Asked by: Will Forster (Liberal Democrat - Woking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will review the role of the Financial Conduct Authority.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The government has no plans to review the role of the Financial Conduct Authority (FCA). It is working closely with the FCA to support the growth mission and maintain high standards of regulation in financial services.
Asked by: Will Forster (Liberal Democrat - Woking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to help ensure the effective prosecution of tax evasion.
Answered by James Murray - Chief Secretary to the Treasury
HMRC is not a prosecuting authority, however they have a strong and effective working relationship with their prosecuting partners – the Crown Prosecution Service, Public Prosecution Service, and Crown Office and Procurator Fiscal Service. HMRC works closely with prosecutors to conduct criminal investigations and prepare cases to the highest evidential standard, before the relevant prosecuting authority decides if criminal charges should be made and prosecutions sought.
HMRC’s Fraud Investigation Service (FIS) and its prosecution partners have a strong success rate, with an average conviction rate of over 90 per cent across the 8 years since FIS was created.
HMRC is supporting the government’s ambition to close the tax gap via measures set out at Spring Statement.
In particular, HMRC is expanding its counter-fraud capability to increase the number of annual charging decisions for the most harmful tax fraud by 20%, compared to current levels, from 500 to 600 per year by 2029-30. This will lead to increased prosecutions in future years.