Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the median length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
Answered by John Glen
The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.
Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.
In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.
The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.
The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 May 2021 to Question 6233 on Cryptocurrencies: Regulation, what the mean length of time is in days that a company has had their application for anti-money laundering / counter terrorist financing registration under review by the Financial Conduct Authority.
Answered by John Glen
The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.
Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.
In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.
The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.
The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral contribution of 9 November 2020, Official Report, column 623, whether it remains the Government’s policy to ensure that the UK remains the most open, the most competitive and the most innovative place to do financial services anywhere in the world.
Answered by John Glen
n a statement to the House of Commons in November, the Chancellor set out the Government’s vision for the UK’s financial services sector. This vision is of a sector that is more open; more technologically advanced; and a world-leader in the use of green finance, serving the communities and citizens of this country.
Since November, numerous steps have been taken to progress this vision, and these were strengthened further at Budget and by the passing of the Financial Services Act in April.
In addition, we have set out our response to Ron Kalifa’s review of UK Fintech to ensure we continue to build on our existing strengths as a world leader in financial technology.
We are also taking forward each of the recommendations in Lord Hill’s recent Listings Review that were addressed to the Treasury. We have shared our plans to consult on reforms to the wider capital markets regime this summer, with the aim of supporting competitiveness whilst ensuring the UK maintains high regulatory standards.
The government is also building new and deeper financial services relationships with countries across the globe via new trade agreements and through regular and established economic and financial dialogues.
Whether it be through our international engagement or domestic reviews, we are ensuring that the UK continues to be a world leader in financial services.
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will meet with representatives of the ATM industry to hear their concerns on maintaining access to free-to-use cash machines.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of reversing the reductions made to the interchange fee as part of the Government's forthcoming legislative proposals on access to cash.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the contribution of access to cash to the economic recovery of (a) high streets after the covid-19 outbreak and (b) the UK more generally.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of bank branch closures on consumers' access to free-to-use cash machines in (a) the Bradford district, (b) Shipley constituency and (c) England.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of interchange fee reductions on the ability of cash machine operators to provide free-to-use cash machines.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of interchange fee reductions on consumers' access to free-to-use cash machines.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Philip Davies (Conservative - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of which parliamentary constituency has the (a) most and (b) least access to free-to-use cash machines.
Answered by John Glen
LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator.
Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK also publishes the total number of free-to-use ATMs across the UK online. As of April 2021, they reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also publishes information monthly on the breakdown by constituency.
On bank branch closures, these decisions are taken by the management team of each bank on a commercial basis. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible. In September 2020, the Financial Conduct Authority published guidance setting out their expectations of firms when they are deciding to close a branch or free-to-use ATM. Firms are expected to carefully consider the impact of a planned closure on their customers' everyday banking and cash access needs, and other relevant branch services, and consider possible alternative access arrangements.
More broadly, the Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has therefore committed to legislating to protect access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021, and has announced that it will consult this summer on further legislative proposals for protecting cash for the long term.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel