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49209
star this property registered interest false more like this
star this property date less than 2014-04-30more like thismore than 2014-04-30
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, for what reason his Department will no longer participate in the Debt Management Plan Protocol guidance group; and if he will make a statement. more like this
star this property tabling member constituency Kilmarnock and Loudoun more like this
star this property tabling member printed
Cathy Jamieson more like this
star this property uin 197277 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-08more like thismore than 2014-05-08
star this property answer text <p>The Government is committed to improving standards in the debt management industry to deliver a better deal for consumers and greater transparency for creditors. The Debt Management Plan Protocol played a crucial role in meeting this objective, working in complement with the OFT regulatory framework, and paved the way for more robust regulation of the sector by the FCA.</p><p> </p><p>From 1 April, responsibility for regulating debt management firms, along with all other consumer credit firms, transferred from the Office of Fair Trading to the Financial Conduct Authority (FCA).</p><p> </p><p>Consumers will be better protected under the new regime - the FCA will:</p><p>· police the gateway to the market more thoroughly;</p><p>· proactively identify risks to consumers;</p><p>· focus its supervisory resources on areas most likely to cause consumer harm;</p><p>· approve individuals in influential roles in firms;</p><p>· operate a flexible and responsive regime;</p><p>· use its wide enforcement toolkit;</p><p>· and ensure consumers have access to redress.</p><p> </p><p>The FCA will thoroughly assess every debt management firm's fitness to trade as part of the authorisation process – debt management firms will be amongst the first to require authorisation.</p><p> </p><p>The FCA has also introduced new requirements for debt management firms, including:</p><p>· Prudential requirements: Debt management firms often hold consumers' money - the FCA is requiring large debt management firms to hold capital to ensure that consumers don't risk losing their money if things go wrong.</p><p>· Guidance added that debt management firms should not allocate more than half the money received from customers in debt management plans to meeting their fees and charges.</p><p> </p><p>With the new FCA regulatory regime in place which will greatly improve consumer protection in the debt management market, the Government decided following discussions with a range of stakeholders that it was the right time to step away from an active role in the Protocol.</p><p> </p><p>The Government hopes that the stakeholders involved in the Protocol will continue to work together to help the FCA monitor the market and drive best practice in the sector.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN
197276 more like this
197278 more like this
197279 more like this
star this property question first answered
less than 2014-05-08T12:00:00.00Zmore like thismore than 2014-05-08T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
4011
unstar this property label Biography information for Cathy Jamieson more like this
48763
star this property registered interest false more like this
star this property date less than 2014-04-28more like thismore than 2014-04-28
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, how many Equitable Life policyholders are expected to benefit from the compensation scheme. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 196844 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-06more like thismore than 2014-05-06
star this property answer text <p>Around 1 million policyholders are eligible for a payment from the Equitable Life Payment Scheme.</p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-06T12:00:00.00Zmore like thismore than 2014-05-06T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this
46470
star this property registered interest false more like this
star this property date less than 2014-04-02more like thismore than 2014-04-02
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, how many appeals have been made to the Equitable Life Payment Scheme on the level of compensation offered since the scheme began making payments. more like this
star this property tabling member constituency Altrincham and Sale West more like this
star this property tabling member printed
Mr Graham Brady more like this
star this property uin 194827 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-08more like thismore than 2014-05-08
star this property answer text <p>Of the 495 cases submitted to the Independent Review Panel to date, 145 were classified as being about the level of payment received.</p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-08T12:00:00.00Zmore like thismore than 2014-05-08T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
435
unstar this property label Biography information for Sir Graham Brady more like this
47157
star this property registered interest false more like this
star this property date less than 2014-04-07more like thismore than 2014-04-07
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, how many jobs have been transferred from the public to the private sector as a result of privatisations or outsourcing by his Department since May 2010. more like this
star this property tabling member constituency Manchester Central more like this
star this property tabling member printed
