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1139767

registered interest
date	17/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business and Consumers: Payments
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 two-factor payment authentication on (a) consumers and (b) businesses.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	278491
answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The implementation of Strong Customer Authentication, which mandates two-factor authentication for some online payments, will introduce more secure payments for individuals and businesses.</p><p> </p><p>This was introduced by the second Payment Services Directive. HM Treasury published an impact assessment on the implementation of this EU directive in 2017.</p><p> </p><p>In an Opinion published on 21 June, the European Banking Authority acknowledged the complexity of payments markets and the practical challenges arising from the changes that are required by Strong Customer Authentication across the EU, which may lead to some actors in the payments chain not being ready by 14 September 2019.</p><p> </p><p>The FCA is therefore working closely with industry to develop a migration plan to implement Strong Customer Authentication in a timely and effective manner.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 22/07/2019 13:24:49 answering member 4051 label Biography information for John Glen
tabling member	4128 label Biography information for Chuka Umunna

1139320

registered interest
date	16/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities: Islam
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to his Mansion House speech of 20 June 2019, when he plans to issue a second sovereign sukuk; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	277615
answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>Over the coming weeks the relevant teams at HM Treasury will work with the Debt Management Office and other officials on formulating the procurement process for the appointment of structuring and legal advisers. A specific timetable has not yet been determined for this. Further announcements, including on the timing of the issuance, will be made in due course.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 277780 question first answered 22/07/2019 13:58:59 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1139321

registered interest
date	16/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Islam
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment the Government has made of the potential merits of using Islamic financial certificates, sukuk to finance infrastructure projects without adding to Government debt on the public sector balance sheet; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	277616
answer	answer is ministerial correction date of answer 22/07/2019 answer text The proceeds from the Sukuk, like the proceeds from the wider gilt programme, flow into the consolidated fund. This is used for general expenditure, including expenditure on infrastructure. The government considers the core gilt program rather than the Sukuk to be the most cost-effective way of raising money for expenditure, including that of infrastructure projects. The main purpose behind the decision to issue a second Sukuk is to reaffirm the government’s commitment to the UK being the Western hub for Islamic finance, whilst also providing high-quality liquid assets to UK-based Islamic banks. answering member constituency Salisbury answering member printed John Glen grouped question UIN 277781 question first answered 22/07/2019 14:01:35 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1139344

registered interest
date	16/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Payments
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential effect on (a) consumers and (b) businesses of the September 2019 deadline for the introduction of multi-factor authentication on electronic payments.
tabling member constituency	Sheffield, Brightside and Hillsborough
tabling member printed	Gill Furniss
uin	277802
answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The implementation of Strong Customer Authentication, which mandates two-factor authentication for some online payments, will introduce more secure payments for individuals and businesses.</p><p> </p><p>This was introduced by the second Payment Services Directive. HM Treasury published an impact assessment on the implementation of this EU directive in 2017.</p><p> </p><p>In an Opinion published on 21 June, the European Banking Authority (EBA) acknowledged the complexity of payments markets and the practical challenges arising from the changes that are required by Strong Customer Authentication across the EU, which may lead to some actors in the payments chain not being ready by 14 September 2019.</p><p> </p><p>The FCA is therefore working closely with industry to develop a migration plan to implement Strong Customer Authentication in a timely and effective manner.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/07/2019 13:56:33 answering member 4051 label Biography information for John Glen
tabling member	4571 label Biography information for Gill Furniss

1138909

registered interest
date	15/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will meet with (a) banks and (b) other financial institutions on recent reports of personal savings accounts with £170 billion and for which no interest is paid.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	277117
answer	answer is ministerial correction date of answer 18/07/2019 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including banks and other financial institutions, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: <a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a>.</p>Interest rates on savings accounts are set by the institution providing the account. As this is a commercial decision, the Government does not seek to intervene. If a customer is not content with the interest rate they receive, Government encourages them to shop around to find the best savings account for their needs.<p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 18/07/2019 13:04:01 answering member 4051 label Biography information for John Glen
tabling member	1409 label Biography information for Mr Gregory Campbell

