The Bishop of St Albans received the following written answers on 22nd February 2021:
The Lord Bishop of St Albans asked Her Majesty’s Government what assessment they have made of the ethical implications of awarding public contracts to firms which (1) directly, or (2) indirectly, help to promote tax avoidance.
Lord True (Con, Cabinet Office): Aggressive tax avoidance is unacceptable.
The grounds for exclusion of bidders from public procurement procedures relating to tax are set out in The Public Contracts Regulations 2015.
The Lord Bishop of St Albans asked Her Majesty’s Government what assessment they have made of the actions of some retail stock brokerages preventing retail traders from purchasing specific stocks on 28 January; and what plans the Financial Conduct Authority has to investigate the matter.
Lord Agnew of Oulton (Con, Treasury): The Financial Conduct Authority (FCA) is the UK’s financial markets conduct regulator and is responsible for protecting consumers, ensuring market integrity and promoting effective competition. As set out in the FCA’s statement of 29 January, broking firms are not obliged to offer trading facilities to clients and may withdraw or suspend services if it is necessary or prudent to do so. The FCA’s statement also said that they would take appropriate action wherever they see evidence of UK firms or individuals causing harm to UK consumers or markets.
The Government recognises that the pace and creativity of innovation in UK financial services creates new opportunities for businesses and consumers to participate in markets through technologies such as app-based platforms. However, investors should be aware that investing in securities comes with risks. The FCA’s statement of 29 January warned consumers that any losses that result from such investments are unlikely to be covered under the Financial Services Compensation Scheme.
The Lord Bishop of St Albans asked Her Majesty’s Government what assessment they have made of the (1) benefits to institutional finance firms, and (2) costs to retail traders, of the decision by some retail stock brokerages to prevent traders from taking long positions on specific stocks on 28 January.
Lord Agnew of Oulton: The Financial Conduct Authority (FCA) is the UK’s financial markets conduct regulator and is responsible for protecting consumers, ensuring market integrity and promoting effective competition. As set out in the FCA’s statement of 29 January, broking firms are not obliged to offer trading facilities to clients and may withdraw or suspend services if it is necessary or prudent to do so. The FCA’s statement also said that they would take appropriate action wherever they see evidence of UK firms or individuals causing harm to UK consumers or markets.
The Government recognises that the pace and creativity of innovation in UK financial services creates new opportunities for businesses and consumers to participate in markets through technologies such as app-based platforms. However, investors should be aware that investing in securities comes with risks. The FCA’s statement of 29 January warned consumers that any losses that result from such investments are unlikely to be covered under the Financial Services Compensation Scheme.
The Church of England in Parliament 
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