Lucy Powell more like this
star this property uin 195516 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-29more like thismore than 2014-04-29
star this property answer text <p>HM Treasury have not transferred any jobs to the private sector as a result of privatisations or outsourcing since May 2010.</p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-04-29T12:00:00.00Zmore like thismore than 2014-04-29T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
4263
unstar this property label Biography information for Lucy Powell more like this
50562
star this property registered interest false more like this
star this property date less than 2014-05-12more like thismore than 2014-05-12
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, how many reports the Illegal Money Lending Team in (a) Scotland, (b) Wales, (c) England, (d) Northern Ireland and (e) the UK received in each of the last four years for which figures are available. more like this
star this property tabling member constituency Airdrie and Shotts more like this
star this property tabling member printed
Pamela Nash more like this
star this property uin 198400 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove maximum value filtermore like thismore than 2014-05-14
star this property answer text <p>The Government has ensured that Illegal Money Lending Teams within Local Authority Trading Standards have a clear statutory remit and powers to tackle illegal lenders. This is complemented by a new role for the Financial Conduct Authority (FCA), as part of the transfer of consumer credit regulation to the FCA on 1 April 2014.</p><p> </p><p>The Illegal Money Lending Teams have powers to prosecute those who are found to be lending illegally and causing harm to some of the most vulnerable consumers. The FCA has equivalent powers.</p><p> </p><p>Illegal Money Lending Teams are also focussed on raising consumer awareness of illegal money lenders and encourage members of the public to report illegal money lenders through the ‘Stop Loan Sharks' campaign.</p><p> </p><p>Both the FCA and Illegal Money Lending Teams have a strong track record of taking enforcement action against illegal money lenders.</p><p> </p><p>The Scotland Illegal Money Lending Team records actionable intelligence and does not hold data on the total number of reports. The number of actionable reports for the last four years are:</p><p> </p><p>2010/11 – 28</p><p>2011/12 – 96</p><p>2012/13 -117</p><p>2013/14 – 65</p><p> </p><p>The Wales Illegal Money Lending Team's total number of reports as currently available are:</p><p> </p><p>2011/12 - 38</p><p>2012/13 – 32</p><p>2013/14 – 29</p><p> </p><p>The England Illegal Money Lending Team's total number of reports as currently available are:</p><p> </p><p>2011/12 - 460</p><p>2012/13 - 657</p><p>2013/14 - 592</p><p> </p><p>In Northern Ireland, Trading Standards is a devolved matter and therefore, the Government does not sponsor Illegal Money Lending Teams there.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-14T12:00:00.00Zmore like thismore than 2014-05-14T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
3909
unstar this property label Biography information for Pamela Nash more like this
47123
star this property registered interest false more like this
star this property date less than 2014-04-07more like thismore than 2014-04-07
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to make personal debt charged at an APR of over 30 per cent unrecoverable; and if he will make a statement. more like this
star this property tabling member constituency Great Grimsby more like this
star this property tabling member printed
Austin Mitchell more like this
star this property uin 195592 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-29more like thismore than 2014-04-29
star this property answer text <p>The Government legislated in the Banking Reform Act 2013 to require the Financial Conduct Authority (FCA) to introduce a cap on the cost of high-cost short-term credit, including payday loans, in order to protect consumers from excessive costs. In designing the cap, the FCA will take into account the interest rate and other fees and charges which may be incurred in relation to a high-cost loan.</p><p> </p><p>As part of the FCA's powers to cap the cost of credit in the Financial Services Act 2012, the Government gave the FCA specific powers to prevent a lender enforcing a credit agreement and recovering the debt, if the agreement contravenes its rules on the cost of credit. It can also require that any money or property transferred under the credit agreement must be returned.</p><p> </p><p>The FCA is currently conducting analysis to inform the design of the cap; it has committed to publishing its proposed rules which implement the cap in July. The FCA plans to publish final rules in the autumn and all lenders must be compliant with the cap by 2 January 2015. The Government supports the FCA's proposed timetable for implementing the cap: it allows the FCA appropriate time to conduct analysis, consult on its proposals and ensure that firms are fully compliant by January. It also allows the FCA to draw on the insight of the Competition and Markets Authority's study into payday lenders in designing the cap.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN 195597 more like this
star this property question first answered
less than 2014-04-29T12:00:00.00Zmore like thismore than 2014-04-29T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
372
unstar this property label Biography information for Austin Mitchell more like this
47126
