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1131004
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Insurance 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 insurance companies do not unfairly discriminate against consumers with (a) historical and (b) current mental health conditions. more like this
star this property tabling member constituency Livingston more like this
star this property tabling member printed
Hannah Bardell more like this
star this property uin 262447 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Government is determined that all insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules.</p><p> </p><p>The FCA has placed access and vulnerability at the core of the its Mission and Business Plan. For example, it is currently exploring options for signposting consumers with pre-existing and historic medical conditions, such as mental health conditions, to specialist travel insurance providers so that these consumers are better able to access suitable insurance.</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
remove maximum value filtermore like thismore than 2019-06-13T13:27:04.977Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4486
unstar this property label Biography information for Hannah Bardell more like this
1131016
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Pension Funds: Consumer Information 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 recent assessment she has made of the adequacy of advice given to retirees accessing their pension funds for the first time. 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
star this property uin 262271 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Government works closely with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure that the market for pensions advice works well, competitively and fairly, especially as consumers now have a wider variety of choice, with the onset of pension freedoms.</p><p>In 2017, the FCA published the results from its Assessing Suitability Review (ASR I) which looked at pension and investment advice delivered during 2015. The review showed that generally financial advice was suitable in 93.1% of cases, across a statistically representative sample of the entire market. The FCA are undertaking further work looking at the market for pensions transfer advice.</p><p>In August 2015 HM Treasury and the FCA launched the Financial Advice Market Review (FAMR) and have since then implemented its recommendations to ensure the financial advice market works better for consumers. The government and FCA are conducting a review of FAMR throughout 2019.</p><p>The Government is also committed to ensuring that people have access to free-to-access financial guidance and information on the options available to them when accessing their Defined Contribution pension, which is why PensionWise, now part of the Money and Pensions Service (MAPS), was set up in 2015.</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 2019-06-13T13:25:01.897Zmore like thismore than 2019-06-13T13:25:01.897Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
1436
unstar this property label Biography information for Paul Farrelly more like this
1130526
star this property registered interest false more like this
star this property date less than 2019-06-06more like thismore than 2019-06-06
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Taxation 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 his Department has made an assessment of how often the annual tapered allowance results in a person being taxed more than 100 per cent of the pensions relief they would have received if they had not reached the allowance limit. more like this
star this property tabling member constituency Central Ayrshire more like this
star this property tabling member printed
Dr Philippa Whitford more like this
star this property uin 261239 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-11more like thismore than 2019-06-11
star this property answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2016/17 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p>The tapered annual allowance is therefore focussed on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>For those who incur annual allowance tax charges, the charge recoups the excess tax relief on the benefits that they have accrued in that year above their annual allowance. The charge is levied at an individual’s marginal rate. For example, an individual with a salary above £150,000 would be taxed at 45% on pension accrual above their annual allowance.</p><p> </p><p>It is not possible to estimate the precise effects of the tapered annual allowance on an individual’s total remuneration without knowing their specific circumstances.</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 261240 more like this
star this property question first answered
less than 2019-06-11T13:41:45.537Zmore like thismore than 2019-06-11T13:41:45.537Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4385
unstar this property label Biography information for Dr Philippa Whitford more like this
1130527
star this property registered interest false more like this
star this property date less than 2019-06-06more like thismore than 2019-06-06
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Taxation 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 his Department has made an assessment of how often the annual tapered allowance results in a person being taxed more than 100 per cent of the earnings gained from additional sessions or responsibilities. more like this
star this property tabling member constituency Central Ayrshire more like this
star this property tabling member printed
Dr Philippa Whitford more like this
star this property uin 261240 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-11more like thismore than 2019-06-11
star this property answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2016/17 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p>The tapered annual allowance is therefore focussed on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>For those who incur annual allowance tax charges, the charge recoups the excess tax relief on the benefits that they have accrued in that year above their annual allowance. The charge is levied at an individual’s marginal rate. For example, an individual with a salary above £150,000 would be taxed at 45% on pension accrual above their annual allowance.</p><p> </p><p>It is not possible to estimate the precise effects of the tapered annual allowance on an individual’s total remuneration without knowing their specific circumstances.</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 261239 more like this
star this property question first answered
less than 2019-06-11T13:41:45.587Zmore like thismore than 2019-06-11T13:41:45.587Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4385
unstar this property label Biography information for Dr Philippa Whitford more like this
1129985
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Pensioners: 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 recent assessment he has made of the ability of consumers to make an informed choice when accessing retirement income products. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 260554 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>The Government recognises that people need the right support and guidance to make decisions that best suit their evolving personal circumstances. That is why the Government introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS) that offers everyone aged 50 and over who has a defined contribution pension, free and impartial guidance on their range of available choices at retirement.</p><p> </p><p>The Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018 that consumer engagement in the retirement market is low and there are low levels of shopping around. As part of remedies to improve this, the FCA has set new requirements for pension providers to send more frequent ‘wake-up packs’ to their consumers, which include a summary of their open market options.</p><p> </p><p>The Money Advice Service (provided by MAPS) also offers a guaranteed income product comparator tool and is developing a drawdown comparator tool, to make it easier for consumers to compare the different options available to them.</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 2019-06-10T11:08:05.463Zmore like thismore than 2019-06-10T11:08:05.463Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1129987
