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1121347

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the planned timeframe for the publication of a report on the second phase of its investigation into the Royal Bank of Scotland's Global Restructuring Group.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	244146
answer	answer is ministerial correction date of answer 23/04/2019 answer text <p>On 31 July 2018, the Financial Conduct Authority (FCA) announced it would publish a fuller account of its findings following the conclusion of its investigation into the Royal Bank of Scotland’s Global Restructuring Group.</p><p> </p><p>The FCA is an independent non-governmental body. In view of this independence, it would not be appropriate for the Government to comment on the timeframe for the publication of the FCA’s findings.</p><p> </p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2019 13:04:47 answering member 4051 label Biography information for John Glen
tabling member	4432 label Biography information for Patrick Grady

1121360

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings: Older People
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 encourage the elderly to accrue personal savings.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	244002
answer	answer is ministerial correction date of answer 23/04/2019 answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save.</p><p> </p><p>Older people will continue to benefit from a number of measures this Government has introduced in recent years.</p><p> </p><p>The amount of money that people can save into their ISAs each year (the annual subscription allowance) has been increased to a record £20,000.</p><p> </p><p>Since April 2016, individuals have also been able to benefit from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.</p><p> </p><p>As a result of these measures, over 95% of people with savings income pay no tax on that income.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2019 13:07:19 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1121394

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Manufacturing Industries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the oral contribution of 9 April 2019, Official Report, column 159, what assessment he has made of the effect of the extension to Article 50 has had on levels of stockpiling; and what support his Department provides to help businesses that are stockpiling.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	244080
answer	answer is ministerial correction date of answer 24/04/2019 answer text <p>The Prime Minister has agreed to an extension to Article 50 until 31 October 2019 at the latest. This eliminates the risk of a near-term economic disruption as a result of leaving the EU without a deal before that date. The Government’s priority is to leave the EU with a deal as soon as possible, providing certainty for businesses and delivering a Brexit that best supports the economy and jobs. The Government has published extensive advice on the steps that businesses may need to take to prepare for our exit from the EU. The public information campaign pages on Gov.uk provide all up to date material on the considerations of EU exit for businesses, and the practical steps that they will need to take in preparation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/04/2019 13:23:21 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1121507

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Brexit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the unrecoverable cost to British economy of preparations for the (a) 31 March deadline for the UK to leaving the EU and (b) 12 April deadline for the UK to leaving the EU.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	244081
answer	answer is ministerial correction date of answer 24/04/2019 answer text <p>The government has committed to ensuring that preparations are in place for leaving the European Union.</p><p> </p><p>Despite the uncertainty around Brexit, the economy remains resilient. We are currently enjoying the longest unbroken quarterly growth streak of any G7 nation and employment is at a record high. The Government’s priority is to leave the EU with a deal as soon as possible, providing certainty for businesses and delivering a Brexit that best supports the economy and jobs. The Government has published extensive advice on the steps that businesses may need to take to prepare for our exit from the EU. The public information campaign pages on Gov.uk provide all up to date material on the considerations of EU exit for businesses, and the practical steps that they will need to take in preparation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/04/2019 13:32:19 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1111112

registered interest
date	10/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, for what reasons the mini-bond market is not regulated by the Financial Conduct Authority.
tabling member constituency	West Bromwich West
tabling member printed	Mr Adrian Bailey
uin	243341
answer	answer is ministerial correction date of answer 23/04/2019 answer text <p>It is not a regulated activity for firms to issue their own securities, including mini-bonds, due to an exemption within the Regulated Activities Order 2001. This exemption exists to ensure that companies in the real economy can raise finance to fund their business without having to become authorised by the Financial Conduct Authority (FCA).</p><p> </p><p>However, to protect consumers, the marketing and promotion of such securities, including mini-bonds, are subject to the financial promotion restrictions set out in the Financial Services and Markets Act. This requires that the content of any financial promotion be approved by an FCA authorised firm unless an exemption applies. It is the responsibility of the FCA authorised firm to ensure the financial promotion is clear, fair and not misleading. Authorised firms that fail to meet these requirements may be subject to enforcement action by the FCA.</p><p> </p><p>HM Treasury keeps the regulatory framework for financial services under review, and updates it as necessary. We are committed to maintaining a strong and safe financial system, with high standards of consumer protection. On 1 April, I announced that I will direct the FCA to launch an investigation into the events at London Capital &amp; Finance, a firm which issued mini-bonds in order to fund loans that it made to other parties. This followed a request from the FCA Chair, Charles Randell, to launch such an investigation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2019 13:02:29 answering member 4051 label Biography information for John Glen
tabling member	320 label Biography information for Mr Adrian Bailey

1111174

registered interest
date	10/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of cash withdrawal fees on small businesses that host ATM machines.
tabling member constituency	Oxford West and Abingdon
tabling member printed	Layla Moran
uin	243569
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Government-established Payment Systems Regulator (PSR) is closely monitoring developments within ATM provision. The PSR regulates LINK, the scheme which runs the UK’s ATM network and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>LINK cancelled its third interchange fee reduction, due in January 2020, and put on hold its fourth reduction, due in January 2021, pending further review. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2019 11:21:25 answering member 4051 label Biography information for John Glen
tabling member	4656 label Biography information for Layla Moran

1111258

registered interest
date	10/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Asset Resolution
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with the FCA on the adequacy of their mechanisms for monitoring the outcomes for mortgage holders whose loans have been sold on by UKAR to inactive lenders.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	243348
answer	answer is ministerial correction date of answer 23/04/2019 answer text <p>As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer’s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders’ risk appetites.</p><p> </p><p>The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.</p><p> </p><p>For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 243349 question first answered 23/04/2019 11:26:03 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1111259

registered interest
date	10/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Asset Resolution
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of (a) the merits of the sale of £4.9 billion of former Northern Rock loans to Citibank on the ability of those mortgage loan holders to transfer or get better terms from other regulated lenders, (b) whether properties of Northern Rock mortgage holders' loans held under AKAR and sold between 2012 and 2018 were sold to (i) inactive and (ii) unregulated lenders.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	243349
answer	answer is ministerial correction date of answer 23/04/2019 answer text <p>As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer’s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders’ risk appetites.</p><p> </p><p>The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.</p><p> </p><p>For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 243348 question first answered 23/04/2019 11:26:03 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1110536

registered interest
date	09/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will (a) undertake a review of the compensation afforded to people affected by Equitable Life and (b) issue guidance on recourse available to people affected in Crewe and Nantwich constituency that have (i) not been paid and (ii) received insufficient compensation.
tabling member constituency	Crewe and Nantwich
tabling member printed	Laura Smith
uin	242926
answer	answer is ministerial correction date of answer 16/04/2019 answer text <p>There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/04/2019 14:32:05 answering member 4051 label Biography information for John Glen
tabling member	4648 label Biography information for Laura Smith

1110831

registered interest
date	09/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Rural Areas
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps is he taking to seek to ensure that ATM operators maintain no charge access to machines in rural areas throughout the UK.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	242726
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Government-established Payment Systems Regulator (PSR) is closely monitoring developments within ATM provision. The PSR regulates LINK, the scheme which runs the UK’s ATM network and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>Additionally, LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM and has also enhanced its Financial Inclusion Programme, tripling the funding available to ATMs in the most deprived areas of the UK. LINK has also announced new additional premiums to safeguard the presence of free-to-use ATMs in remote and deprived areas.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/04/2019 11:17:22 answering member 4051 label Biography information for John Glen
tabling member	1409 label Biography information for Mr Gregory Campbell