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Written Question
Finance: Advisory Services
Monday 18th March 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many active registered financial advisers there are; how many such advisers there were in 2014; and what assessment the Financial Conduct Authority has made of the causes of changes in the levels of such advisers.

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.


Written Question
Finance: Advisory Services
Monday 18th March 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many small financial advice firms the Financial Conduct Authority has visited in the last 12 months; and for what reasons.

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.


Written Question
Finance: Advisory Services
Monday 18th March 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many regulations governing the financial advice sector there are; how many there were in 2014; and what assessment the Financial Conduct Authority has made of the potential impact of changes in the level of such regulations on the work of the sector.

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.


Written Question
Finance: Advisory Services
Monday 18th March 2024

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.


Written Question
Finance: Advisory Services
Monday 18th March 2024

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.


Written Question
Research: Tax Allowances
Friday 26th January 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact of research and development (R&D) tax relief claims being disallowed by HMRC on (a) the level of R&D being undertaken by individual companies and (b) retention of R&D companies in the UK.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The UK’s R&D tax reliefs provide generous support to encourage companies to conduct R&D activity, driving innovation and growth in the UK.

Where a claim is disallowed because it is not legitimate R&D, HMRC would not expect this to have an impact on either retention or the amount of R&D undertaken by companies.


Written Question
Financial Services: Non-fungible Tokens
Tuesday 23rd January 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential merits of using non-fungible tokens to replace paper identification required to (a) open a bank account and (b) access (i) loans, (ii) mortgages, (iii) credit cards, (iv) investment opportunities and (v) other financial instruments.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government recognises the widespread benefits of digital identity use.

HM Treasury’s Money Laundering Regulations (MLRs) 2017 require banks and other regulated financial firms to verify a customer’s identity to open, access or maintain a bank account or other financial products. The MLRs do not impose a preference in how a regulated firm should verify its customers’ identities, either using traditional paper or digital identity sources.


Written Question
Public Finance: Non-fungible Tokens
Thursday 18th January 2024

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential role of Non-Fungible Tokens in tackling corruption in the administration of public finances.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

HM Treasury has made no assessment of the potential role of non-fungible tokens in tackling corruption in the administration of public finances.


Written Question
Non-fungible Tokens
Monday 8th January 2024

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 potential merits of using Non-Fungible Tokens in the (a) issuing and (b) tracking of government loans.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government is not pursuing the use of Non-Fungible Tokens for issuing and tracking government debt at this time, though all decisions in this regard remain under review.


Written Question
Financial Services: St Kitts and Nevis
Wednesday 26th April 2023

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what support his Department provides to the financial regulatory authorities of St Kitts and Nevis.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Officials have found no record of support being provided to the St Kitts and Nevis financial regulatory authorities in recent times, nor have they found any record of such support being requested. The department stands ready to consider any reasonable request from the government.

It may be helpful to note that St Kitts and Nevis are a participant in the Caribbean Regional Technical Assistance Centre (CARTAC), which is one of the IMF’S Regional Capacity Development Centers, to which the Government provides core funding, via the FCDO. And Financial supervision is one of the CARTAC’s standing work strands. It may also be noteworthy that St Kitts and Nevis has benefitted, indirectly, from support in strengthening its response to illicit finance by virtue of the UK’s voluntary contributions to the Caribbean Financial Action Task Force.