Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what correspondence the Government has had with the Clydesdale Bank on implementation of the Access to Banking Protocol and the (a) closure of branches and (b) reduction of banking services in the Caithness, Sutherland and Easter Ross constituency.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government welcomed the industry-wide Access to Banking protocol announced in March 2015. From the first of May this year, each participating bank has committed to carry out a number of steps if it is closing a branch. This includes establishing the impact of a branch closure before it takes place; finding suitable alternative provision; and putting in place suitable alternative measures before a branch is closed.
There is a commitment to review the operation of the protocol after one year. In August, the Minister for Small Business, Industry and Enterprise and I wrote to the Chief Executive of the British Bankers’ Association and requested an update on progress towards the appointment of an independent reviewer. A copy of the letter was also sent to the Chief Executives of the banks that are signatories to the Access to Banking protocol.
Banks and building societies need to balance customer interests, market competition, and other commercial factors when considering their strategy.
Decisions on the opening and closing of individual bank branches are taken by the management of each bank on a commercial basis without intervention from Government.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what correspondence the Government has had with the Royal Bank of Scotland on implementation of the Access to Banking Protocol and the (a) closure of branches and (b) reduction of banking services in the Caithness, Sutherland and Easter Ross constituency.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government welcomed the industry-wide Access to Banking protocol announced in March 2015. From the first of May this year, each participating bank has committed to carry out a number of steps if it is closing a branch. This includes establishing the impact of a branch closure before it takes place; finding suitable alternative provision; and putting in place suitable alternative measures before a branch is closed.
There is a commitment to review the operation of the protocol after one year. In August, the Minister for Small Business, Industry and Enterprise and I wrote to the Chief Executive of the British Bankers’ Association and requested an update on progress towards the appointment of an independent reviewer. A copy of the letter was also sent to the Chief Executives of the banks that are signatories to the Access to Banking protocol.
Banks and building societies need to balance customer interests, market competition, and other commercial factors when considering their strategy.
Decisions on the opening and closing of individual bank branches are taken by the management of each bank on a commercial basis without intervention from Government.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 8 July 2015 to Question 5430, on ownership of companies, what his definition is of a similarly effective system.
Answered by David Gauke
The international standards on anti-money laundering and counter terrorist financing, including transparency of legal persons, are set by the Financial Action Task Force. The British Virgin Islands and the Cayman Islands are members of the Caribbean Financial Action Task Force and are subject to mutual evaluations of their AML/CTF regime through this body.
At the December 2014 Joint Ministerial Council, the UK and the Overseas Territories committed to continue to work together in raising international standards to tackle money laundering, tax evasion, illicit finance and corruption, leading by example given the importance of our financial centres to the international financial system. In March, the Minister for the Overseas Territories and I wrote to the Premiers of the BVI and Cayman Islands asking them to set out plans and a timetable for the implementation of central registers of company beneficial ownership, or similarly effective systems, by the November Joint Ministerial Council.
Any system should meet the following three criteria: UK and domestic law enforcement and tax authorities must be able to access company beneficial ownership information without restriction, subject to relevant safeguards; these competent authorities should be able to quickly identify all companies that a particular beneficial owner has a stake in, without needing to submit multiple and repeated requests; and companies or their beneficial owners must not be alerted to the fact that an investigation is under way.
The UK Government continues to engage actively with the BVI and Cayman Islands to emphasize the importance of this agenda and to offer any technical support that might be required.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the Cayman Islands government's progress towards implementing a central register of beneficial ownership; and what steps he is taking to ensure that that government publishes a timetable for that implementation by November 2015.
Answered by David Gauke
The international standards on anti-money laundering and counter terrorist financing, including transparency of legal persons, are set by the Financial Action Task Force. The British Virgin Islands and the Cayman Islands are members of the Caribbean Financial Action Task Force and are subject to mutual evaluations of their AML/CTF regime through this body.
At the December 2014 Joint Ministerial Council, the UK and the Overseas Territories committed to continue to work together in raising international standards to tackle money laundering, tax evasion, illicit finance and corruption, leading by example given the importance of our financial centres to the international financial system. In March, the Minister for the Overseas Territories and I wrote to the Premiers of the BVI and Cayman Islands asking them to set out plans and a timetable for the implementation of central registers of company beneficial ownership, or similarly effective systems, by the November Joint Ministerial Council.
Any system should meet the following three criteria: UK and domestic law enforcement and tax authorities must be able to access company beneficial ownership information without restriction, subject to relevant safeguards; these competent authorities should be able to quickly identify all companies that a particular beneficial owner has a stake in, without needing to submit multiple and repeated requests; and companies or their beneficial owners must not be alerted to the fact that an investigation is under way.
The UK Government continues to engage actively with the BVI and Cayman Islands to emphasize the importance of this agenda and to offer any technical support that might be required.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the British Virgin Islands government's progress towards implementing a central register of beneficial ownership; and what steps he is taking to ensure that that government publishes a timetable for that implementation by November 2015.
Answered by David Gauke
The international standards on anti-money laundering and counter terrorist financing, including transparency of legal persons, are set by the Financial Action Task Force. The British Virgin Islands and the Cayman Islands are members of the Caribbean Financial Action Task Force and are subject to mutual evaluations of their AML/CTF regime through this body.
At the December 2014 Joint Ministerial Council, the UK and the Overseas Territories committed to continue to work together in raising international standards to tackle money laundering, tax evasion, illicit finance and corruption, leading by example given the importance of our financial centres to the international financial system. In March, the Minister for the Overseas Territories and I wrote to the Premiers of the BVI and Cayman Islands asking them to set out plans and a timetable for the implementation of central registers of company beneficial ownership, or similarly effective systems, by the November Joint Ministerial Council.
Any system should meet the following three criteria: UK and domestic law enforcement and tax authorities must be able to access company beneficial ownership information without restriction, subject to relevant safeguards; these competent authorities should be able to quickly identify all companies that a particular beneficial owner has a stake in, without needing to submit multiple and repeated requests; and companies or their beneficial owners must not be alerted to the fact that an investigation is under way.
The UK Government continues to engage actively with the BVI and Cayman Islands to emphasize the importance of this agenda and to offer any technical support that might be required.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the compatibility of changes to (a) child tax credits, (b) working tax credit reductions, (c) working tax credit restrictions and (d) restriction of working tax credit to two children with the UN Convention on the Rights of the Child.
Answered by Damian Hinds
Ministers had regard to all relevant international obligations when formulating the welfare policies announced at the Budget and consider that these obligations have been complied with.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the compatibility of changes to (a) child tax credits, (b) working tax credit reductions, (c) working tax credit restrictions and (d) restriction of working tax credit to two children with the International Covenant on Economic, Social and Cultural Rights.
Answered by Damian Hinds
Ministers had regard to all relevant international obligations when formulating the welfare policies announced at the Budget and consider that these obligations have been complied with.
Asked by: Paul Monaghan (Scottish National Party - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the compatibility of changes to (a) child tax credits, (b) working tax credit reductions, (c) working tax credit restrictions and (d) restriction of working tax credit to two children with the European Convention on Human Rights.
Answered by Damian Hinds
Ministers had regard to all relevant international obligations when formulating the welfare policies announced at the Budget and consider that these obligations have been complied with.