Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much accrued to the Exchequer from VAT on health and social care training in each of the last five years.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
Businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden.
The information requested is therefore not available.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of public sector strikes on UK GDP in each month since August 2022.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
As the Office for National Statistics (ONS) have noted, it is not possible to precisely isolate the impact of strike action on GDP from other factors across the wider economy.
The Government remains committed to minimising the disruption caused by strike action and encouraging the resolution of industrial disputes as quickly as reasonably possible.
The Government will listen to all unions who are willing to discuss what is fair and reasonable – recognising the vital role public sector workers play but also the wider economic pressures facing the UK. As a condition for talks, we expect unions to call off any planned strike action.
For example, following intensive talks between the Government and Agenda for Change unions, the Government have put forward a fair and generous pay offer which Agenda for Change unions are now balloting their members on, with most unions recommending that their members vote to accept.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data his Department holds on the number of people who have successfully sued the Financial Conduct Authority (FCA) using the bad faith or human rights carve-outs to the FCA's exemption from civil liability, set out in paragraph 25(3) of Part 4 of Schedule 1ZA of the Financial Services and Markets Act 2012.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The government is not aware of any occasion where the FCA has been successfully sued for damages in the discharge of its functions.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the adequacy of the degree to which consumer interests are weighted in the governance of the Financial Conduct Authority; and if he will make a statement.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Section 29 of the Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.
The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.
As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.
The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.
The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department plans to take to introduce the duty of care promised by Section 29 of the Financial Services Act 2021.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Section 29 of the Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.
The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.
As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.
The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.
The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority's Consumer Duty will constitute a duty of care in common law.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Section 29 of the Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.
The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.
As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.
The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.
The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what basis the Government has decided whether or not the obligations placed on the Financial Conduct Authority under Section 29 of the Financial Services Act 2021 have been met by the regulator's decision to consult on and introduce its consumer duty, as opposed to a duty of care.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Section 29 of the Financial Services Act 2021 required the Financial Conduct Authority (FCA) to consult on whether it should make rules giving regulated financial service providers a duty of care over their customers. The Act also set out that the consultation must include “whether the FCA should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either instead of or in addition to a duty of care”. The Act further set out that the consultation must be carried out by the end of 2021, and any new rules introduced, if considered appropriate, before 1 August 2022.
The FCA published a final Policy Statement on 27 July 2022 on its new Consumer Duty following two consultations in May and December 2021. The FCA has publicly set out how it considers it has met the requirements under the Financial Services Act 2021, including the requirement to consult on the introduction of a duty of care for financial services firms, and why the Consumer Duty amounts to a duty of care.
As the FCA is an operationally independent regulator, it would not be appropriate for the government to comment on the specific rules introduced by the FCA.
The FCA must operate within the framework of statutory duties and powers agreed by Parliament and is fully accountable to Parliament for how it discharges its statutory functions.
The Government has given the FCA a statutory objective to protect consumers. The FCA is required to set out how it has advanced its objectives, including the consumer protection objective, as part of public consultations on draft rules. It is also required to set out how it has advanced its consumer protection objective as part of its annual report which is laid before Parliament.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his policies of the establishment of the Financial Regulator Assessment Authority in Australia following the Royal Commission on Misconduct in Banking, Superannuation and Financial Services Industry; and if he will make an assessment of the potential impact of establishing a similar consumer oversight body in the UK on accountability of the Financial Conduct Authority.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The government launched the Future Regulatory Framework (FRF) Review to ensure that the UK maintains a coherent, agile and internationally-respected approach to financial services regulation following the UK’s exit from the European Union. Consultations were published in October 2020 and November 2021, which both received over 100 responses.
The Financial Services and Markets Bill delivers the outcomes of the FRF Review, and repeals hundreds of pieces of retained EU law relating to financial services, which will give the regulators significant new rulemaking responsibilities.
The government has been clear that more responsibility for the regulators should be balanced with clear accountability, appropriate democratic input, and transparent oversight.
As a result, the Bill includes a package of measures to increase the accountability of the regulators to Parliament and HM Treasury, and enhance their engagement with stakeholders including consumer groups.