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1124694
unstar this property registered interest false more like this
star this property date less than 2019-05-03more like thismore than 2019-05-03
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading London Capital & Finance more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what role his Department will play in the investigation announced by the Economic Secretary on 1 April 2019 into the events at London Capital & Finance and the circumstances surrounding them. more like this
star this property tabling member constituency Hemsworth more like this
star this property tabling member printed
Jon Trickett more like this
unstar this property uin 250750 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-09more like thismore than 2019-05-09
star this property answer text <p>This Government takes the failure of London Capital &amp; Finance (LCF) and its impact on consumers very seriously. HM Treasury officials have been in communication with the Financial Conduct Authority (FCA) regarding LCF since January 2019. I wrote to the FCA on its role in regulating LCF via the following letter of 1 April 2019:</p><p><a href="https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/EST-to-Charles-Randell-FCA-010419.pdf" target="_blank">https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/EST-to-Charles-Randell-FCA-010419.pdf</a></p><p> </p><p>In this letter, I announced that I would order an investigation into the failure of LCF, using Treasury powers under section 77 of the Financial Services Act 2012. I want to make sure we have the strongest and safest financial system possible. By ordering this investigation, we will better understand the circumstances around the collapse of LCF and make sure we are properly protecting those who invest their money in the future.</p><p> </p><p>The role of the Treasury in this investigation is set out in sections 77 to 82 of the Financial Services Act 2012. It is essential that the terms of the investigation are set in a way that ensures these objectives are met and take into account any issues arising from current regulatory and enforcement investigations. HM Treasury officials are working to develop these with the relevant bodies as a matter of priority. Further details on this investigation, including its duration and the reporting arrangements, will be published shortly.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
250752 more like this
250753 more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-05-09T15:03:17.59Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
410
star this property label Biography information for Jon Trickett more like this
1124170
unstar this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cash Dispensing: Fees and Charges more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps he is taking to ensure that reductions in the interchange rate do not result in free ATMs becoming pay ATMs. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 249934 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-08more like thismore than 2019-05-08
star this property answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
249935 more like this
249936 more like this
249937 more like this
star this property question first answered
less than 2019-05-08T14:29:23.897Zmore like thismore than 2019-05-08T14:29:23.897Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4124
star this property label Biography information for Chi Onwurah more like this
1124172
unstar this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cash Dispensing: Fees and Charges more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether he has made an assessment of the effect on poorer households of recent increases in the number of free ATMs becoming pay ATMs; and if he will make a statement. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 249935 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-08more like thismore than 2019-05-08
star this property answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
249934 more like this
249936 more like this
249937 more like this
star this property question first answered
less than 2019-05-08T14:29:23.96Zmore like thismore than 2019-05-08T14:29:23.96Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4124
star this property label Biography information for Chi Onwurah more like this
1124174
unstar this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cash Dispensing: Fees and Charges more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what discussions he has had with the Payment Services Regulator on the effect of changes to LINK rates; and whether he plans to re-impose interchange rates at LINK cost study levels. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 249936 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-08more like thismore than 2019-05-08
star this property answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
249934 more like this
249935 more like this
249937 more like this
star this property question first answered
less than 2019-05-08T14:29:24.007Zmore like thismore than 2019-05-08T14:29:24.007Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4124
star this property label Biography information for Chi Onwurah more like this
1124176
unstar this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Personal Income more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has made of the proportion of household income spent as cash in the last 12 months; and what projection his Department has made of changes in the level of income and spending with cash in the next 10 years. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 249937 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-08more like thismore than 2019-05-08
star this property answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
249934 more like this
249935 more like this
249936 more like this
star this property question first answered
less than 2019-05-08T14:29:24.053Zmore like thismore than 2019-05-08T14:29:24.053Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4124
star this property label Biography information for Chi Onwurah more like this
1123865
unstar this property registered interest false more like this
star this property date less than 2019-04-30more like thismore than 2019-04-30
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Halifax Bank of Scotland: Fraud more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has made of the findings of the review by Jonathan Laidlaw QC on Lloyd's Banking Group's compensation scheme for the victims of the HBOS Reading fraud, published by SME Alliance on 18 December 2018. more like this
star this property tabling member constituency Carshalton and Wallington more like this
star this property tabling member printed
Tom Brake more like this
unstar this property uin 249175 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-09more like thismore than 2019-05-09
star this property answer text <p>Compensation offers have been made to all customers in scope of the compensation scheme for victims of the HBOS Reading fraud, with 90% of customers accepting their offer. However, as Jonathan Laidlaw’s review highlights - the scheme has not commanded public confidence. That is why I welcomed Lloyds’ commitment – in agreement with the FCA – to commission a post-completion review to quality-assure the methodology and process of the Griggs compensation scheme for victims of the HBOS Reading fraud. I am pleased to hear that Lloyds Banking Group have recently announced that this process will be led by former High Court judge, Sir Ross Cranston.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-05-09T14:25:35.053Zmore like thismore than 2019-05-09T14:25:35.053Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