1138429

registered interest
date	11/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Older People and Vulnerable Adults
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 banks provide sufficient support to elderly and vulnerable customers to access their services.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	276248
answer	answer is ministerial correction date of answer 16/07/2019 answer text <p>The Government believes that everyone, wherever they live and especially the most vulnerable, should have access to essential banking services. Since 2017, the Post Office has had an agreement with the main high street banks, which enables 99% of personal banking customers and 95% of SME banking customers to carry out their everyday banking at any one of their 11,500 branches across the UK. The Government has invested over £2bn in the Post Office since 2010 to protect and maintain the network.</p><p>The Government also believes that having a bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. The nine largest personal current account providers in the UK must offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank's standard current account.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 276249 question first answered 16/07/2019 10:34:10 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1138430

registered interest
date	11/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Older People and Vulnerable Adults
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 banking services are accessible to (a) elderly customers, (b) vulnerable customers and (c) customers without internet access.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	276249
answer	answer is ministerial correction date of answer 16/07/2019 answer text <p>The Government believes that everyone, wherever they live and especially the most vulnerable, should have access to essential banking services. Since 2017, the Post Office has had an agreement with the main high street banks, which enables 99% of personal banking customers and 95% of SME banking customers to carry out their everyday banking at any one of their 11,500 branches across the UK. The Government has invested over £2bn in the Post Office since 2010 to protect and maintain the network.</p><p>The Government also believes that having a bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. The nine largest personal current account providers in the UK must offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank's standard current account.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 276248 question first answered 16/07/2019 10:34:10 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1138224

registered interest
date	10/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Genie
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps have been taken to ensure customers of Ariste Holding Ltd trading as Cash Genie are able to receive the compensation awarded by the Financial Conduct Authority following the company's voluntary liquidation.
tabling member constituency	Ipswich
tabling member printed	Sandy Martin
uin	275830
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the member for Ipswich by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 275831 question first answered 15/07/2019 15:43:51 answering member 4051 label Biography information for John Glen
tabling member	4678 label Biography information for Sandy Martin

1138226

registered interest
date	10/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to ensure that compensation awarded by the FCA from a financial company to their customers cannot be avoided by the company entering voluntary insolvency.
tabling member constituency	Ipswich
tabling member printed	Sandy Martin
uin	275831
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the member for Ipswich by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 275830 question first answered 15/07/2019 15:43:51 answering member 4051 label Biography information for John Glen
tabling member	4678 label Biography information for Sandy Martin

1137523

registered interest
date	08/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Finance
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 increase protection for small businesses taking out finance.
tabling member constituency	Oldham West and Royton
tabling member printed	Jim McMahon
uin	274603
answer	answer is ministerial correction date of answer 11/07/2019 answer text <p>On 1 April 2019 the Financial Conduct Authority (FCA) widened eligibility to take a complaint to the Financial Ombudsman Service (FOS) to include ‘small businesses’ who have:</p><ol><ol><li><p>an annual turnover of less than £6.5m; and</p></li><li><p>an annual balance sheet total of less than £5m; or</p></li><li><p>fewer than 50 employees.</p><p>‘Micro-enterprises’ were already eligible, and over 99% of businesses are now within the remit of the FOS. The FCA also increased the maximum FOS award limit to £350,000.</p><p> </p><p>The banking industry have also committed to establishing a new Dispute Resolution Service to resolve both future complaints from businesses with a turnover between £6.5m and £10m, and unresolved historic complaints.</p></li></ol></ol> answering member constituency Salisbury answering member printed John Glen question first answered 11/07/2019 09:50:39 answering member 4051 label Biography information for John Glen
tabling member	4569 label Biography information for Jim McMahon