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1141934
star this property registered interest false more like this
star this property date less than 2019-07-24more like thismore than 2019-07-24
star this property answering body
Treasury remove filter
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 Banks: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they or the Prudential Regulation Authority monitor loans by smaller banks to related parties; and what assessment, if any, they have made of how Wyelands Bank complies in this respect with regulatory limits. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17478 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 2019-08-06more like thismore than 2019-08-06
star this property answer text This is a matter for the Prudential Regulation Authority (PRA), which is operationally independent from Government. The question has been passed on to the PRA. The PRA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House. more like this
unstar this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-08-06T13:37:27.17Zmore like thismore than 2019-08-06T13:37:27.17Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1643113
star this property registered interest false more like this
star this property date less than 2023-06-08more like thismore than 2023-06-08
star this property answering body
Treasury remove filter
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 Banks: Loans remove filter
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 stronger regulatory requirements for banks on disclosure of lending criteria to borrowing customers. more like this
star this property tabling member constituency Weaver Vale more like this
star this property tabling member printed
Mike Amesbury more like this
star this property uin 188627 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 2023-06-12more like thismore than 2023-06-12
star this property answer text <p>The government is committed to ensuring that consumers are able to access credit where appropriate, so that they can achieve their financial goals. However, the government does not believe that it would be appropriate for lenders to disclose their precise lending criteria.</p><p> </p><p>Financial Conduct Authority (FCA) rules require lenders to undertake creditworthiness and affordability assessments before lending to a potential borrower. These rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly. Firms are free to use a variety of methods and processes to assess credit risk and affordability, and firms can decide what is appropriate in the circumstances.</p><p> </p><p>However, every lender will have its own idea of the particular profile of person that it wishes to lend to. Such information is commercially sensitive and its disclosure could lead to consumers being incentivised to provide misleading information in their credit application and accessing credit products that might not be appropriate for them.</p><p> </p><p>The government is committed to high regulatory standards and will continue to work with regulators to ensure consumer lending is responsible.</p><p> </p>
star this property answering member constituency Arundel and South Downs more like this
unstar this property answering member printed Andrew Griffith more like this
star this property question first answered
less than 2023-06-12T14:42:50.44Zmore like thismore than 2023-06-12T14:42:50.44Z
star this property answering member
4874
star this property label Biography information for Andrew Griffith more like this
star this property tabling member
4667
unstar this property label Biography information for Mike Amesbury more like this