151
star this property label Biography information for Tom Brake more like this
1123880
unstar this property registered interest false more like this
star this property date less than 2019-04-30more like thismore than 2019-04-30
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Economic Crime Strategic Board more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what progress he has made on the implementation of the business plan for the Economic Crime Strategic Board, announced in January 2019. more like this
star this property tabling member constituency Dover more like this
star this property tabling member printed
Charlie Elphicke more like this
unstar this property uin 249264 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-09more like thismore than 2019-05-09
star this property answer text <p>The Economic Crime Strategic Board, co-chaired by the Chancellor and the Home Secretary, met for the first time on 14 January 2019. The Board, which includes senior representatives from the public and private sectors, was established to deliver a joint public-private response to tackle economic crime. The Board will set priorities, direct resources and scrutinise performance against the economic crime threat.</p><p> </p><p>In its inaugural meeting, the Board commissioned the development of a shared public-private Economic Crime Plan and the development of a joint public-private economic crime threat update. The Economic Crime Plan will set out the public and private sectors’ collective ambition to combat economic crime and set out a series of concrete actions that both sectors will collectively undertake to enhance the UK’s economic crime response.</p><p> </p><p>Since January, ongoing official-level work has taken place between the public and private sectors to deliver these products for the Board’s next meeting in July.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-05-09T14:23:23.407Zmore like thismore than 2019-05-09T14:23:23.407Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
3971
star this property label Biography information for Charlie Elphicke more like this
1123970
unstar this property registered interest false more like this
star this property date less than 2019-04-30more like thismore than 2019-04-30
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Loans: Interest Rates more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing an anti-usury law to cap interest rates and give borrowers more protection. more like this
star this property tabling member constituency Newcastle-under-Lyme more like this
star this property tabling member printed
Paul Farrelly more like this
unstar this property uin 249240 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-07more like thismore than 2019-05-07
star this property answer text <p>On 1 April 2014 the Government transferred regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). The FCA proactively monitors the market, focusing on the areas most likely to cause consumer harm. The Government has given the FCA the power to cap all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers.</p><p> </p><p>The FCA introduced a price cap on the cost of payday lending in 2015, and more recently introduced a price cap on rent-to-own which came into force on 1 April 2019. The Government has strong concerns about the practices that the FCA has identified in the rent-to-own market, and welcomes the FCA’s decision to introduce a price cap.</p><p> </p><p>The FCA has said that it will keep the issue of capping the cost of credit in other markets under review.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-05-07T13:33:58.12Zmore like thismore than 2019-05-07T13:33:58.12Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
1436
star this property label Biography information for Paul Farrelly more like this
1124003
unstar this property registered interest false more like this
star this property date less than 2019-04-30more like thismore than 2019-04-30
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Mortgages more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to address the loyalty penalty in the mortgage market. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
unstar this property uin 249284 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-07more like thismore than 2019-05-07
star this property answer text <p>HMT notes that consumer engagement in the mortgage market is high, with over three quarters of borrowers switching within 6 months of the end of an introductory deal.</p><p> </p><p>HMT has worked closely with the FCA to consider how to remove the regulatory barriers that prevent some customers from accessing better deals. HMT welcomes the FCA’s plans to move the affordability assessment from an absolute test to a relative one. This change removes the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new mortgage products.</p><p> </p><p>HMT will continue to support the work the FCA is currently undertaking to improve switching and consumer engagement in the mortgage market.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-05-07T13:36:36.14Zmore like thismore than 2019-05-07T13:36:36.14Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4124
star this property label Biography information for Chi Onwurah more like this
1123034
unstar this property registered interest false more like this
star this property date less than 2019-04-25more like thismore than 2019-04-25
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Personal Savings: Older People more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps he is taking to ensure older people are able to build and maintain savings for retirement. more like this
star this property tabling member constituency Motherwell and Wishaw more like this
star this property tabling member printed
Marion Fellows more like this
unstar this property uin 247730 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-01more like thismore than 2019-05-01
star this property answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save.</p><p> </p><p>Older people will continue to benefit from a number of measures the Government has introduced in recent years.</p><p> </p><p>The Government has increased the amount that individuals, including older people and those of State Pension age, can earn or receive in savings interest before paying income tax to £12,500 per year. As a result, people can keep more of their income to invest as they choose.</p><p> </p><p>The amount of money that people can save into their ISAs each year (the annual subscription allowance) has been increased to a record £20,000.</p><p> </p><p>Since April 2016, individuals have also been able to benefit from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.</p><p>As a result of these measures, over 95% of people with savings income pay no tax on that income.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-05-01T15:16:16.92Zmore like thismore than 2019-05-01T15:16:16.92Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4440
star this property label Biography information for Marion Fellows more like this