Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what regular reviews of the funeral plan market his Department undertook between 2001 and 2018.
Answered by Bim Afolami
The government works closely with the FCA to continually review the regulatory perimeter to ensure that the right balance is struck between proportionately protecting consumers, minimising costs on business, and ensuring consumers have access to useful and affordable financial products and services.
Once made aware of consumer detriment in the pre-paid funeral plans sector, the government investigated and confirmed these reports through its 2018 call for evidence. The government then consulted widely with industry and passed legislation in January 2021 to bring all pre-paid funeral plan providers and intermediaries within the FCA regulatory perimeter.
This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many times a breach of the Regulated Activities Order by a funeral plan company was reported to the Financial Conduct Authority in the last three years.
Answered by Bim Afolami
This is a matter for the Financial Conduct Authority (FCA), which is independent from Government.
The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the proportion of funeral plan companies that failed to gain regulation following the new regulatory regime in the funeral plan market.
Answered by Bim Afolami
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority made of the implications for their policies of the speed of growth of the funeral plan market between 2001 and 2022.
Answered by Bim Afolami
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential merits of requiring the immediate regulation of funeral plan companies that (a) were founded and (b) changed ownership after the announcement of regulatory change in 2018.
Answered by Bim Afolami
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he made of the implications for his policies of changes in the number of funeral plan companies following the announcement of regulatory change in 2018.
Answered by Bim Afolami
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department considered instructing the Financial Conduct Authority to investigate Safe Hands Funeral Plans in (a) 2017 and (b) 2018.
Answered by Bim Afolami
The Treasury and FCA have worked closely throughout the process of bringing the funeral plans sector into regulation, as well as during the implementation and onset of the new regulatory framework.
However, the FCA is one of the independent regulators responsible for supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA.
In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of the proposal by The Independent Game Developers’ Association to increase video games tax relief from 25 per cent to 32 per cent.
Answered by James Cartlidge - Shadow Secretary of State for Defence
The Government recognises the valuable economic and cultural contribution of the video games industry. The Video Games Tax Relief (VGTR) has supported £5.1 billion of UK expenditure on 1,940 games since its introduction in 2014.
At Spending Review 2021 the government confirmed £8 million for the continuation of the UK Games Fund which provides bespoke support for the UK’s independent video game industry.
The Government regularly receives proposals for changes to tax reliefs. When considering changes, the Government must ensure they provide support to businesses in a fair way and that taxpayer money is effectively targeted. An uplift in the rate of VGTR is not currently under consideration. However, the Government keeps all tax reliefs under review.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had recent discussions with his international counterparts on the potential merits of (a) suspending, (b) restructuring and (c) cancelling some of Pakistan’s external debt in the context of the recent flooding in that country.
Answered by Chris Philp - Shadow Home Secretary
The Government expresses deep concern and condolences for the severe humanitarian and economic impact of flooding in Pakistan. The UK recently announced an uplift in Pakistan flood relief funding, taking the total amount pledged to £16.5m. In addition, at COP26, the UK announced more than £55m of support to help Pakistan tackle climate change.
The Government regularly engages on debt issues with our international partners in a number of fora. The UK acts in concert with its partners in the Paris Club on international debt issues and we stand ready to consider any request through the Paris Club or Common Framework process.
Asked by: Chris Law (Scottish National Party - Dundee Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will bring forward legislation to protect (a) Pakistan and (b) other countries affected by climate disasters from being sued in English courts for outstanding debts.
Answered by Chris Philp - Shadow Home Secretary
The Government expresses deep concern and condolences for the severe humanitarian and economic impact of flooding in Pakistan. When countries request a debt treatment, the UK is committed to ensuring the private sector participates fully by providing debt relief on comparable terms to that of official bilateral creditors, such as the UK.
The Government does not currently intend to pursue a legislative approach that would force private lenders to participate in debt relief initiatives. Any legislative approach would need to address a number of challenges. For example, legislating may increase the cost – or reduce the availability - of finance for low-income countries.