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101529

	registered interest
	date	29/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to monitor practices in the banking sector.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	212470
	answer	answer is ministerial correction date of answer 05/11/2014 answer text <p>This Government has taken a number of major steps to strengthen monitoring and regulation of the banking sector.</p><p> </p><p> </p><p> </p><p>The Financial Services Act 2012 put in place two new, properly focussed financial regulators, the Prudential Regulation Authority (PRA) - a subsidiary of the Bank of England - the Financial Conduct Authority (FCA), as part of a new approach to financial regulation. The new regulators started work on 1 April 2013.</p><p> </p><p> </p><p> </p><p>The Government’s new approach to financial regulation enables the PRA to concentrate on monitoring the health of UK banks to ensure that they are prudently and competently managed and to reduce the risk that the practices of UK banks will lead to serious financial failure. At the same time, the FCA can concentrate on monitoring the practices of UK banks and other financial services businesses in their dealing with ordinary retail customers and in wholesale financial markets, to reduce the risk that the practices in the banking sector are detrimental to consumers or competition, or threaten the integrity of financial markets.</p><p> </p><p> </p><p> </p><p>On 12 June 2014, the Government announced the Fair and Effective Markets Review, which is a joint review by HM Treasury, the Bank of England, and the Financial Conduct Authority (FCA) into the way wholesale financial markets operate. The Government is determined to take action to help restore trust and integrity and to ensure that the highest standards are expected of those who operate in these markets. It is important that this is done in a way that preserves the UK’s position as the global financial centre for many of these markets. The Review published its consultation document “How fair and effective are the fixed income, foreign exchange and commodities markets?” on 27 October, and the Government looks forward to the review’s final recommendations in June 2015.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/11/2014 16:50:46 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

142102

	registered interest
	date	06/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what measures are in place to ensure that small and medium-sized businesses, which have made losses as a result of having been sold inappropriate complex financial products including fixed rate swaps and embedded swaps, are fully compensated.
	tabling member constituency	Dundee West
	tabling member printed	Jim McGovern
	uin	213748
	answer	answer is ministerial correction date of answer 17/11/2014 answer text <p>Any business which feels it has been mis- sold a fixed-rate loan should contact its bank’s customer complaints department. The FCA’s rules require the banks to properly investigate all complaints and, through ongoing supervision, the FCA monitors the banks’ complaint handling process.</p><p> </p><p>If a business is not happy with its bank’s response and the business has a turnover of less than €2 million and fewer than 10 employees, the business will be eligible to apply to have a further review conducted by the Financial Ombudsman Service</p><p> </p><p>Additionally, if a business believes a bank has acted unlawfully, they can seek to take action through the courts.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 17/11/2014 15:47:53 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1515 label Biography information for Jim McGovern

171911

	registered interest
	date	05/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, for what reason the Financial Conduct Authority does not include professional fees when assessing the amount of compensation which should be paid to people who have been mis-sold policies.
	tabling member constituency	Tewkesbury
	tabling member printed	Mr Laurence Robertson
	uin	219747
	answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>The Government has been very clear that the mis-selling of financial products is wrong and it is important that those businesses that have been affected are appropriately compensated.</p><p> </p><p> </p><p> </p><p>The Financial Conduct Authority is an independent regulator and the Government does not have any involvement in how the FCA decides to conduct its investigations.</p><p> </p><p> </p><p> </p><p>In the case of the FCA review into the mis-selling of interest rate hedging products, the decision on whether there should be a separate appeals process was one for the FCA to take.</p><p> </p><p> </p><p> </p><p>It is important to note, however, that the role of the independent reviewer who oversees the review of each case is to ensure that the process is fair and businesses have adequate opportunity to put forward their case.</p><p> </p><p> </p><p> </p><p>Furthermore, eligible businesses with a turnover of less than €2 million and fewer than 10 employees also have recourse to the Financial Ombudsman Service (FOS) if they are not happy with the outcome of their review.</p><p> </p><p> </p><p>Regarding the inclusion of professional fees in compensation packages, the FCA’s view is that redress should be fair and reasonable in the circumstances. This is consistent with the way the FOS awards compensation. As such, it may be appropriate for compensation to include professional fees in some situations</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 219734 question first answered 19/01/2015 15:05:10 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	253 label Biography information for Mr Laurence Robertson

