Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of applying affordability criteria to people wishing to trade shares, commodities, currency or crypto.
Answered by John Glen
The Government is committed to striking a careful balance between improving broad access to financial markets, while also ensuring that appropriate protection measures are in place. This reflects the Government’s broader ambition to ensure that the benefits of corporate growth can be broadly shared, while ensuring financial markets work effectively for all market participants.
The Financial Conduct Authority (FCA) is the UK’s independent financial markets conduct regulator and is responsible for protecting consumers. The FCA has published several statements about the potential risks of investing in securities and has warned consumers that that any losses that result from such investments are not always covered under the Financial Services Compensation Scheme. Similarly, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and has issued a warning stating that consumers who invest in cryptoassets should be prepared to lose their money.
Furthermore, on 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has modelled the potential impact on (a) tax receipts and (b) the sport and leisure sector of the Gambling Commission's proposals of affordability checks put forward as part of the Government's review of the Gambling Act 2005.
Answered by Helen Whately - Shadow Secretary of State for Work and Pensions
No assessment has been made. In line with its statutory duties, the independent OBR publish the fiscal impact of any government policy that is introduced as part of the Budget process.
DCMS is considering the responses to its call for evidence, along with Gambling Commission proposals, and expect to publish a response document setting out any conclusions and consulting on next steps by the end of the year.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions officials in his Department have had with representatives of online retailers on online sales taxes.
Answered by Lucy Frazer
The Government published a Call for Evidence on 21 July 2020, as part of its Fundamental Review of Business Rates, to gather views from stakeholders on all elements of the Business Rates system and alternatives, including an Online Sales Tax.
Officials engaged with a broad range of stakeholders including online retailers as part of that process.
The Government provided a summary of responses to the Call for Evidence in March 2021. The review will conclude later this year.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the energy being using to mine cryptocurrency will be discussed at COP26; and whether further regulation on that matter will be on the COP26 agenda.
Answered by John Glen
The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.
The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation & resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.
The Government has already taken actions to signal a commitment to green technology, including a pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial disclosures mandatory across the economy by 2025, making the UK the first G20 nation to make such a commitment.
Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority , and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many complaints have been received through the FCA Complaints System; and how many complaints in relation to the conduct of the FCA Supervision team have been recorded in the last five calendar years.
Answered by John Glen
Information relating to the number of complaints received by the FCA was published in the FCA’s response to the Complaints Commissioner’s Annual Report in July 2020. This information is available on the FCA’s website.