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1144727

registered interest
date	04/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Unions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to expand the credit union sector; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	286605
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The government is committed to supporting credit unions, which contribute to the diversity of the UK’s financial services sector and provide vital services to financially under-served communities.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.</p><p> </p><p>At Autumn Budget 2018 the Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions.</p><p> </p><p>In July 2019 the Government made it easier for Registered Social Landlords to refer tenants to social and community lenders, including credit unions. This should help encourage Registered Social Landlords to grow and develop existing new partnerships with credit unions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:38:02 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1144212

registered interest
date	03/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Elysian Fuels
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that constituents in Crewe and Nantwich constituency that were mis-sold investments in Elysian Fuels by James Hay will be compensated.
tabling member constituency	Crewe and Nantwich
tabling member printed	Laura Smith
uin	286345
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Consumers with complaints of this kind may be able to refer their complaint to the Financial Ombudsman Service (FOS).</p><p> </p><p>The FOS is an independent, non-governmental body, established to provide for the proportionate, prompt and informal resolution of consumer complaints against financial services firms. Whether or not an individual complaint can be taken to the FOS will ultimately depend on the individual details. The eligibility of a complaint would be a matter for the FOS to consider.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:34:51 answering member 4051 label Biography information for John Glen
tabling member	4648 label Biography information for Laura Smith

1144492

registered interest
date	03/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Chronic Illnesses
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 number of people affected by terminal illness who are unable to claim their personal pensions early.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	286104
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The government does not hold this data.</p><p> </p><p>Subject to scheme rules, individuals may be able to make early withdrawals from their personal pension in the event that they are expected to live less than a year. These withdrawals can be made free of tax provided certain conditions are met.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:37:49 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1142701

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Overseas Loans: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for International Development on establishing an Overseas Loan Transparency Register to ensure that people using UK law in loan contracts are not able to make secret loans to governments in the Global South.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	284204
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Chancellor of the Exchequer has not discussed proposals to establish an “Overseas Loan Transparency Register” with the Secretary of State for International Development.</p><p> </p><p>The UK Government is concerned about the sustainability and transparency of loans to low income developing countries. Given the complex international nature of sovereign debt, we continue to believe that internationally-agreed approaches are the most effective way to promote sovereign debt transparency.</p><p> </p><p>The UK is working through the G20 to monitor an industry-led initiative by the Institute of International Finance (IIF) to improve the transparency of lending of private creditors. The work of the IIF was acknowledged by finance ministers in June at the G20 finance ministers’ summit in Fukuoka, and the UK government will be closely monitoring its progress.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:46:52 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1142715

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what reports he has received on the level of the practice of dividend arbitrage; and what steps he is taking to end dividend arbitrage.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	284235
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Financial Conduct Authority published requirements for firms relating to dividend arbitrage in Market Watch 52, along with a summary of the findings of a review of firms engaged in the practice. These requirements are designed to ensure that firms maintain effective systems and controls to ensure they are not used to facilitate market abuse, or are used for a purpose connected with financial crime.</p><p> </p><p>The UK is taking a leading role internationally in preventing the use of these practices for illicit purposes and I am working closely with the Financial Conduct Authority to ensure that these practices are not used to facilitate market abuse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:16 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1142864

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority: Conduct
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of the potential merits of an independent inquiry into the conduct of the FCA prior to the collapse of Lendy.
tabling member constituency	Cambridge
tabling member printed	Daniel Zeichner
uin	284368
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Government has made no such assessment at this time. The operationally independent Financial Conduct Authority has an ongoing investigation into the circumstances that led to the administration of Lendy, and it would be inappropriate for the Government to pre-empt its findings.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:27:31 answering member 4051 label Biography information for John Glen
tabling member	4382 label Biography information for Daniel Zeichner

