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1125482
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-05-08
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 UK Asset Resolution 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 adequacy of the safeguards and mechanisms put in place by his Department and the Financial Conduct Authority between 2012 and 2018 in respect of the sale of UKAR loans to ensure that loan holders were able to transfer or get better terms from other regulated lenders instead of those companies to whom AKAR had sold their loans. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 251931 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 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</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
251932 more like this
251933 more like this
251934 more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-05-13T14:27:34.797Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125162
unstar this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
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 Credit Unions 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, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, what discussions he has had with the Prudential Regulation Authority on changing capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
unstar this property uin 251439 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 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</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 grouped question UIN 251440 more like this
star this property question first answered
less than 2019-05-13T14:26:34.347Zmore like thismore than 2019-05-13T14:26:34.347Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1125163
unstar this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
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 Credit Unions 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, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, whether it is his Department's policy to support the Prudential Regulation Authority on decisions to change the capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
unstar this property uin 251440 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 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</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 grouped question UIN 251439 more like this
star this property question first answered
less than 2019-05-13T14:26:34.287Zmore like thismore than 2019-05-13T14:26:34.287Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
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
less than 2019-05-09T15:03:17.59Zmore 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
1124696
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, when the investigation into the events at London Capital and Finance and the circumstances surrounding them announced by the Economic Secretary on 1 April 2019 will be completed; and whether the report of that investigation will be published. 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 250752 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
250750 more like this
250753 more like this
star this property question first answered
less than 2019-05-09T15:03:17.637Zmore like thismore than 2019-05-09T15:03:17.637Z
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
1124697
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, when his Department first had discussions with the Financial Conduct Authority on its performance in regulating the activity of London Finance and Capital. 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 250753 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
250750 more like this
250752 more like this
star this property question first answered
less than 2019-05-09T15:03:17.683Zmore like thismore than 2019-05-09T15:03:17.683Z
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