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1176731

	registered interest
	date	06/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	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 access to cash is maintained in (a) Brighton and Hove and (b) England.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	13551
	answer	answer is ministerial correction date of answer 11/02/2020 answer text <p>The Government is committed to supporting digital payments while safeguarding access to cash for those who need it across the UK.</p><p> </p><p>To support this, the Government has launched the Joint Authorities Cash Strategy (JACS) Group – which is chaired by HM Treasury and brings together the Payment Systems Regulator, Financial Conduct Authority and Bank of England – to ensure a comprehensive oversight of the UK’s overall cash infrastructure.</p><p> </p><p>The Government-established Payment Systems Regulator regulates LINK, the scheme that runs the UK’s largest ATM network, and is holding LINK to account over their commitments to maintain the broad geographic spread of free-to-use ATMs.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/02/2020 15:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

1145767

	registered interest
	date	25/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal savings: Fees and charges
	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 capping (a) all charges, (b) custody charges and (c) transfer charges on (i) SIPPs and (ii) ISAs.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	291041
	answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>Government and regulators have undertaken a range of initiatives in relation to charges on investment products.</p><p> </p><p>The Financial Conduct Authority (FCA) has conducted an extensive market study into the asset management sector, including the examination of costs and charges. They have introduced a range of remedies to address the issues they found. In particular, the FCA have strengthened and clarified the duty on managers of investment funds to act in the best interests of their investors. New rules will require asset managers to assess the value for money of each fund against a non-exhaustive list of prescribed elements, including whether charges are reasonable in relation to the costs incurred in delivering the service, and the quality of the service provided. The managers must conclude that each fund offers good VfM or take corrective action if it does not and explain the assessment annually in a report made available to the public.</p><p>The FCA also identified concerns that charges might not always be visible to investors and that investors might not pay sufficient attention to charges or understand what they represent. In response, the FCA introduced a single all-in fee to increase the visibility of all charges taken from the fund and impose more discipline on overspend relative to charging estimates.</p><p> </p><p>The FCA has also considered the role of charges as part of its work on competition in non-workplace pensions, including self-invested pension plans (SIPPs). They found that charges in this market are often too complex for consumers to be able to compare and that similar customers can pay very different charges. The FCA concluded that it would not be appropriate to recommend direct price intervention such as a cap at this stage, but it is considering next steps in the context of its upcoming work on driving value for money across the pensions sector. The FCA’s Feedback Statement on this topic is seeking views on what remedies would be appropriate and will close in October 2019.</p><p> </p><p>Early exit charges were banned or capped in personal pension schemes, including SIPPs, from March 2017. Information obtained by the FCA and the Pensions Regulator (TPR) showed that early exit charges presented a barrier to accessing the pension freedoms for a significant minority of people in personal and occupational pension schemes. Following consultation, the Government took steps to remove these barriers by capping early exit charges at 1% for existing scheme members and banning them for new members.</p><p> </p><p>The charges imposed in respect of investments held within Stocks and Shares ISAs are a matter for individual ISA managers. ISA managers must allow investors to transfer existing Stocks and Shares ISAs to an alternative manager.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 12:36:59 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

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

1126946

	registered interest
	date	15/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the terms of reference are for the investigation by the Financial Conduct Authority into the failure of London Capital & Finance.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	254850
	answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254851 254852 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

1126949

	registered interest
	date	15/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what level of (a) financial resources and (b) personnel has been allocated to the investigation by the Financial Conduct Authority into the issues raised by the failure of London Capital & Finance.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	254851
	answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254850 254852 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

1126951

	registered interest
	date	15/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the timescale is for the investigation by the Financial Conduct Authority into the failure of London Capital & Finance.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	254852
	answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254850 254851 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

1122007

	registered interest
	date	18/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Help to Buy Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the timeframe is for new customers to apply for a Help To Buy ISA.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	245902
	answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Help to Buy ISA is due to close to new accounts on 30 November 2019. First Time Buyers can therefore open a Help to Buy ISA account up to, and including, that date. Customers will then be able to save into existing accounts until 30 November 2029 and will have until 1 December 2030 to claim the bonus.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/04/2019 12:58:15 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle

1122009

	registered interest
	date	18/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Individual Savings Accounts
	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 raise public awareness of the Lifetime ISA.
	tabling member constituency	Hove
	tabling member printed	Peter Kyle
	uin	245903
	answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Lifetime ISA is a tax-free savings account. Anyone between the ages of 18 and 40 may open an account and, until their 50<sup>th</sup> birthday, may save up to £4,000 each year and receive a 25% government bonus. Savings, including the bonus, can be withdrawn without penalty from age 60, if the saver is terminally ill, or to put towards a first home.</p><p> </p><p>There are currently 21 providers of the Lifetime ISA. As of January 2019, there were 250,000 open accounts on which over £230m has been paid out in bonuses.</p><p> </p><p>The government does not ordinarily promote specific types of ISA. Providers which offer the Lifetime ISA will undertake advertisement and promotion activities in relation to their own products.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/04/2019 12:56:12 answering member 4051 label Biography information for John Glen
	tabling member	4505 label Biography information for Peter Kyle