1142920

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he will take to reduce bank closures in rural areas.
tabling member constituency	Berwickshire, Roxburgh and Selkirk
tabling member printed	John Lamont
uin	284386
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government recognises that the closure of bank branches is a very important issue for many people, particularly in rural communities. However, banking service providers need to balance customer interests and other commercial factors when considering their strategies. Although the Government understands the dissatisfaction, it is right that decisions on opening and closing branches are taken by the management team of each bank on a commercial basis and the Government does not intervene in these decisions.</p><p> </p><p>Government cannot reverse the changes in the market and in customer behaviour; nor can it determine firms’ commercial strategies in response to those changes. In 2018, two-thirds of UK adults used contactless payments, 72% used online banking and 48% used mobile banking, according to UK Finance. The Government is committed to ensuring that all areas of the UK benefit from world class digital connectivity, and we have invested heavily to meet that ambition. The £1.8bn superfast programme has ensured that 96% of the UK has access to download speeds of at least 24Mbps. For those premises that do not have access to download speeds of at least 10 Mbps, the Government have introduced the Universal Service Obligation (USO), which allows people to request a USO connection from the designated Universal Service provider, BT, from March 2020.</p><p> </p><p>However, the Government still firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have access to over-the-counter banking services if they wish to use them. That is why the Government is in full support of the voluntary Access to Banking Standard that the major high-street banks are signed up to. This commits them to keep customers well informed about branch closures, and to set out their reasons for closures and the alternative options for continued access to services. It is also why the Government supports the Post Office Banking Framework Agreement, which enables 99% of personal customers and 95% of small business customers to carry out their everyday banking at one of the Post Office’s 11,500 branches.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 11:50:09 answering member 4051 label Biography information for John Glen
tabling member	4608 label Biography information for John Lamont

1143315

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to raise the pension tax allowance above the current rate of 25 per cent.
tabling member constituency	Hyndburn
tabling member printed	Graham P Jones
uin	284754
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government wishes to encourage pension saving, to help ensure that people have an income, or funds on which they can draw, throughout retirement. This is why, for the majority of savers, pension contributions are tax-free. Furthermore, investment growth of assets in a pension scheme is not subject to tax. Up to 25% of the pension pot can be taken tax-free. After this, payments of pensions are subject to income tax at an individual’s marginal rate, to reflect the fact that these are a form of deferred income and have not been previously taxed.</p><p> </p><p>In addition, the Government is committed to keeping taxes low to ensure people keep more of what they earn.</p><p> </p><p>In April of this year, the Government met its commitment to raise the personal tax-free allowance to £12,500, one year early. This means the Government has now raised the personal allowance by over 90% in less than a decade. In 2019-20, over 32 million individuals will see their income tax bill reduced and 1.74 million people on the lowest incomes will have been taken out of income tax altogether since 2015-16. A typical basic rate taxpayer will pay £1,205 less income tax compared to 2010-11.</p><p> </p><p>The Government keeps all aspects of the tax system under review and any decisions on future changes will be taken as part of the annual Budget process in the context of the wider public finances.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 12:59:55 answering member 4051 label Biography information for John Glen
tabling member	3999 label Biography information for Graham P Jones

1143584

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Insurance: Young People
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 motor insurance industry on the cost of insurance for young people.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	285013
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Treasury ministers and officials are in close contact with the insurance industry, and engage with the industry on a number of issues including pricing.</p><p> </p><p>Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.</p><p> </p><p>It is important that everyone has access to good insurance at the right price. The Government is determined that insurers treat customers fairly. The FCA sets the standards required of insurance firms in relation to their business to help ensure customers are treated in this manner.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:42 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

1143651

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance: EU Countries
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 potential effect on insurance payments from EU insurers to UK policyholders of the UK leaving the EU without a deal.
tabling member constituency	Eddisbury
tabling member printed	Antoinette Sandbach
uin	285393
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Government has legislated to ensure that all UK insurance policies with EU insurance companies can continue to be serviced by those EU companies after Brexit.</p><p> </p><p>We have introduced legislation for a Temporary Permissions Regime for EEA firms currently passporting into the UK to continue operations in the UK for a time-limited period while they apply for full UK authorisation.</p><p> </p><p>Government has also legislated for a Financial Services Contracts Regime, allowing for the orderly wind down of the UK regulated activities of remaining firms who do not enter the TPR, those whose applications for full UK authorisation are not successful, and those that do not apply for it.</p><p> </p><p>This action has largely mitigated the potential impacts on policyholders. This is reflected in the Bank of England’s Financial Stability Report, which describes a ‘low risk’ of disruption.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:32:40 answering member 4051 label Biography information for John Glen
tabling member	4506 label Biography information for Antoinette Sandbach