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Pensions 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 regulatory and governance standards in the pensions industry in ensuring that drawdown products are appropriate for consumers. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 260555 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>The Financial Conduct Authority (FCA) is the regulator of pensions decumulation products, including drawdown products.</p><p> </p><p>The FCA conducted the Retirement Outcomes Review into the retirement income market, publishing the final report in 2018. The final report particularly focused on investment choices and charges in drawdown. As a result of its findings, it is introducing or consulting on a number of remedies to protect consumers from poor outcomes and promote competition in the market. These include the introduction of investment pathways and a requirement for consumers entering drawdown to receive clearer information on charges. The FCA is also currently consulting on extending the remit of Independent Governance Committees (IGCs) to investment pathways.</p><p> </p><p>As the remedies will be a significant intervention in the drawdown market, the FCA plans to conduct a detailed review of the impact of investment pathways one year after implementation to consider how well the remedy is working.</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 2019-06-10T11:10:53.693Zmore like thismore than 2019-06-10T11:10:53.693Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1129596
star this property registered interest true more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Health Insurance: Insurance Premium Tax 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 effect of changes in the rate of Insurance Premium Tax on the sustainability of the health insurance market. more like this
star this property tabling member constituency North Warwickshire more like this
star this property tabling member printed
Craig Tracey more like this
star this property uin 260077 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>The government publishes assessments of all tax changes at fiscal events. This includes examining the economic and business impacts. The assessment for the last change in Insurance Premium Tax (announced at Autumn Statement 2016) can be found here:</p><p><a href="https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate" target="_blank">https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate</a></p><p> </p><p>These costings are certified by the Office for Budget Responsibility.</p><p> </p><p>The government keeps all taxes under review and remains in regular discussion with the insurance industry and other interested parties, including the Financial Conduct Authority (FCA), on the provision of insurance in the UK.</p><p> </p><p>The government does not have a view on the impact of the size of the health insurance market on the NHS.</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 260078 more like this
star this property question first answered
less than 2019-06-12T13:12:58.11Zmore like thismore than 2019-06-12T13:12:58.11Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4509
unstar this property label Biography information for Craig Tracey more like this
1129597
star this property registered interest true more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Health Insurance 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 effect of changes in the size of the health insurance market on the NHS. more like this
star this property tabling member constituency North Warwickshire more like this
star this property tabling member printed
Craig Tracey more like this
star this property uin 260078 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>The government publishes assessments of all tax changes at fiscal events. This includes examining the economic and business impacts. The assessment for the last change in Insurance Premium Tax (announced at Autumn Statement 2016) can be found here:</p><p><a href="https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate" target="_blank">https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate</a></p><p> </p><p>These costings are certified by the Office for Budget Responsibility.</p><p> </p><p>The government keeps all taxes under review and remains in regular discussion with the insurance industry and other interested parties, including the Financial Conduct Authority (FCA), on the provision of insurance in the UK.</p><p> </p><p>The government does not have a view on the impact of the size of the health insurance market on the NHS.</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 260077 more like this
star this property question first answered
less than 2019-06-12T13:12:58.17Zmore like thismore than 2019-06-12T13:12:58.17Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4509
unstar this property label Biography information for Craig Tracey more like this
1129637
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Joint Authorities Cash Strategy Group 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, with reference to his Department's news story of 3 May 2019, Cash here to stay as government commits to protecting access, if he will publish the remit of the Joint Authorities Cash Strategy Group. more like this
star this property tabling member constituency Rutherglen and Hamilton West more like this
star this property tabling member printed
Ged Killen more like this
star this property uin 260111 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>As part of our response to the Call for Evidence on access to cash, the Government announced that the Treasury would set up and chair the Joint Authorities Cash Strategy (JACS) Group.</p><p> </p><p>The Group brings together the Bank of England, Payments Systems Regulator and Financial Conduct Authority. This was in recognition of the need to ensure joined-up oversight of the UK’s cash infrastructure, in light of the changing behaviours and preferences of consumers and businesses.</p><p> </p><p>The Group will coordinate strategy across members, to ensure that the roles and responsibilities of each regulator remain clear and relevant, and that the effects of regulatory activities are evaluated across the full end-to-end cash system. The Group does not affect the statutory responsibilities of individual regulators.</p><p> </p><p>The Group is up and running and further details of its activities will be announced in due course.</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
260112 more like this
260113 more like this
star this property question first answered
less than 2019-06-10T11:14:22.56Zmore like thismore than 2019-06-10T11:14:22.56Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4672
unstar this property label Biography information for Ged Killen more like this
1129638
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
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
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Joint Authorities Cash Strategy Group: Meetings 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, with reference to his Department's news story of 3 May 2019, Cash here to stay as government commits to protecting access, if he will publish the schedule of meetings of the Joint Authorities Cash Strategy Group; and whether minutes will be taken at those meetings. more like this
star this property tabling member constituency Rutherglen and Hamilton West more like this
star this property tabling member printed
Ged Killen more like this
star this property uin 260112 more like this
star this property answer
answer
unstar this property is ministerial correction false remove filter
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>As part of our response to the Call for Evidence on access to cash, the Government announced that the Treasury would set up and chair the Joint Authorities Cash Strategy (JACS) Group.</p><p> </p><p>The Group brings together the Bank of England, Payments Systems Regulator and Financial Conduct Authority. This was in recognition of the need to ensure joined-up oversight of the UK’s cash infrastructure, in light of the changing behaviours and preferences of consumers and businesses.</p><p> </p><p>The Group will coordinate strategy across members, to ensure that the roles and responsibilities of each regulator remain clear and relevant, and that the effects of regulatory activities are evaluated across the full end-to-end cash system. The Group does not affect the statutory responsibilities of individual regulators.</p><p> </p><p>The Group is up and running and further details of its activities will be announced in due course.</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
260111 more like this
260113 more like this
star this property question first answered
less than 2019-06-10T11:14:22.593Zmore like thismore than 2019-06-10T11:14:22.593Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4672
unstar this property label Biography information for Ged Killen more like this