The below Parliamentary question was asked by Lord Mendelsohn on 2015-12-09.
To ask Her Majesty’s Government what impact assessment they conducted on provisions in the Trade Union Bill prohibiting public sector employers from providing a check-off service.
Lord Bridges of Headley
The prohibition on deduction of union subscriptions from wages in the public sector (check-off) is being considered in an impact assessment to be published in due course.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-04-25.
To ask Her Majesty’s Government whether they will be participating in the Investment Association’s roundtables on executive pay; and whether Minister or officials intend to communicate with the Investment Association in preparation of those roundtables.
Baroness Neville-Rolfe
The Government welcomes the interim conclusions of the Executive Remuneration Working Group. They represent a valuable source of ideas for ensuring more effective engagement between investors and directors and ensuring that executive pay policies are tailored to the needs of individual businesses. We also welcome the Working Group’s plans to consult interested stakeholders on practical ways of improving the current approach to executive pay. Departmental officials will be engaging with the roundtables that are being planned.
The Government made significant reforms to the governance of executive pay in 2013. Under these reforms, companies are required to put their pay policies to shareholders at least every three years. These policies have to include information on how each director will be paid and how that is linked to different levels of performance. This is subject to a binding vote. Companies also have to provide shareholders with an Annual Remuneration Report which reports the pay of each director in a single figure and again has to set out clearly how the actual payments relate to performance. Shareholders have an advisory vote on this report, but if they reject the report, the company must submit a revised pay policy to a binding vote at the next AGM.
These reforms give shareholders effective powers to challenge excessive pay and hold boards to account on executive pay policies. There is strong evidence from the current AGM season that shareholders are willing to use these powers, particularly where levels of pay are out of line with performance.
The Government has no current plans for further legislation or regulation, but is looking for firm evidence that companies are liaising effectively with shareholders and adjusting pay policies where there is shareholder dissatisfaction.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-05-09.
To ask Her Majesty’s Government what assessment they have made of the number of cybercrime attacks and their impact on the UK economy.
Lord Ahmad of Wimbledon
The most recently published crime statistics for England and Wales show that in the year ending December 2015 of the 617,618 fraud offences reported to the National Fraud Investigation Bureau, 14,347 (2.3%) were recorded under the Computer Misuse Act (i.e. cyber-dependent offences). This figure represented a 6% decrease compared to the year ending December 2014.
While overall crime has fallen by more than a quarter since 2010, it is also changing. An accurate national picture is critical to informing our response to cyber crime. That is why the Office for National Statistics have now published, for the first time, initial experimental estimates of the numbers of cyber crimes committed.
Based on a preliminary field trial, ONS estimate 5.1m fraud incidents and 2.5m incidents of computer misuse crime per year. Following the success of this trial, new questions relating to fraud and cybercrime were introduced onto half the survey sample from October 2015 and will be reported on a quarterly basis from later this year.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-06-07.
To ask Her Majesty’s Government what assessment they have made of whether the number of customer complaints regarding insurance companies in the current financial year is above or below average.
Lord O’Neill of Gatley
The issues raised are a matter for the Financial Conduct Authority (FCA) who are operationally independent from Government.
The questions have been passed on to the FCA. The FCA will reply directly to the Noble lord by letter. A copy of the letter will be placed in the Library of the House.
The below Parliamentary question was asked by Lord Mendelsohn on 2015-12-15.
To ask Her Majesty’s Government on what date the full impact assessment for the Trade Union Bill will be published.
Baroness Neville-Rolfe
The Government intends to publish the impact assessment for the Trade Union Bill before Lords’ Committee stage.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-05-04.
To ask Her Majesty’s Government whether they intend to legislate to introduce voting thresholds that empower shareholders in the operations of public companies in relation to executive pay.
Baroness Neville-Rolfe
It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the noble Lord.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-05-09.
To ask Her Majesty’s Government what action they are taking to ensure that businesses and individuals are being adequately protected from the financial impact of cybercrime.
Lord Keen of Elie
Through the National Cyber Security Programme (NCSP), we invested over £90 million during the last Parliament to bolster the law enforcement response. As the Chancellor announced in November, this Government has committed to spending £1.9 billion on cyber security over the next five years, including activity to help businesses and individuals protect themselves from cyber crime. The Government is also creating the National Cyber Security Centre, which will open in October 2016, to simplify the current cyber security landscape. This year, we will also publish a second five-year National Cyber Security Strategy which will set out our approach to how we will continue to defend the UK from cyber crime.
Through the NCSP we are funding the Cyber Streetwise campaign (www.cyberstreetwise.com), which encourages the public and Small and Medium Enterprises to adopt more secure online behaviour. The latest phase of the campaign, launched in September 2015, is focussed on addressing the estimated 80% of cyber crime that could be prevented through the adoption of three simple online behaviours: use three random words to create a strong password; install security software on all devices; and always download the latest software and app updates as soon as they appear.
We are also clear that banks have a central role in the prevention of fraud and cyber crime. The Home Secretary announced our new Joint Fraud Taskforce on 10 February. The Taskforce is a collaboration of the banks, law enforcement and government, at the most senior levels. Its aim is to protect the public from financial fraud, including cyber-enabled fraud, to reduce the impact of fraud on victims and increase the disruption and prosecution of fraudsters.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-06-06.
To ask Her Majesty’s Government what assessment they have made of the Institute of Director’s call in February for a broadband target of 10 gigabits a second by 2030.
Baroness Neville-Rolfe
The Government welcomes the Institute of Directors’ Ultrafast Britain: Broadband Report published in February and is committed to working with the market to deliver a digital infrastructure that meets the current and future needs for high speeds, as well as security and resilience. The Government will be setting out its plans for realising this in its upcoming Digital Strategy.
The below Parliamentary question was asked by Lord Mendelsohn on 2015-12-14.
To ask Her Majesty’s Government what assessment they have made of the estimated annual financial loss to the Labour Party following the implementation of clause 10 in the Trade Union Bill, which will reverse the current opt-out process.
Baroness Neville-Rolfe
There has been no assessment. However, the proposals in the Bill are not about party funding. The Trade Union Bill is introducing a greater level of transparency into union activities by requiring union members to make an active decision to contribute to a union’s political fund.
If union members want a political fund they are perfectly free to contribute to one, so, this will not necessarily lead to a reduction in the funds available.
The below Parliamentary question was asked by Lord Mendelsohn on 2016-05-04.
To ask Her Majesty’s Government what assessment they have made of the initiative at Woodford Investment Management to publish monthly all the costs that investors pay.
Lord O’Neill of Gatley
The Government is committed to the principle that people should have access to appropriate and accessible investment options and understand the charges that they face. We appreciate the efforts that industry have made to fulfil this aim.
The Financial Conduct Authority (FCA) is conducting a market study into asset management, where such issues fall under its scope. The FCA expect to publish an interim report in summer 2016 and a final report in early 2017.