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885222

registered interest
date	17/04/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensioners: Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment Her Majesty’s Government has made of the long-term effect on retirement incomes of people withdrawing money from their pension pots and placing it in bank current accounts and low-interest savings products.
tabling member constituency	Belfast South
tabling member printed	Emma Little Pengelly
uin	136087
answer	answer is ministerial correction date of answer 24/04/2018 answer text <p>The government continues to assess its reforms, and keeps policy under review through the annual budget process, using data collected from a number of sources.</p><p>The Financial Conduct Authority (FCA) is responsible for monitoring the retirement market and collects data from the markets it regulates, consumer surveys and its own operations. The FCA’s Retirement Outcomes Review has examined how the retirement income market is evolving since the introduction of pensions freedoms. The government awaits the final report of the Retirement Outcomes Review and will work with the regulator and industry to consider its recommendations.</p><p>The impact of pensions flexibility on tax revenue was costed in the Office for Budget Responsibility’s March 2014 Economic and Fiscal Outlook. HMRC publishes a quarterly statistical release detailing the number of transactions using pension flexibility and the amount of money withdrawn.</p><p>The government has made freedom and choice in pensions a key priority, meaning individuals are now free to access their pensions as they wish. The government set up the free and impartial Pension Wise service to provide guidance to individuals over 50 with a defined contribution pension, to help them understand their options. The government is creating a new single financial guidance body.</p><p>This will make it easier for people to access information and guidance about their pensions. In making such decisions, individuals need to consider the impact of different options and subsequent income tax implications on their retirement income.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 136088 question first answered 24/04/2018 07:51:05 answering member 4051 label Biography information for John Glen
tabling member	4611 label Biography information for Emma Little Pengelly

885223

registered interest
date	17/04/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensioners: Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment Her Majesty’s Government has made of the potential long term effect on retirement incomes of the additional tax being paid by those withdrawing their pensions from retirement savings.
tabling member constituency	Belfast South
tabling member printed	Emma Little Pengelly
uin	136088
answer	answer is ministerial correction date of answer 24/04/2018 answer text <p>The government continues to assess its reforms, and keeps policy under review through the annual budget process, using data collected from a number of sources.</p><p>The Financial Conduct Authority (FCA) is responsible for monitoring the retirement market and collects data from the markets it regulates, consumer surveys and its own operations. The FCA’s Retirement Outcomes Review has examined how the retirement income market is evolving since the introduction of pensions freedoms. The government awaits the final report of the Retirement Outcomes Review and will work with the regulator and industry to consider its recommendations.</p><p>The impact of pensions flexibility on tax revenue was costed in the Office for Budget Responsibility’s March 2014 Economic and Fiscal Outlook. HMRC publishes a quarterly statistical release detailing the number of transactions using pension flexibility and the amount of money withdrawn.</p><p>The government has made freedom and choice in pensions a key priority, meaning individuals are now free to access their pensions as they wish. The government set up the free and impartial Pension Wise service to provide guidance to individuals over 50 with a defined contribution pension, to help them understand their options. The government is creating a new single financial guidance body.</p><p>This will make it easier for people to access information and guidance about their pensions. In making such decisions, individuals need to consider the impact of different options and subsequent income tax implications on their retirement income.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 136087 question first answered 24/04/2018 07:51:05 answering member 4051 label Biography information for John Glen
tabling member	4611 label Biography information for Emma Little Pengelly

861045

registered interest
date	13/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Standards
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, with reference to the report of the Financial Conduct Authority, FCA Mission: Our Future Approach to Consumers, what assessment he has made of the potential merits of introducing a duty of care on financial services firms towards consumers.
tabling member constituency	Belfast South
tabling member printed	Emma Little Pengelly
uin	132194
answer	answer is ministerial correction date of answer 20/03/2018 answer text <p>The government believes that the Financial Conduct Authority (FCA), as the UK’s independent conduct regulator for the financial services industry, is best placed to lead the discussion on the merits of a duty of a care for financial services providers.</p><p> </p><p>The FCA have committed to issuing a Discussion Paper on a duty of care later this year. The Paper will invite contributions from all interested parties on the case for and against a duty of care, what form such a provision might take, and consequential issues arising from adopting it. This will be an open process designed to gather views.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/03/2018 14:59:57 answering member 4051 label Biography information for John Glen
tabling member	4611 label Biography information for Emma Little Pengelly

857832

registered interest
date	08/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the progress made by the banking sector on meeting the needs of vulnerable consumers.
tabling member constituency	Belfast South
tabling member printed	Emma Little Pengelly
uin	131733
answer	answer is ministerial correction date of answer 13/03/2018 answer text <p>The Government believes it is vitally important that the banking sector meets the needs of vulnerable consumers. The nine largest personal current account providers in the UK are legally required to offer fee-free basic bank accounts to customers who do not have a bank account or who are ineligible for a bank’s standard current account. The Treasury’s December 2017 publication shows that in total there are nearly 8 million basic bank accounts open in the UK, and that just over 900,000 new accounts were opened between July 2016 and June 2017.</p><p> </p><p>The Government has also given the Financial Conduct Authority (FCA), the independent conduct regulator for the financial services sector, a statutory objective to protect consumers. The FCA continually assesses whether the banks they regulate are meeting the rules regarding the needs of vulnerable consumers.</p><p> </p><p>UK banks’ treatment of their customers is governed by the FCA in its Principles for Businesses, as well as specific requirements in its Handbook. The FCA's Principles require firms to conduct their business with due skill, care and diligence, and to pay due regard to the interests of its customers and treat them fairly.</p><p> </p><p>Understanding vulnerability is central to how the FCA makes decisions. At the end of last year, the FCA published its ‘Approach to Consumers’ Paper, which details how the FCA measures the effects of its actions on consumers, particularly with respect to access and vulnerability. This was a consultation and the FCA plans to publish its Final Approach to Consumers Paper later this year.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 13/03/2018 13:50:27 answering member 4051 label Biography information for John Glen
tabling member	4611 label Biography information for Emma Little Pengelly