Asked by: David Duguid (Conservative - Banff and Buchan)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to increase the accountability of the Financial Conduct Authority; and if he will make a statement.
Answered by John Glen
The Government has taken steps to make the Financial Conduct Authority (FCA) accountable to HM Treasury, Parliament and the public.
For example, under the Financial Services Act 2012, the FCA is required to produce annual reports and accounts which are laid before Parliament. It is subject to a full audit by the National Audit Office, which has the ability to launch VFM studies on the FCA. Both the FCA CEO and Chair have regular meetings with the Treasury Select Committee.
HM Treasury has the power to direct the FCA to investigate and report on possible regulatory failure. HM Treasury also makes appointments to the FCA Board (including the CEO and Chair). The Government has also legislated to create a single complaints scheme with an independent Complaints Commissioner responsible for investigating complaints against the financial regulators, including the FCA. FCA rules are subject to judicial review and the Upper Tribunal can also review the merits of certain firm specific decisions.
The Government believes that the existing accountability mechanisms are appropriate.
Asked by: David Duguid (Conservative - Banff and Buchan)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to reduce VAT for repairs and alterations to listed buildings.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
EU VAT rules do not allow the introduction of a reduced rate or exemption for goods and services supplied exclusively for the repair, maintenance and renovations of listed buildings. While the UK remains a member of the EU, we will continue to abide by our rights and obligations.
Asked by: David Duguid (Conservative - Banff and Buchan)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his Department’s policy is on the provision of compensation for (a) individuals and (b) businesses affected by coastal erosion.
Answered by Elizabeth Truss
As a devolved policy matter, responsibility for management of coastal erosion and flood risk lies with the Devolved Administrations.
Although there is no automatic right to Government compensation for damage from flooding or coastal erosion, we recognise the risk to coastal communities. Therefore in England the Government is investing a total of £885 million over six years - £165 million on coastal erosion projects and £690 million on schemes to better protect communities against flooding from the sea.