172816

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many businesses were recommended by the Financial Services Ombudsman to award consumers fair compensation above the £100,000 limit in each year from 2001 to 2011.
	tabling member constituency	Leeds North West
	tabling member printed	Greg Mulholland
	uin	220188
	answer	answer is ministerial correction date of answer 21/01/2015 answer text <p>The issues raised are a matter for the Financial Ombudsman Service (FOS) who are operationally independent from Government.</p><p> </p><p> </p><p> </p><p>These questions have been passed on to the FOS. The FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220172 220187 220649 question first answered 21/01/2015 09:53:39 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1540 label Biography information for Greg Mulholland

172817

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many businesses were recommended by the Financial Services Ombudsman to award consumers fair compensation above the £150,000 limit in (a) 2012, (b) 2013 and (c) 2014.
	tabling member constituency	Leeds North West
	tabling member printed	Greg Mulholland
	uin	220187
	answer	answer is ministerial correction date of answer 21/01/2015 answer text <p>The issues raised are a matter for the Financial Ombudsman Service (FOS) who are operationally independent from Government.</p><p> </p><p> </p><p> </p><p>These questions have been passed on to the FOS. The FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220172 220188 220649 question first answered 21/01/2015 09:53:38 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1540 label Biography information for Greg Mulholland

172818

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what his policy is on removing the compensation limit set by the Financial Services Ombudsman.
	tabling member constituency	Leeds North West
	tabling member printed	Greg Mulholland
	uin	220196
	answer	answer is ministerial correction date of answer 21/01/2015 answer text <p>The Financial Services and Markets Act 2000 provides for the Financial Conduct Authority (FCA) to determine the level of the Financial Ombudsman Service compensation limit.</p><p> </p><p> </p><p> </p><p>This is a matter for the FCA, who are operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 21/01/2015 09:46:52 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1540 label Biography information for Greg Mulholland

172823

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many businesses were instructed by the Financial Services Ombudsman to award consumers the maximum compensation of £150,000 in (a) 2012, (b) 2013 and (c) 2014.
	tabling member constituency	Leeds North West
	tabling member printed	Greg Mulholland
	uin	220172
	answer	answer is ministerial correction date of answer 21/01/2015 answer text <p>The issues raised are a matter for the Financial Ombudsman Service (FOS) who are operationally independent from Government.</p><p> </p><p> </p><p> </p><p>These questions have been passed on to the FOS. The FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220187 220188 220649 question first answered 21/01/2015 09:53:38 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1540 label Biography information for Greg Mulholland

177084

	registered interest
	date	02/02/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to encourage banks to offer their services to money service businesses.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	222940
	answer	answer is ministerial correction date of answer 04/02/2015 answer text <p>The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. That is why, in response to the withdrawal of banking services from the Money Service Business sector we set up an Action Group on Cross Border Remittances to address this issue. The group is monitoring changes to the market, has developed guidance for MSBs and banks and is promoting a shared understanding of risk. The group is also overseeing the development of a Safer Corridor to ensure the continued, secure flow of remittances to Somalia.</p><p> </p><p> </p><p> </p><p>Treasury Ministers have been engaging closely with the banking industry both through the British Bankers Association and directly with those banks involved in this issue, including personally writing to and phoning a number of banks.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 04/02/2015 12:29:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1586 label Biography information for Adam Afriyie

228774

	registered interest
	date	20/03/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what representations he has received on the decision of the Financial Conduct Authority to withdraw from the Connaught Income Fund Series 1 settlement negotiations.
	tabling member constituency	Aberconwy
	tabling member printed	Guto Bebb
	uin	228573
	answer	answer is ministerial correction date of answer 26/03/2015 answer text <p>I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.<br> <br> On 10 March, the FCA provided an update on proceedings which can be found here:</p><p><br> <a href="https://www.fca.org.uk/news/fca-statement-on-connaught" target="_blank">https://www.fca.org.uk/news/fca-statement-on-connaught</a><br> <br> The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 228574 228575 question first answered 26/03/2015 10:40:03 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3910 label Biography information for Guto Bebb

228775

	registered interest
	date	20/03/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will request the Financial Conduct Authority to ensure that its investigation into the Connaught Income Fund Series 1 will result in adequate compensation for investors in that fund; and if he will request a timescale for the payment of such compensation.
	tabling member constituency	Aberconwy
	tabling member printed	Guto Bebb
	uin	228574
	answer	answer is ministerial correction date of answer 26/03/2015 answer text <p>I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.<br> <br> On 10 March, the FCA provided an update on proceedings which can be found here:</p><p><br> <a href="https://www.fca.org.uk/news/fca-statement-on-connaught" target="_blank">https://www.fca.org.uk/news/fca-statement-on-connaught</a><br> <br> The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 228573 228575 question first answered 26/03/2015 10:40:03 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3910 label Biography information for Guto Bebb