Oral Answers to Questions

Debate between Simon Kirby and Philip Boswell

Tuesday 17th January 2017 Commons Chamber

[Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)]

8. Whether he has made an assessment of the potential merits of introducing additional rules to ring-fence the operations of US banks in the UK.

[The Economic Secretary to the Treasury (Simon Kirby)]

US banks operating in the UK are regulated by the Prudential Regulation Authority and the Financial Conduct Authority. The UK’s ring-fencing regime applies to all banks operating in the UK that are above the threshold of holding £25 billion of core deposits.

[Philip Boswell]

Does the Minister agree that the likely rolling back of the Dodd–Frank Act in the US, combined with the watering down of banking conduct reform, could result in deregulated American banks with high-risk lending patterns operating in the UK?

[Simon Kirby]

The UK and US financial sectors have significantly increased their resilience since the crisis, and the PRA has the powers it needs to regulate overseas firms operating in the UK to ensure the stability of the UK financial system.

Outsourcing and Tax Credits

Debate between Simon Kirby and Philip Boswell

Friday 4th November 2016 Commons Chamber

[Simon Kirby]

As ever, my hon. Friend makes a valuable point and worthwhile contribution. He is right that there have been mistakes and lessons to be learned over a large number of years in a number of different Departments. What is important is that we get the balance right, pay the money that people—often the most vulnerable in society—are owed, while at the same time protecting the taxpayer from unnecessary overpayment, error and fraud.

[Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)]

While Concentrix certainly has questions to answer, the model for indiscriminately targeting low-income families was devised by the Conservative Government and designed to place the burden of the failing austerity agenda firmly on the shoulders of the most disadvantaged in our society. As tax credits are to be overtaken by universal credit, there have already been reports on the delay of the roll-out of UC as well as on continued problems with the system. With private companies such as Atos, Maximus and Concentrix under the spotlight for their poor handling of contracts intended to support social security claimants, does the Minister agree that we must ensure that all future contracts are kept under close scrutiny by his Department, that they are fit for purpose and that they protect vulnerable people?

[Simon Kirby]

I agree that everything that the Government do should be kept under close scrutiny. It is worth saying again that HMRC has reduced error and fraud in the tax credit system, so that it remains on target and is at a near record low since tax credits were introduced in 2003—some 13 years ago. We are always well advised constantly to check and ensure that the service we deliver is appropriate.

Oral Answers to Questions

Debate between Simon Kirby and Philip Boswell

Tuesday 25th October 2016 Commons Chamber

[Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)]

The latest reports on the dash for cash in RBS’s Global Restructuring Group show even more misconduct by this bank. Given that we own a majority of RBS shares, does the Chancellor not believe that the UK Government have an obligation to the people of this country to conduct a robust investigation into the allegations of misconduct?

[The Economic Secretary to the Treasury (Simon Kirby)]

The Financial Conduct Authority is looking at this important issue, and we will wait on its view.