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64283

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Business, Innovation and Skills on the regulation of the practice of dark pool trading by high frequency bank traders.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202699
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>Treasury Ministers regularly meet with Ministers in other departments as part of normal Government business. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings and discussions.</p><p> </p><p> </p><p>Dark pool trading is subject to regulation under the markets in financial instruments directive (2004/39/EC) (MiFID). The new MiFIR Regulation (600/2014/EU) recently agreed as part of the “MiFID 2” negotiations will impose significant limits on dark pool trading in the EU.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:42:29 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64272

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which powers and responsibilities the Financial Conduct Authority has not inherited from the Office of Fair Trading; and which financial regulatory body has inherited each such power and responsibility.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202724
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64273

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will review the scope of the consumer credit regulatory powers of the Financial Conduct Authority.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202725
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64274

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Wonga
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what requirement will be placed on Wonga to track down the address of each customer due financial compensation for unfair and misleading debt collection practices.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202726
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202725 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64279

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will bring foward legislative proposals to amend the statutory powers of the Financial Conduct Authority (FCA) to permit the FCA to investigate alleged illegal actions undertaken before its creation.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202688
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202724 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

65986

	registered interest
	date	07/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Business: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will request UK Financial Investments Ltd to investigate the reasons why banks in receipt of financial support from the public purse have used deceptive practices to recover loans through sending of the letters purporting to be from law firms which do not exist.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	204120
	answer	answer is ministerial correction date of answer 15/07/2014 answer text <p>The Government deplores the use of deceptive practices to recover loans. The Financial Conduct Authority (FCA) is the regulator responsible for the conduct of banks. It is for the FCA rather than UKFI to consider whether to take action against banks in relation to debt recovery practices.</p><p> </p><p>It is the responsibility of the banks involved to respond to any concerns raised by customers or regulators.</p><p> </p><p> </p><p>The role of UK Financial Investments Ltd (UKFI) is to manage the Government's shareholdings. As an engaged shareholder, UKFI acts to ensure that the banks have sound long-term strategies which produce value for the taxpayer, and that they are effectively managed and properly governed. However, it does not interfere in day-to-day operations.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 15/07/2014 14:03:29 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

60430

	registered interest
	date	06/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Recycling
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what fiscal steps he has taken to promote the circular economy and sustainable use of resources.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	199547
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The £8 per tonne escalator in the standard rate of landfill tax has been extremely successful in reducing waste sent to landfill and providing certainty to the industry to invest in alternative technologies which help to ensure a more sustainable use of resources. Budget 2014 provided further certainty on the future of both the standard and lower rates by confirming that they will not be eroded by inflation in future years.</p><p> </p><p>Budget 2014 also announced an additional £5m of funding to tackle waste crime, which will assist in the Environment Agency's drive to ensure effective compliance and enforcement with waste legislation.</p><p> </p><p> </p><p> </p> answering member constituency Loughborough answering member printed Nicky Morgan question first answered 11/06/2014 15:54:40 answering member 4027 label Biography information for Baroness Morgan of Cotes
	tabling member	545 label Biography information for Paul Flynn

391714

	registered interest
	date	21/07/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Treasury: Pay
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which Minister in his Department authorised the pay rises for his Department's senior executives in 2014-15.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	8274
	answer	answer is ministerial correction date of answer 11/09/2015 answer text <p>The independent Senior Salaries Review Body (SSRB), which reports to Cabinet Office Ministers, recommends the pay framework for the Senior Civil Servants within government and the Prime Minister responds via ministerial statement the government’s response. HM Treasury applied pay increases in line with agreed framework within the resources available for the Senior Civil Servants. These increases were signed off by the HMT Executive management Board.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 11/09/2015 10:41:21 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	545 label Biography information for Paul Flynn

416177

	registered interest
	date	04/09/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Levy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 20 July 2015 to Question 6495, how much he forecasts will be collected from the bank levy in (a) 2018-19 and (b) 2019-20.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	8526
	answer	answer is ministerial correction date of answer 14/09/2015 answer text <p>The OBR has forecasted bank levy receipts as follows:</p><p> </p><p> </p><p> </p><p>2018-19: £2.6 billion</p><p> </p><p>2019-20: £2.4 billion</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 14/09/2015 16:49:29 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	545 label Biography information for Paul Flynn

443177

	registered interest
	date	07/01/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with the chairman of the Financial Conduct Authority on that body's decision not to undertake its planned review of banking culture.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	21570
	answer	answer is ministerial correction date of answer 14/01/2016 answer text <p>The Financial Conduct Authority (FCA) is an independent regulator. Treasury Ministers had no discussions with the chairman before the FCA announced the decision to discontinue the review of banking culture included in the 2015-16 Business Plan. The FCA has set out in its published response to a Freedom of Information request, the dates when it communicated its decision to discontinue this review to other organisations. This response is available on the FCA website.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 14/01/2016 16:34:06 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	545 label Biography information for Paul Flynn