Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what regulatory framework is in place to supervise (a) unregulated collective investment schemes and (b) the promotion of those schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data his Department holds on he number of (a) cases investigated and (b) enforcement actions taken against individuals and entities involved in the promotion of unregulated collective investment schemes in each of the last five years.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what measures his Department has in place to protect investors from the promotion of unregulated collective investment schemes; and what penalties or enforcement action is being pursued against those found promoting such schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to identify and prevent entities and individuals promote unregulated collective investment schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of allowing businesses in the land-based gambling sector that pay Machine Games Duty to reclaim VAT.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The takings from gaming machines that are subject to Machine Games Duty are exempt from VAT. This means that businesses do not have to charge any VAT on the machine takings but, in line with the normal VAT rules, they cannot reclaim VAT on related costs.
There are no plans to review the VAT liability of this income.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of the costs to the public purse of the (a) Coronavirus Job Retention Scheme and (b) Self-Employment Income Support Scheme for claims made in Blackpool South constituency.
Answered by Richard Fuller - Shadow Chief Secretary to the Treasury
HMRC published statistics on the Coronavirus Job Retention Scheme (CJRS) and Self Employment Income Support Scheme (SEISS) are available at: https://www.gov.uk/government/collections/hmrc-coronavirus-covid-19-statistics.
For the CJRS, the total value of claims is not available for individual constituencies. By the end of the scheme, a total of 15,500 employments benefitted from CJRS in the Blackpool South constituency.
For the SEISS, 13,700 claims were made at a cost of £30,500,000 in the Blackpool South constituency.