Speech in Commons Chamber - Wed 07 Sep 2022
Financial Services and Markets Bill
"I am glad to see the introduction of the Bill. Its provisions for securing access to cash, which I think should be free, will be welcomed in Blaenau Gwent. I strongly endorse the focus in chapter 3 on improving the accountability of financial regulators. Which? magazine has described this as …..."Nick Smith - View Speech
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Speech in General Committees - Mon 28 Mar 2022
Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
"Will the Minister let us know the average age of the women affected by the new draft regulations?..."Nick Smith - View Speech
View all Nick Smith (Lab - Blaenau Gwent and Rhymney) contributions to the debate on: Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
Speech in General Committees - Mon 28 Mar 2022
Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
"The Minister was unable to answer my question about the average age of the women affected by the draft regulations. Will she go back to the Department to get an assessment of the question and please write to the Committee?..."Nick Smith - View Speech
View all Nick Smith (Lab - Blaenau Gwent and Rhymney) contributions to the debate on: Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
Speech in General Committees - Mon 28 Mar 2022
Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
"I thank the Minister for giving way again. She is being generous with her time and her efforts, but she did not answer the question of my colleague, my hon. Friend the Member for Rotherham: will the Government write to the women affected by this issue? She mentioned that it …..."Nick Smith - View Speech
View all Nick Smith (Lab - Blaenau Gwent and Rhymney) contributions to the debate on: Draft Social Security (Contributions) (Amendment No. 2) Regulations 2022
Written Question
Tuesday 15th March 2022
Asked by:
Nick Smith (Labour - Blaenau Gwent and Rhymney)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, how many (a) potential breaches of sanctions have been investigated and (b) penalties have been issued for non-compliance by the Office for Financial Sanctions Implementation since its establishment in 2016.
Answered by John Glen
The Office for Financial Sanctions Implementation (OFSI) takes some form of compliance action in every suspected instance of non-compliance, and the majority of cases are resolved by enforcement activity short of a penalty. All suspected financial sanctions breaches reported are investigated. OFSI uses the figure of reports of suspected breaches of financial sanctions as our measurement of non-compliance in a given period.
OFSI has published information about the number of breach investigations since 2017 in its Annual Reviews, accessible via GOV.UK. The number of reported suspected financial sanctions breaches over these previous years is as follows:
- 2017-18: 122
- 2018-19: 99
- 2019-20: 140
- 2020-21: 132
Since its establishment in 2016, OFSI has issued 7 fines for non-compliance, ranging from £5000 to £20,471,809.83 in scale.
Written Question
Tuesday 15th March 2022
Asked by:
Nick Smith (Labour - Blaenau Gwent and Rhymney)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, how many staff the Office for Financial Sanctions Implementation has; and how many of those staff hold investigation and enforcement roles.
Answered by John Glen
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the competent authority for financial sanctions in the UK. The staff in post in OFSI was 37.8 FTE as at 31 March 2021. This information can be found in HM Treasury’s Outcome Delivery Plan 2021 to 2022, available at: https://www.gov.uk/government/publications/hm-treasury-outcome-delivery-plan/hm-treasury-outcome-delivery-plan-2021-to-2022.
The number of staff has since increased and is now increasing again, in light of recent developments in Ukraine. Releasing further details of OFSI’s budget and headcount by function could prejudice its operational effectiveness.
Written Question
Tuesday 15th March 2022
Asked by:
Nick Smith (Labour - Blaenau Gwent and Rhymney)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, how the Office for Financial Sanctions Implementation works with (a) other Government departments and (b) UK regulators to ensure compliance with sanctions; and with which organisations that body has Memorandums of Understanding.
Answered by John Glen
OFSI engages extensively and regularly with other Government departments and regulators involved in relevant work, to ensure a consistent cross-Government approach and aligned sanctions messaging.
This covers a broad range of areas, including (but not necessarily limited to):
- international sanctions policy
- trade sanctions/embargoes (including enforcement)
- transport sanctions (including enforcement)
- travel bans
- financial sanctions enforcement
- the UK financial system
- regulated sectors (such as the legal, accountancy or charity sectors)
Its engagement with the above includes information-sharing (with information both received and provided) under the provisions of the Sanctions and Anti-Money Laundering Act 2018 and associated relevant legislation.
OFSI has a number of Memoranda of Understanding with partner organisations. However, I am unable to provide details of those currently in force or being negotiated between OFSI and other Government departments/partner agencies and regulators. The provision of such information could jeopardise ongoing investigations.
Speech in Commons Chamber - Thu 03 Feb 2022
Economic Update
"The Chancellor will be pleased that his campaign team are behind him today. Does he really think that the super-profits of $20 billion made by Shell are untouchable? His hands-off approach will not persuade many people across our country...."Nick Smith - View Speech
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Speech in Commons Chamber - Tue 01 Feb 2022
Tackling Fraud and Preventing Government Waste
"On Lord Agnew of Oulton, who resigned over the fraudulent covid business loans, the good, decent Lord said that there was “zippo of detail” on how the Government plan to deal with the issue of business loans. Can the Minister say how the Government will claw back the £77 million …..."Nick Smith - View Speech
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Speech in Ministerial Corrections - Thu 20 Jan 2022
Cabinet Office
"7. When the Government plan to bring forward legislative proposals to reform public procurement. ..."Nick Smith - View Speech
View all Nick Smith (Lab - Blaenau Gwent and Rhymney) contributions to the debate on: Cabinet Office