Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his Department's consultation on protecting access to cash, what assessment he has made of the potential merits of giving the Financial Conduct Authority (FCA) overall responsibility for maintaining a well-functioning cash system; and what discussions his Department has had with the FCA on them taking on that role.
Answered by John Glen
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. The Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation.
To inform the development of this legislation, the Government published a Call for Evidence on 15 October seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system. As set out in the Call for Evidence, the Government considers that there may be benefit in giving a single authority overall responsibility for setting requirements to ensure that the retail distribution of cash meets the needs of consumers and businesses. The government’s view is that the FCA may be well positioned to take on the function through legislation.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. It remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions his Department has had with the (a) Financial Conduct Authority, (b) Payment Systems Regulator and (c) industry stakeholders on a minimum service guarantee for cash; and what the timetable is for bringing forward legislative proposals on protecting access to cash.
Answered by John Glen
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. The Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation.
To inform the development of this legislation, the Government published a Call for Evidence on 15 October seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system. As set out in the Call for Evidence, the Government considers that there may be benefit in giving a single authority overall responsibility for setting requirements to ensure that the retail distribution of cash meets the needs of consumers and businesses. The government’s view is that the FCA may be well positioned to take on the function through legislation.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. It remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has instructed Pool Reinsurance Company Limited to discuss with representatives of the insurance industry the matter of insurance for live events during the covid-19 outbreak.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information his Department holds on what assessment Pool Reinsurance Company Limited has made of the challenges facing live events insurers during the covid-19 outbreak; and what recommendations that company has made to his Department as a result of that assessment.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has authorised Pool Reinsurance Company Limited to engage with representatives of the insurance industry on potential solutions to the current lack of available insurance for live events during the covid-19 outbreak.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will facilitate discussions between Pool Reinsurance Company Limited and representatives of the insurance industry on potential solutions to the challenges facing the live events sector as a result of the covid-19 outbreak.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with representatives of the insurance industry on the matter of insurance for live events in response to the covid-19 outbreak.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with live events insurers on the lack of available contingency insurance during the covid-19 outbreak.
Answered by John Glen
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish a timetable for bringing forward legislative proposals to protect people's access to cash.
Answered by John Glen
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.