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 - Minister of State (Department for Science, Innovation and Technology)
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 - Minister of State (Department for Science, Innovation and Technology)
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 - Minister of State (Department for Science, Innovation and Technology)
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.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Home Office:
To ask the Secretary of State for the Home Department, what steps she has taken to ensure the safety and wellbeing of people from Hong Kong in the UK who hold British National (Overseas) status following the alleged assault on Bob Chan at the Chinese consulate in Manchester in October 2022.
Answered by Tom Tugendhat - Minister of State (Home Office) (Security)
The UK has taken firm action following restrictions on the rights and freedoms of the people of Hong Kong.
We continually assess potential threats in the UK, and take protection of individuals’ rights, freedoms, and safety in the UK very seriously. Home Office officials work closely with other departments including the FCDO and DLUHC in ensuring that the UK is a safe and welcoming place for both those who hold BN(O) status and other Hongkongers.
Attempts by foreign Governments to coerce, intimidate, harass or harm their critics overseas, undermining democracy and the rule of law, are unacceptable.
The Home Office is driving forward work to protect the democratic integrity of the UK, including from threats of foreign interference, through the Defending Democracy Taskforce.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Home Office:
To ask the Secretary of State for the Home Department, what steps she has taken to ensure the safety and wellbeing of people from Hong Kong in the UK who hold British National (Overseas) status following the reports of alleged secret police stations in the UK.
Answered by Tom Tugendhat - Minister of State (Home Office) (Security)
The UK has taken firm action following restrictions on the rights and freedoms of the people of Hong Kong.
We continually assess potential threats in the UK, and take protection of individuals’ rights, freedoms, and safety in the UK very seriously. Home Office officials work closely with other departments including the FCDO and DLUHC in ensuring that the UK is a safe and welcoming place for both those who hold BN(O) status and other Hongkongers.
Attempts by foreign Governments to coerce, intimidate, harass or harm their critics overseas, undermining democracy and the rule of law, are unacceptable.
I made a statement on the issue of transnational repression to the House on 1 November. As I said to the House, reports of undeclared ‘police stations’ in the UK are of course very concerning and are taken extremely seriously. Any foreign country operating on UK soil must abide by UK law. This Government is committed to tackling this challenge wherever it originates. An internal review into transnational repression is underway and the House will be updated on progress in due course.
More broadly, I am driving forward work to protect the democratic integrity of the UK, including from threats of foreign interference, through the Defending Democracy Taskforce.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Home Office:
To ask the Secretary of State for the Home Department, what steps she has taken to ensure the safety and wellbeing of people from Hong Kong living in Scotland who hold British National (Overseas) status.
Answered by Robert Jenrick
The UK has taken firm action following restrictions on the rights and freedoms of the people of Hong Kong. The UK will continue to stand up for the rights of the people of Hong Kong, as we have demonstrated by introducing the bespoke immigration route for British National (Overseas) (BN(O)) status holders and their eligible family members. By the end of 2021 there were over 100,000 applications for the route.
We continually assess potential threats in the UK, and take the protection of individuals’ rights, freedoms, and safety in the UK very seriously. As you would expect, Home Office officials work closely with the FCDO and DLUHC, as well as other government departments, to ensure that the UK is a safe and welcoming place for both those who hold BN(O) status and other Hongkongers.
Attempts by foreign Governments to coerce, intimidate, harass or harm their critics overseas, undermining democracy and the rule of law, are unacceptable. Anyone who is concerned for their safety should contact the police.
Furthermore, the Security Minister made a statement on the issue of transnational repression to the House on 1 November. I said this Government is committed to tackling this challenge wherever it originates and announced an internal review into transnational repression. This work is underway and the House will be updated on progress in due course.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Home Office:
To ask the Secretary of State for the Home Department, if she will make an assessment of the safety of people in the UK who hold British National (Overseas) status.
Answered by Robert Jenrick
The UK has taken firm action following restrictions on the rights and freedoms of the people of Hong Kong. The UK will continue to stand up for the rights of the people of Hong Kong, as we have demonstrated by introducing the bespoke immigration route for British National (Overseas) (BN(O)) status holders and their eligible family members. By the end of 2021 there were over 100,000 applications for the route.
We continually assess potential threats in the UK, and take the protection of individuals’ rights, freedoms, and safety in the UK very seriously. As you would expect, Home Office officials work closely with the FCDO and DLUHC, as well as other government departments, to ensure that the UK is a safe and welcoming place for both those who hold BN(O) status and other Hongkongers.
Attempts by foreign Governments to coerce, intimidate, harass or harm their critics overseas, undermining democracy and the rule of law, are unacceptable. Anyone who is concerned for their safety should contact the police.
Furthermore, the Security Minister made a statement on the issue of transnational repression to the House on 1 November. I said this Government is committed to tackling this challenge wherever it originates and announced an internal review into transnational repression. This work is underway and the House will be updated on progress in due course.
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what proportion of staff directly employed by his Department are located overseas.
Answered by David Rutley - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
This information is published in the FCDO Annual Report and Accounts, the 2021-22 report can be found on gov.uk. I refer the Honourable Member to pages 17(9) and 149(141) of the report https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1095304/FCDO_Annual_Report_2021_2022_Accessible_290722.pdf
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what proportion of staff directly employed by his Department are located in the UK.
Answered by David Rutley - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
This information is published in the FCDO Annual Report and Accounts, the 2021-22 report can be found on gov.uk. I refer the Honourable Member to pages 17(9) and 149(141) of the report https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1095304/FCDO_Annual_Report_2021_2022_Accessible_290722.pdf
Asked by: Liam Fox (Conservative - North Somerset)
Question to the Department for Transport:
To ask the Secretary of State for Transport, what assessment he has made of the potential effect of railway strikes on growth.
Answered by Huw Merriman - Minister of State (Department for Transport)
The industry is making considerable efforts to keep as much of the railway running for passengers and freight. However, strikes have a hugely negative impact, and come at a significant cost to our economy, affecting a wide range of businesses and sectors.
My Department is taking part in regular roundtables and discussions with those industries most disrupted by industrial action, so we understand the concerns of businesses and passenger groups