Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many businesses the Financial Conduct Authority regulated (a) as of 20 May 2024 and (b) in 2016.
Answered by Bim Afolami
The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The FCA is responsible for regulating and supervising the financial services industry, including authorising businesses.
The question of how many businesses the FCA regulated is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much funding the Financial Conduct Authority provided to the Digital Regulation Cooperation Forum in the 2022-23 financial year.
Answered by Bim Afolami
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the pay ranges at each grade are for Payment Systems Regulator staff based (a) in and (b) outside London.
Answered by Bim Afolami
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the pay ranges at each grade are for Financial Conduct Authority staff based (a) in and (b) outside London.
Answered by Bim Afolami
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Financial Conduct Authority employees were seconded to the Digital Regulation Cooperation Forum in the 2022-2023 financial year.
Answered by Bim Afolami
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential impact of artificial intelligence on the economy.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
AI will have a genuinely transformative impact on the economy, spurring innovation across sectors. This brings huge potential for productivity and economic growth, and the government is making large investments to support AI advancement. Given the rapid pace of AI development, we must also ensure AI is developed and adopted safely and responsibly. The government’s recent whitepaper outlined a pro-innovation approach to AI regulation, and the PM announced that the UK will host the first global summit on AI safety this autumn.