Written questions by Garnier.

What estimate her Department has made of the cost of merging the Financial Conduct Authority and the Payment Systems Regulator.

The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible. The Payment Systems Regulator is funded by fees levied on industry.

Whether she plans to introduce a nationwide policing strategy to prevent the theft of materials from charging stations.

Theft, including the theft of cables is a serious issue. This Government recognises the distress and disruption that theft and vandalism can cause, not only to businesses, but also to local communities and critical infrastructure.The Home Office provided initial funding to establish the National Infrastructure Crime Reduction Partnership. The Partnership ensures national co-ordination of policing and law enforcement partners to tackle metal theft. It also provides training to police officers to help with tackling metal theft, and facilitates data and intelligence sharing to partners to target offenders and implement crime prevention measures.The Home Office will also continue to support the extensive work undertaken by the British Transport Police in partnership with organisations such as Network Rail to further improve the enforcement response to metal theft. This includes supporting the Metal Crime Steering Group led by the National Police Chiefs Council lead for metal theft, Assistant Chief Constable Charlie Doyle, whose aim is to disrupt those involved in this area of crime.The Scrap Metal Dealers Act 2013 was introduced to reduce metal theft by strengthening regulation of the scrap metal industry. Enforcement of the Act is key to reducing metal theft. Following the introduction of the Act, there was an overall downward trend in metal-related theft offences. The latest figures for the year ending March 2024 are 64% lower than in the previous year.

What assessment her Department has made of the potential impact of merging the Financial Conduct Authority and the Payment Systems Regulator on costs to the Exchequer.

The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible. The Payment Systems Regulator is funded by fees levied on industry.

Whether her Department plans to require (a) technology and (b) telecommunication firms to contribute to the cost of (i) fraud prevention and (ii) the reimbursement of victims of fraud on their platforms.

Fraud is a costly crime for citizens, consumers, and businesses.I welcome existing pledges to prevent fraud made by tech and telecoms firms.At Mansion House, the Chancellor announced this government would work with tech and telecoms companies to stop their platforms and networks being exploited by criminals.We are monitoring progress, including work on the second Telecommunications Fraud Sector Charter and implementation of the Online Safety Act.To balance the requirement on Financial Services to reimburse victims of fraud, Section 72 of the Financial Services and Markets Act enables the sector to manage risk through due diligence checks before releasing payments.The department will continue to work with the Home Office and Department for Science, Innovation and Technology to unlock further prevention efforts across all sectors in the forthcoming update to the fraud strategy.

Whether her Department has considered designating public electric vehicle charger sites as Critical National Infrastructure.

Critical National Infrastructure (CNI) is defined as those facilities, systems, sites, information, people, networks and processes judged to be critical to the functioning and security of the UK. Loss or compromise of these could result in risk to life or have a significant impact on our national security, national defence, or the functioning of the state. CNI designation within each sector, including transport, is assessed using a criticalities scale. While the rollout of public electric vehicle charging infrastructure continues at pace, it is currently not classed as CNI. The Government will continue to review this status, as the number of electric vehicle chargepoints increases.

If she will make an estimate of the potential impact of (a) reducing the cash ISA limit to £4,000 and (b) creating incentives to put money into stocks and shares ISAs on the amount of money that will be put into stocks and shares ISAs in each of the next three years.

The Government is committed to incentivising greater saving and investment. Individual Savings Accounts (ISAs) help people save for their future goals and build greater financial resilience. The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day. The Government also wants to see more consumers participate in capital markets and benefit from the long-term financial security and returns that investing can provide. The Government continues to keep all aspects of savings policy under review.

When her Department plans to lay the Statutory Instrument for the introduction of the PISCES Sandbox.

As the Chancellor announced at Mansion House in November 2024, the government intends to lay the statutory instrument which will provide the legal framework for the PISCES Sandbox before Parliament by May 2025.

How much money has been raised from stamp duty charged to UK listed equity transactions in each financial year since 2010.

