Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1141856

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that UK banks fulfuil their obligations under the EU Payment Accounts Directive; and whether he plans to retain the consumer protections in that directive after the UK leaves the EU.
tabling member constituency	Vale of Clwyd
tabling member printed	Chris Ruane
uin	281633
answer	answer is ministerial correction date of answer 03/09/2019 answer text <p>The Payment Accounts Directive 2014 has three main objectives: (1) to improve the transparency and comparability of fees related to payment accounts that are used for day-to-day payment transactions; (2) to facilitate the switching of those accounts; and (3) to ensure access to payment accounts with basic features (‘basic bank accounts’) for EU residents. The Payment Accounts Regulations 2015 (PARs) transposed this Directive into UK law.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for monitoring and enforcing the Payment Accounts Regulations’ requirements on payment service providers. The Payment Systems Regulator (PSR) is responsible for designating and monitoring alternative switching schemes.</p><p> </p><p>Designated UK banks must provide accessible information and assistance about the features and conditions of basic bank accounts under the Payment Accounts Regulations (PARs). The PARs also require the FCA to gather and submit to HM Treasury certain data on basic bank accounts and the switching of payment accounts. This information is reported to HM Treasury every two years. HM Treasury also collects data on basic bank accounts and this is published annually.</p><p> </p><p>The Government has amended the PARs to ensure that they continue to operate effectively in the UK once the UK has left the EU.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/09/2019 07:03:34 answering member 4051 label Biography information for John Glen
tabling member	534 label Biography information for Chris Ruane

931802

registered interest
date	27/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Health and Social Care on the effects of bank overdraft fees on the mental well-being of people borrowing money.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	158159
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>Ministers have regular meetings with Ministerial colleagues and others as part of the process of policy development and delivery. As was the case with previous administrations, it is not the Government's practice to provide details of all such meetings.</p><p> </p><p>Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.</p><p> </p><p>As part of its ongoing work on high-cost credit, the FCA is currently consulting on measures that aim to secure greater protection for consumers using overdrafts. The consultation can be found online at: https://www.fca.org.uk/publication/consultation/cp18-13.pdf</p><p> </p><p>The FCA is also considering overdraft pricing as part of its wider Strategic Review of Retail Business Banking Models. It has recently published an update on this work, which can be found online at: https://www.fca.org.uk/publications/multi-firm-reviews/strategic-review-retail-banking-business-models</p><p> </p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use overdrafts are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2018 15:56:31 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

867511

registered interest
date	20/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of overdraft charges on the finances of vulnerable people.
tabling member constituency	East Renfrewshire
tabling member printed	Paul Masterton
uin	133486
answer	answer is ministerial correction date of answer 27/03/2018 answer text <p>Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.</p><p>In its July 2017 review of high-cost credit, the FCA concluded that it had concerns about both arranged and unarranged overdrafts. On 31 January 2018 the FCA published an update on its review, confirming it had seen evidence of consumer harm and would be undertaking further analysis to identify the extent of that harm, and how it might be resolved. The FCA has committed to publishing the results of this analysis in May 2018. The FCA also confirmed that overdrafts would be considered as part of its wider Strategic Review of Retail Business Banking Models and that it would look to consult on any further remedies towards the end of 2018, taking into account the findings of the Strategic Review.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 133487 question first answered 27/03/2018 10:33:49 answering member 4051 label Biography information for John Glen
tabling member	4625 label Biography information for Paul Masterton

867512

registered interest
date	20/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to reduce the level of fees for unauthorised overdraft fees.
tabling member constituency	East Renfrewshire
tabling member printed	Paul Masterton
uin	133487
answer	answer is ministerial correction date of answer 27/03/2018 answer text <p>Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.</p><p>In its July 2017 review of high-cost credit, the FCA concluded that it had concerns about both arranged and unarranged overdrafts. On 31 January 2018 the FCA published an update on its review, confirming it had seen evidence of consumer harm and would be undertaking further analysis to identify the extent of that harm, and how it might be resolved. The FCA has committed to publishing the results of this analysis in May 2018. The FCA also confirmed that overdrafts would be considered as part of its wider Strategic Review of Retail Business Banking Models and that it would look to consult on any further remedies towards the end of 2018, taking into account the findings of the Strategic Review.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 133486 question first answered 27/03/2018 10:33:49 answering member 4051 label Biography information for John Glen
tabling member	4625 label Biography information for Paul Masterton