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1041739

registered interest
date	15/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 protect consumers from high risk pay-day loans.
tabling member constituency	Blackburn
tabling member printed	Kate Hollern
uin	208936
answer	answer is ministerial correction date of answer 21/01/2019 answer text <p>On 1 April 2014, regulation of the consumer credit market, including payday lenders, was transferred to the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards. In 2017, the FCA issued total fines of £229 million.</p><p> </p><p>The government legislated to require the FCA to introduce a cap on the cost of payday loans, which came into force on 2 January 2015. The FCA published a feedback statement in July 2017, showing that the price cap has been effective, leading to savings of approximately £150 million for 760,000 individuals using payday loans each year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/01/2019 13:50:10 answering member 4051 label Biography information for John Glen
tabling member	4363 label Biography information for Kate Hollern

1029549

registered interest
date	20/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 Financial Conduct Authority's ability to enforce their own affordability checks on high-cost credit.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	204617
answer	answer is ministerial correction date of answer 07/01/2019 answer text <p>The regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The Government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards.</p><p> </p><p>FCA rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly.</p><p> </p><p>Furthermore, the FCA proactively monitors the market, focusing on the areas most likely to cause consumer harm. It has prioritised the high-cost credit sector, and taken action to ensure that firms are implementing its rules correctly.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the Government will continue to work closely with the FCA to ensure all customers are treated fairly.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 07/01/2019 14:17:40 answering member 4051 label Biography information for John Glen
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1012404

registered interest
date	22/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 merits of extending the cap on interest and charges relating to payday lending to (a) credit cards and (b) overdrafts.
tabling member constituency	Liverpool, West Derby
tabling member printed	Stephen Twigg
uin	194577
answer	answer is ministerial correction date of answer 28/11/2018 answer text <p>On 1 April 2014, regulation of the consumer credit market, including the power to cap the cost of all forms of credit, was transferred to the Financial Conduct Authority (FCA).</p><p> </p><p>We have passed the Honourable Gentleman’s question on to the FCA, who will reply directly 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 question first answered 28/11/2018 13:05:54 answering member 4051 label Biography information for John Glen
tabling member	167 label Biography information for Stephen Twigg

1012405

registered interest
date	22/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 public sector workers using payday loan companies.
tabling member constituency	Liverpool, West Derby
tabling member printed	Stephen Twigg
uin	194578
answer	answer is ministerial correction date of answer 28/11/2018 answer text <p>On 1 April 2014, regulation of the consumer credit market, including payday lenders, was transferred to the Financial Conduct Authority (FCA).</p><p> </p><p>The Government legislated to require the FCA to introduce a cap on the cost of payday loans, which came into force on 2 January 2015. The FCA published a feedback statement in July 2017, showing that the price cap has been effective, leading to savings of approximately £150 million for 760,000 individuals using payday loans each year.</p><p> </p><p>The Government does not hold data on the number of public sector workers using payday loans companies.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/11/2018 13:07:27 answering member 4051 label Biography information for John Glen
tabling member	167 label Biography information for Stephen Twigg

995617

registered interest
date	26/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 the Financial Conduct Authority has the necessary resources to enforce its rules on pay day lenders carrying out affordability checks on potential customers.
tabling member constituency	Bridgend
tabling member printed	Mrs Madeleine Moon
uin	184398
answer	answer is ministerial correction date of answer 05/11/2018 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The legislative framework provides for the FCA to be operationally independent from Government. The FCA is funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. As such, resourcing decisions are a matter for the FCA.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/11/2018 15:20:09 answering member 4051 label Biography information for John Glen
tabling member	1490 label Biography information for Mrs Madeleine Moon

994265

registered interest
date	24/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many breaches of the affordability checks by payday lenders have the Financial Conduct Authority recorded in the last financial year.
tabling member constituency	Brighton, Kemptown
tabling member printed	Lloyd Russell-Moyle
uin	183494
answer	answer is ministerial correction date of answer 29/10/2018 answer text <p>On 1 April 2014, regulation of the consumer credit market, including payday lenders, was transferred to the Financial Conduct Authority (FCA).</p><p> </p><p>We have passed the Honourable Gentleman’s question on to the FCA, who will reply directly 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 question first answered 29/10/2018 13:06:43 answering member 4051 label Biography information for John Glen
tabling member	4615 label Biography information for Lloyd Russell-Moyle

991150

registered interest
date	19/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when his Department most recently made representations to the Financial Conduct Authority on enforcing rules on affordability checks for payday loans; and when his Department next plans to make such representations.
tabling member constituency	Oxford West and Abingdon
tabling member printed	Layla Moran
uin	181597
answer	answer is ministerial correction date of answer 24/10/2018 answer text <p>The Regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards. In 2017, the FCA issued total fines of £229 million.</p><p> </p><p>FCA rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/10/2018 16:09:00 answering member 4051 label Biography information for John Glen
tabling member	4656 label Biography information for Layla Moran

990384

registered interest
date	18/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government has plans to bring forward legislative proposals to ensure that payday lenders make individual assessments of the effect on people who have (a) gambling and (b) mental health problems of taking out a loan.
tabling member constituency	Preston
tabling member printed	Sir Mark Hendrick
uin	181174
answer	answer is ministerial correction date of answer 23/10/2018 answer text <p>The Regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The Government has given the FCA strong powers to protect consumers.</p><p> </p><p>FCA rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly.</p><p> </p><p>The FCA also has comprehensive guidance for firms when lending to consumers with mental capacity limitations. Firms should take reasonable steps to ensure that they have suitable business practices and procedures in place for the fair treatment of customers who they understand, or reasonably suspect, have or may have a mental capacity limitation</p><p><strong><br> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 23/10/2018 14:27:31 answering member 4051 label Biography information for John Glen
tabling member	473 label Biography information for Sir Mark Hendrick

990387

registered interest
date	18/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government plans to bring forward legislative proposals to prohibit payday loan companies from advertising their services on television.
tabling member constituency	Preston
tabling member printed	Sir Mark Hendrick
uin	181175
answer	answer is ministerial correction date of answer 23/10/2018 answer text <p>The Regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The Government has given the FCA strong powers to protect consumers.</p><p>The FCA has introduced a tough set of detailed rules regarding firms’ promotions and advertisements, with the fundamental requirement that all advertisements and other promotions must be clear, fair and not misleading. Payday loan adverts are also subject to the Advertising Standards Authority’s (ASA) strict content rules. The ASA can ban irresponsible adverts, and has a strong track record of doing so.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/10/2018 14:28:39 answering member 4051 label Biography information for John Glen
tabling member	473 label Biography information for Sir Mark Hendrick

984791

registered interest
date	10/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Interest Rates
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 the Financial Conduct Authority enforces rules on affordability checks for payday loans.
tabling member constituency	Inverclyde
tabling member printed	Ronnie Cowan
uin	177763
answer	answer is ministerial correction date of answer 19/10/2018 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>Although the Treasury sets the legal framework for the regulation of financial services, the Financial Conduct Authority (FCA) is an independent body.</p><p> </p><p>The FCA has tough enforcement powers – criminal, civil and regulatory – to protect consumers and to take action against firms and individuals that do not meet its standards. In 2017, the FCA issued total fines of £229 million. Since the transfer, the FCA has taken a proactive approach on consumer credit, to ensure that all consumers who use high-cost credit products are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/10/2018 10:38:07 answering member 4051 label Biography information for John Glen
tabling member	4465 label Biography information for Ronnie Cowan