HM Revenue and Customs does not hold the necessary information on its statistical data systems to separate transactions of UK listed equity and the resulting Stamp Tax on Shares charge from other sources of Stamp Tax on Shares revenue. However, the majority of Stamp Duty Reserve Tax (SDRT) receipts likely relate to UK listed equity transactions. A timeseries of SDRT receipts is included in Table 1 of the UK Stamp Tax statistics publication available here: https://www.gov.uk/government/statistics/uk-stamp-tax-statistics

Whether her Department has made an assessment of the potential impact of removing stamp duty from UK listed equity transactions on economic growth.

Collectively, Stamp Duty and Stamp Duty Reserve Tax are currently forecast to raise up to £5bn per year, providing vital revenue which helps to fund key public services. The existing framework contains multiple reliefs and exemptions which are designed to boost liquidity and growth. The government keeps all taxes under review.

What discussions she has had with the Bank of England on increasing the proposed eligibility threshold in its consultation on minimum requirement for own funds and eligible liabilities (MREL) to £50bn.

The Government is continuing to engage closely with the Bank of England on its recent consultation on its approach to setting a minimum requirement for own funds and eligible liabilities (MREL), which closed on 24 January. The Bank of England sets MREL policy, including the thresholds for MREL, independently in its capacity as resolution authority. The Government recognises the varied feedback raised by industry, including on the asset-based threshold. The Government’s engagement with the Bank of England has included and will continue to include consideration of this feedback as well as the impacts on economic growth.

What steps she is taking to ensure the (a) transparency and (b) accountability of the Financial Ombudsman Service.

The Financial Ombudsman Service (FOS) is governed by the framework set out in the Financial Services and Markets Act (FSMA) 2000. This includes a range of mechanisms to ensure the accountability and transparency of the FOS.The Financial Conduct Authority (FCA) is responsible for ensuring that the FOS is, at all times, capable of exercising its statutory functions.To support transparency and accountability, the FOS is required to lay its annual report and accounts before Parliament, and is subject to statutory audit by the National Audit Office.Representatives of the FOS may also be called to appear before Parliamentary committees, including the Treasury Select Committee, which most recently occurred earlier this month.HM Treasury meets regularly with both the FOS and the FCA to discuss relevant issues and performance against their statutory functions. This includes work to deliver the package of reforms announced by the Chancellor at Mansion House in November 2024, to modernise the framework under which the FOS operates and give clearer expectations to consumers and firms.

What assessment she has made of the adequacy of the Financial Ombudsman Service’s decision to introduce a £250 charge for claims management companies to refer cases.

The Government recognises that many professional representatives, including claims management companies, provide a valuable service to consumers by supporting them to make financial services redress claims. However, there are examples of poor behaviour from some professional representatives, and the Government considers that introducing a fee for professional representatives when they bring cases to the Financial Ombudsman Service (FOS) will help to ensure that the FOS can focus on promptly resolving consumer complaints and reduce the impact of spurious complaints on financial services firms. On 25 November 2024, Parliament approved a Statutory Instrument which allows the FOS to charge fees to professional representatives. The FOS is responsible for determining exactly who it charges and the level of any fees, and following extensive consultation, it has confirmed its intention to charge professional representatives from 1 April 2025.

To ask the Chancellor of the Exchequer what assessment she has made of the adequacy of the Financial Conduct Authority’s decision to automatically delete emails after 12 months.

The FCA is operationally independent of government and therefore the Treasury has not made an assessment of this decision. The government expects the FCA to act in accordance with high standards of transparency and operational efficiency, and will continue to hold the FCA to account for how it exercises its functions.

What assessment she has made of the adequacy of the recommendations within the House of Lords Financial Services Regulation Committee's report entitled Naming and shaming: how not to regulate, published on 6 February 2025.

