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Written Question
Greensill
Monday 18th December 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Fifth Special Report of the Treasury Committee of Session 2021–22 entitled Lessons from Greensill Capital: Responses to the Committee’s Sixth Report of Session 2021–22, HC 723, whether the Financial Conduct Authority has implemented the recommendations in that report.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

This is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA 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.


Written Question
Public Sector: Mileage Allowances
Monday 13th November 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans his Department has to assist public sector organisations to support workers using their own cars for work.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

Approved Mileage Allowance Payments (AMAPs) are used by employers to reimburse an employee’s expenses for business mileage in their private vehicle, including public sector workers.  These rates are also used by self-employed drivers to claim tax relief on business mileage (simplified motoring expenses). The AMAP rates are not mandatory, and employers can choose to pay more or less than the AMAP rate. It is therefore ultimately up to employers to determine the rate at which they reimburse their employees, including public sector employers. In considering changes to the AMAP/simplified motoring expenses rates, the Government has to balance support for individuals with the responsible management of public finances, which fund our essential public services.

However, the Government recognises that transport is a major cost for individuals and families. At Spring Statement 2022 the Government announced a temporary 12-month cut to duty on petrol and diesel of 5p per litre. In order to continue supporting all motorists, it will extend the 5p fuel duty cut, which is worth £100 to the average driver over the next year.

Like all taxes and allowances, the Government keeps the AMAP rate under review, and any changes will be announced at a future fiscal event.


Written Question
Lex Greensill: Credit Suisse
Thursday 7th September 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the implications for his policies of the role of Lex Greensill in Credit Suisse's risk management failures.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The regulation of individual firms is a matter for the independent financial regulators to comment on.


Written Question
Safe Hands Plans: Finance
Wednesday 25th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to Answer of 17 January 2023 to Question 120941 on Safe Hands Plans: Finance, whether his Department holds data on (a) how many more consumers bought a Safe Hands Plan after July 2017, and (b) the estimated average loss to each consumer who had bought a plan.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Safe Hands Plans went into administration in March 2022. The government understands that this situation is very concerning for customers of Safe Hands.

Since being made aware of misconduct across the funeral plan sector in 2017, the government and Financial Conduct Authority have dedicated significant resource to regulate the sector fully. This has ensured that those trying to make financial arrangements for their funerals now have the right regulatory protections.

The government’s work to bring pre-paid funeral plans into regulation has ensured that – for the first time – 1.6 million funeral plan consumers are protected from poor practice within the sector. Because of the action taken, it is now a criminal offence to sell pre-paid funeral plans without FCA authorisation.


Written Question
Safe Hands Plans: Finance
Wednesday 25th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to Answer of 17 January 2023 to Question 120941 on Safe Hands Plans: Finance, whether his departmental officials contacted representative's of Safe Hands Plans to inquire into the risk those plans posed to consumers.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Safe Hands Plans went into administration in March 2022. The government understands that this situation is very concerning for customers of Safe Hands.

Since being made aware of misconduct across the funeral plan sector in 2017, the government and Financial Conduct Authority have dedicated significant resource to regulate the sector fully. This has ensured that those trying to make financial arrangements for their funerals now have the right regulatory protections.

The government’s work to bring pre-paid funeral plans into regulation has ensured that – for the first time – 1.6 million funeral plan consumers are protected from poor practice within the sector. Because of the action taken, it is now a criminal offence to sell pre-paid funeral plans without FCA authorisation.


Written Question
Safe Hands Plans: Finance
Wednesday 25th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to Answer of 17 January 2023 to Question 120941 on 17 January 2023 on Safe Hands Plans: Finance, what assessment he has made of the potential implications for his policies of the Financial Conduct Authority's response to concerns raised by his Department regarding Safe Hands Funeral Plans; and whether he will publish his Department correspondence with the Financial Conduct Authority on that issue.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Safe Hands Plans went into administration in March 2022. The government understands that this situation is very concerning for customers of Safe Hands.

Since being made aware of misconduct across the funeral plan sector in 2017, the government and Financial Conduct Authority have dedicated significant resource to regulate the sector fully. This has ensured that those trying to make financial arrangements for their funerals now have the right regulatory protections.

The government’s work to bring pre-paid funeral plans into regulation has ensured that – for the first time – 1.6 million funeral plan consumers are protected from poor practice within the sector. Because of the action taken, it is now a criminal offence to sell pre-paid funeral plans without FCA authorisation.


Written Question
Safe Hands Plans: Finance
Wednesday 25th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 17 January 2023 to Question 120941 on Safe Hands Plans: Finance, whether his Department made an assessment of the potential merits of providing support to Safe Hands’ customers at the time that those concerns were raised.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Safe Hands Plans went into administration in March 2022. The government understands that this situation is very concerning for customers of Safe Hands.

Since being made aware of misconduct across the funeral plan sector in 2017, the government and Financial Conduct Authority have dedicated significant resource to regulate the sector fully. This has ensured that those trying to make financial arrangements for their funerals now have the right regulatory protections.

The government’s work to bring pre-paid funeral plans into regulation has ensured that – for the first time – 1.6 million funeral plan consumers are protected from poor practice within the sector. Because of the action taken, it is now a criminal offence to sell pre-paid funeral plans without FCA authorisation.


Written Question
Safe Hands Plans: Finance
Wednesday 25th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to Answer of 17 January 2023 to Question 120941 on Safe Hands Plans: Finance, what estimate his Department has had made of the number of consumers who were at risk from Safe Hands Funeral Plans in July 2017.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Safe Hands Plans went into administration in March 2022. The government understands that this situation is very concerning for customers of Safe Hands.

Since being made aware of misconduct across the funeral plan sector in 2017, the government and Financial Conduct Authority have dedicated significant resource to regulate the sector fully. This has ensured that those trying to make financial arrangements for their funerals now have the right regulatory protections.

The government’s work to bring pre-paid funeral plans into regulation has ensured that – for the first time – 1.6 million funeral plan consumers are protected from poor practice within the sector. Because of the action taken, it is now a criminal offence to sell pre-paid funeral plans without FCA authorisation.


Written Question
Safe Hands Plans: Finance
Tuesday 17th January 2023

Asked by: Nick Smith (Labour - Blaenau Gwent)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when the Treasury were first made aware of the financial risk posed by Safe Hands Plans funeral scheme.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands Plans were raised with HM Treasury.

In response, officials advised that such concerns should more properly be reported to the Financial Conduct Authority, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.


Speech in Public Bill Committees - Tue 22 Nov 2022
UK Infrastructure Bank Bill [ Lords ] (Second sitting)

Speech Link

View all Nick Smith (Lab - Blaenau Gwent) contributions to the debate on: UK Infrastructure Bank Bill [ Lords ] (Second sitting)