Asked by: Chris Law (Scottish National Party - Dundee West)
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 - Economic Secretary (HM Treasury)
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 West)
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 - Economic Secretary (HM Treasury)
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 West)
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 - Economic Secretary (HM Treasury)
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 West)
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 - Economic Secretary (HM Treasury)
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 West)
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 - Economic Secretary (HM Treasury)
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 West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Fairer Finance and Dignity raised issues regarding Safe Hands Funeral Plans in meetings with his Department in (a) 2017 and (b) 2018.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.
In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.
Asked by: Chris Law (Scottish National Party - Dundee West)
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 - Economic Secretary (HM Treasury)
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 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.
Asked by: Chris Law (Scottish National Party - Dundee West)
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 - Economic Secretary (HM Treasury)
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 West)
Question to the Home Office:
To ask the Secretary of State for the Home Department, what steps he is taking to work with Cabinet colleagues on visas for representatives of international NGOs to take part in (a) advocacy meetings and (b) other UK-hosted events.
Answered by Tom Pursglove - Minister of State (Minister for Legal Migration and Delivery)
UKVI routinely works with colleagues across Government, including the Cabinet Office, to ensure attendees to UK supported events are able to proceed legally and securely.
Employees of certain international organisations based in, or with offices in, the UK who have been recruited overseas, as well as representatives and officials of the international organisations listed when travelling to the UK in their official capacity on the official business of that organisation, are exempt from immigration control. Employees of the international organisations listed on the following site would qualify for exempt entry clearances: List of International organisations whose employees qualify for exempt entry clearances (accessible version) - GOV.UK (www.gov.uk).
When a visa is required, UKVI works towards a 15 working day customer service standard, which includes options for priority (5 working days) and super priority (24 hours) decisions where available.