The Government welcomes the publication of this report and its recommendations for the Financial Conduct Authority (FCA). Effective Parliamentary scrutiny is key to ensuring a well-functioning regulatory environment with high standards of accountability and transparency. The Government will continue to engage the FCA as it considers the responses received to its most recent consultation on these proposals and the Committee’s report, and expects the FCA to ensure that any proposals it takes forward are effective, proportionate, and contribute to a competitive regulatory environment in the UK.

What assessment she has made of the impact of the unavailability of localiser performance with vertical guidance (LPV) approaches on (a) general aviation, (b) emergency medical services and (c) regional airports; and what steps her Department is taking to deal with the (i) economic and (ii) operational impact of the loss of European Geostationary Navigation Overlay Service (EGNOS) services at airports.

Larger UK airports and many regional airports have Instrument Landing Systems in place and therefore a satellite-based augmentation system) such as European Geostationary Navigation Overlay Service (EGNOS), is primarily beneficial at smaller regional airports and General Aviation aerodromes during periods of poor weather resulting in restricted visibility. Flights that are taking place continue to do so safely, following alternative Civil Aviation Authority approved procedures. Helicopter Emergency Medical Services (HEMS) will, in the UK, be supported through a GNSS Point in Space ‘PinS’ approach to helicopter landing sites at trauma hospitals which will greatly assist in increasing the utility of air ambulance helicopters in poor visibility conditions. Government is considering options for UK access to a satellite-based augmentation system, following our withdrawal from the EU's EGNOS system. This work is ongoing and no decision has yet been made.

If she will make an estimate of the number of additional mortgages that could be approved by increasing the 15% cap on bank mortgage lending above 4.5 times income to (a) 17.5%, (b) 20% or (c) removing the cap entirely.

The flow limit, which limits the number of mortgages extended at loan-to-income (LTI) ratios of 4.5 or higher to 15% of a lender’s new mortgage lending, is set by the independent Financial Policy Committee (FPC) of the Bank of England.While the Government does not seek to intervene in decisions made by the independent FPC, the Chancellor has recommended that the Committee consider how its decisions support the Government’s priority of supporting home ownership, as stated in her remit letter sent to the FPC on 14 November 2024.

What assessment she has made of the adequacy of the Bank of England's Financial Policy Committee's 15% cap on mortgage lending.

The flow limit, which limits the number of mortgages extended at loan-to-income (LTI) ratios of 4.5 or higher to 15% of a lender’s new mortgage lending, is set by the independent Financial Policy Committee (FPC) of the Bank of England.While the Government does not seek to intervene in decisions made by the independent FPC, the Chancellor has recommended that the Committee consider how its decisions support the Government’s priority of supporting home ownership, as stated in her remit letter sent to the FPC on 14 November 2024.

If she will make an assessment of the potential merits of taking legislative steps to allow credit unions to access the Bank of England’s liquidity facilities.

Credit unions are not currently eligible to access the Bank of England’s liquidity facilities, but the Bank continually assesses the types of firms that are eligible. The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit. The Government continues to engage regularly with this sector to understand the current barriers they face and to consider further opportunities for growth.

Innovation and Technology, what his planned timetable is for publishing the Active Debris Removal Programme.

Active Debris Removal (ADR) is a core part of in-orbit servicing, assembly and manufacturing capabilities to support safe, secure and sustainable access to space. The Government recently awarded £4.7 million to Astroscale and ClearSpace to understand the risks and costs of an ADR mission to rendezvous with and deorbit two UK-licenced satellites. The UK Space Agency is developing the business case for Phase 3 of the ADR programme which, if successful, will be published for tender in mid-2025 to prepare for mission launch in 2028. Any future phase will be subject to funding decisions which will be taken through the Spending Review.

What discussions she has had with the Bank of England on creating a regulatory framework for stablecoins.

HM Treasury has ongoing engagement with the financial regulators, including the Bank of England, on the regulatory treatment of cryptoassets. The Government plans to publish draft legislation for the creation of a financial services regulatory regime for cryptoassets as early as possible this year. This regime will include creating a new regulated activity for stablecoin issuance.