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346876

	registered interest
	date	27/05/2015
	answering body	Department for Energy and Climate Change
	answering dept id	63
	answering dept short name	Energy and Climate Change
	answering dept sort name	Energy and Climate Change
	hansard heading	Energy Efficiency Deployment Office
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Energy and Climate Change, what her policy is on expanding the scope and budget of the Energy Efficiency Deployment Office; and how many staff are employed in that Office.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	101
	answer	answer is ministerial correction date of answer 02/06/2015 answer text <p>The Government is committed to improving energy efficiency. Work on energy efficiency has been carried out across several directorates in the Department over recent years. Following an internal reorganisation within the Department earlier in 2015, the Energy Efficiency Deployment Office no longer exists. The work it previously carried out is now undertaken in a number of different directorates, including those focused on home energy use and business and local energy use.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/06/2015 13:28:05 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64279

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

64283

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

64272

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

64273

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

64274

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

65986

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

156128

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will takes steps to ensure that banks fined by the Financial Conduct Authority for improper trading on the FOREX exchange do not recover the fines from increased bank charges to customers of retail high street branches.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214496
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>The Director of the Serious Fraud Office opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries in any way.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 214586 question first answered 24/11/2014 17:29:19 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

155740

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with the Serious Fraud Office about its investigation into the activities in foreign exchange dealing of bankers.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214586
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>The Director of the Serious Fraud Office opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries in any way.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 214496 question first answered 24/11/2014 17:29:18 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

166240

	registered interest
	date	26/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Royal Bank of Scotland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he has received any information from UK Financial Investments Ltd in respect of the (a) operation by RBS of its Global Restructuring Group (GRC) as a profit centre for the bank and (b) implications of the operations of the GRC for small business customers of RBS.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	216223
	answer	answer is ministerial correction date of answer 17/12/2014 answer text <p>We have not received information from UK Financial Investments (UKFI) relating to the operation of RBS’s Global Restructuring Group (GRG) as a profit centre for the bank.</p><p> </p><p> </p><p> </p><p>Similarly, we have not received information from UKFI relating to the implications of the operations of GRG for small business customers.</p><p> </p><p> </p><p> </p><p>As you are aware, the Financial Conduct Authority (FCA) is currently investigating the operations of GRG in relation to its treatment of business customers in financial difficulty. If the FCA identifies issues which come within its remit, it will consider further regulatory measures.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 17/12/2014 17:45:07 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn