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1716191

registered interest
date	07/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
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 efficiency and effectiveness of the Financial Services Compensation Scheme in its assessment of mortgage mis-selling complaints.
tabling member constituency	North Shropshire
tabling member printed	Helen Morgan
uin	25123
answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>The Financial Services Compensation Scheme may be able to pay compensation to customers who have lost money as a result of bad mortgage advice or been mis-sold mortgage endowments. The FSCS can only pay compensation if the firm, broker, or advisor that the customer dealt with was regulated and has failed. Any complaints about live regulated firms should be addressed to the Financial Ombudsman Service. For mortgage claims, the FSCS carries out its compensation function within rules set by the Financial Conduct Authority (FCA), but is operationally independent of them. The FSCS publishes an annual report and levy class statements, including for the home finance intermediation levy class. The FSCS’s certified accounts and audit report are provided to HM Treasury each year, and copies are laid before Parliament.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 13/05/2024 14:23:37 answering member 4639 label Biography information for Bim Afolami
tabling member	4934 label Biography information for Helen Morgan

1700237

registered interest
date	12/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 February 2024 to Question 15211 on Mortgages: Misrepresentation, what redress is available to people missold shared appreciation mortgages not covered by Financial Ombudsman Service rules.
tabling member constituency	Bristol West
tabling member printed	Thangam Debbonaire
uin	21113
answer	answer is ministerial correction date of answer 22/04/2024 answer text <p>The Financial Conduct Authority (FCA), which is operationally independent of Government, has responsibility for the conduct regulation of shared appreciation mortgages. The FCA sets the rules regarding the information that must be disclosed before, during and after sale of mortgages and, in addition, the jurisdiction of the Financial Ombudsman Service (FOS).</p><p> </p><p>Products like shared appreciation mortgages have been regulated since 2004 when wider mortgage regulations were first introduced, however a consumer’s right to pursue redress through legal channels is unaffected by the jurisdiction of the FOS. Anyone considering this option should consider seeking independent legal advice.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/04/2024 13:04:59 answering member 4639 label Biography information for Bim Afolami
tabling member	4433 label Biography information for Thangam Debbonaire

1690911

registered interest
date	21/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has made with the Financial Ombudsman Service on support for people who have been missold a shared appreciation mortgage.
tabling member constituency	Batley and Spen
tabling member printed	Kim Leadbeater
uin	15211
answer	answer is ministerial correction date of answer 28/02/2024 answer text <p>The Financial Ombudsman Service (FOS) has received a number of complaints from people who purchased shared appreciation mortgages and are alert to the issues involved.</p><p> </p><p>Any borrower that feels they have been mis-sold a shared appreciation mortgage should bring their complaint to the FOS, which can provide arbitration in such cases.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 28/02/2024 10:08:05 answering member 4639 label Biography information for Bim Afolami
tabling member	4923 label Biography information for Kim Leadbeater

1400140

registered interest
date	05/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the availability of independent information resources for consumers to check that representative annual percentage rates (APRs) are fairly and accurately stated; and what action the Financial Conduct Authority advises customers to take where they are concerned they have been mis-sold under a representative APR that was not fairly stated.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5139
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>Firms are required by FCA rules to include a representative APR in certain circumstances. The FCA’s handbook provides further rules and guidance on when a representative APR must be shown, how it should be denoted and the level of prominence it must be given.</p><p> </p><p>If an advertisement includes an interest rate or any amount relating to the cost of credit, it must also include a representative example. This must contain certain standard information including a representative APR. The example must be clear and concise and must be no less prominent than the information that triggered the inclusion of the example.</p><p> </p><p>If a customer is concerned that they have been mis-sold a credit agreement, the customer can make a formal complaint to the firm in question in the first instance. If they feel that their complaint has not been dealt with satisfactorily, they are able to refer the matter to the Financial Ombudsman Service (FOS) – an independent body set up to provide arbitration in such cases.</p> answering member printed Lord Agnew of Oulton question first answered 18/01/2022 17:29:54 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1400141

registered interest
date	05/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, in each of the last six years, (1) how many times the Financial Conduct Authority (FCA) has asked a firm to outline how it calculates its annual percentage rates (APRs) except at the point of granting of authorisation; (2) where the FCA has discovered representative APR breaches, how many times it has required changes to a firm’s (a) website, and (b) product literature; and (3) how many firms have been referred to the enforcement division for resolution.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5140
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5141 HL5142 question first answered 18/01/2022 17:25:18 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1400142

registered interest
date	05/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, in each of the last six years, how many Skilled Persons Reports the Financial Conduct Authority has commissioned where the issue of representative annual percentage rates (APRs), including the formulation or deployment of representative APR in the market, has been the “matter concerned”.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5141
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5140 HL5142 question first answered 18/01/2022 17:25:18 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1400143

registered interest
date	05/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why the Financial Conduct Authority (FCA) has decided as part of its supervision strategy to make no independent periodic checks on the compliance of FCA regulations by authorised firms, in particular the accuracy of key consumer protection information such as representative annual percentage rates.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5142
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5140 HL5141 question first answered 18/01/2022 17:25:18 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1388889

registered interest
date	16/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what independent information resource is available to consumers to check that representative APRs are fairly stated; and what action the Financial Conduct Authority advises customers to take where they are concerned they have been mis-sold under a representative APR that was not fairly stated.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5051
answer	answer is ministerial correction date of answer 22/12/2021 answer text <p>Firms are required by FCA rules to include a representative APR in certain circumstances. The FCA’s handbook provides further rules and guidance on when a representative APR must be shown, how it should be denoted and the level of prominence it must be given.</p><p> </p><p>If an advertisement includes an interest rate or any amount relating to the cost of credit, it must also include a representative example. This must contain certain standard information including a representative APR. The example must be clear and concise and must be no less prominent than the information that triggered the inclusion of the example.</p><p> </p><p>If a customer is concerned that they have been mis-sold a credit agreement, the customer can make a formal complaint to the firm in question in the first instance. If they feel that their complaint has not been dealt with satisfactorily, they are able to refer the matter to the Financial Ombudsman Service (FOS) – an independent body set up to provide arbitration in such cases.</p> answering member printed Lord Agnew of Oulton question first answered 22/12/2021 11:31:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1388890

registered interest
date	16/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many skilled persons reports under the Financial Services and Markets Act 2000 section 166 the Financial Conduct Authority has commissioned where the issue of representative APR has been the matter concerned, in each of the last six years.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5052
answer	answer is ministerial correction date of answer 22/12/2021 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5053 HL5054 question first answered 22/12/2021 11:23:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1388892

registered interest
date	16/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Misrepresentation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many times the Financial Conduct Authority (FCA) has requested a firm to outline how it calculates its APR in the last six years, other than at the point granting authorisation; in any cases of representative APR breaches discovered, how many times the FCA has required changes to the firm’s website and product literature; and how many firms have been referred to the enforcement department for resolution.
tabling member printed	Lord McNicol of West Kilbride
uin	HL5054
answer	answer is ministerial correction date of answer 22/12/2021 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5052 HL5053 question first answered 22/12/2021 11:23:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4702 label Biography information for Lord McNicol of West Kilbride