To ask Her Majesty's Government whether their proposed Economic Crime Bill will include a legal definition of Strategic Litigation Against Public Participation (SLAPPs).

Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.

My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.

An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.

The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.

The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.

Baroness Williams of Trafford
Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
24th May 2022
To ask Her Majesty's Government whether their proposed Economic Crime Bill will establish an (1) earlier, and (2) low-cost, procedure to (a) identify, and (b) dismiss, Strategic Litigation Against Public Participation (SLAPPs).

Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.

My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.

An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.

The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.

The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.

Baroness Williams of Trafford
Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
24th May 2022
To ask Her Majesty's Government whether their proposed Economic Crime Bill will make it an offence to (1) undertake, or (2) knowingly participate in, Strategic Litigation Against Public Participation (SLAPPs).

Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.

My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.

An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.

The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.

The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.

Baroness Williams of Trafford
Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)