star this property registered interest false more like this
star this property date less than 2014-04-07more like thismore than 2014-04-07
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, if he will bring forward proposals to limit the interest rate payable on payday loans; and if he will make a statement. more like this
star this property tabling member constituency Great Grimsby more like this
star this property tabling member printed
Austin Mitchell more like this
star this property uin 195597 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-29more like thismore than 2014-04-29
star this property answer text <p>The Government legislated in the Banking Reform Act 2013 to require the Financial Conduct Authority (FCA) to introduce a cap on the cost of high-cost short-term credit, including payday loans, in order to protect consumers from excessive costs. In designing the cap, the FCA will take into account the interest rate and other fees and charges which may be incurred in relation to a high-cost loan.</p><p> </p><p>As part of the FCA's powers to cap the cost of credit in the Financial Services Act 2012, the Government gave the FCA specific powers to prevent a lender enforcing a credit agreement and recovering the debt, if the agreement contravenes its rules on the cost of credit. It can also require that any money or property transferred under the credit agreement must be returned.</p><p> </p><p>The FCA is currently conducting analysis to inform the design of the cap; it has committed to publishing its proposed rules which implement the cap in July. The FCA plans to publish final rules in the autumn and all lenders must be compliant with the cap by 2 January 2015. The Government supports the FCA's proposed timetable for implementing the cap: it allows the FCA appropriate time to conduct analysis, consult on its proposals and ensure that firms are fully compliant by January. It also allows the FCA to draw on the insight of the Competition and Markets Authority's study into payday lenders in designing the cap.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN 195592 more like this
star this property question first answered
less than 2014-04-29T12:00:00.00Zmore like thismore than 2014-04-29T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
372
unstar this property label Biography information for Austin Mitchell more like this
48766
star this property registered interest false more like this
star this property date less than 2014-04-28more like thismore than 2014-04-28
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, if he will bring forward proposals to relocate (a) staff and (b) offices of his Department to Brighton; and if he will make a statement. more like this
star this property tabling member constituency Brighton, Kemptown more like this
star this property tabling member printed
Simon Kirby more like this
star this property uin 196869 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-06more like thismore than 2014-05-06
star this property answer text <p><strong>HM Treasury staff are currently based in London and Norwich. HM Treasury policy is to ensure that its current space is used to maximum efficiency in line with the Civil Service Reform agenda before we would consider a move of staff or offices to Brighton, but we are grateful for his suggestion.</strong></p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-06T12:00:00.00Zmore like thismore than 2014-05-06T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
3929
unstar this property label Biography information for Simon Kirby more like this
48742
star this property registered interest false more like this
star this property date less than 2014-04-28more like thismore than 2014-04-28
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, if he will review the level and practice of undeclared costings charged by financial institutions to private investors on open-ended investment trusts and other products. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 196864 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-01more like thismore than 2014-05-01
star this property answer text <p>The Government is aware of the impact that costs can have on investment returns. While there are currently no plans for HM Treasury to undertake a review the Government is working with the Financial Conduct Authority (FCA), which regulates the disclosure of fees and expenses in accordance with existing regulation.</p><p> </p><p>The FCA has conducted a review on the clarity of fund charges within the current regulatory framework to ensure costs are clearly set out to consumers. It will publish its findings in quarter 2 2014. The FCA has also worked closely with the Treasury to shape future European legislation which will improve the disclosure of fund charges across Europe.</p><p> </p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-01T12:00:00.00Zmore like thismore than 2014-05-01T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this
50063
star this property registered interest false more like this
star this property date less than 2014-05-07more like thismore than 2014-05-07
star this property answering body
HM 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 CaTreasury 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 Mr Chancellor of the Exchequer, if he will undertake a review of the effectiveness of the Debt Relief (Developing Countries) Act 2010 in preventing the use of the English legal system by vulture funds to extract funds from developing countries. more like this
star this property tabling member constituency Birmingham, Hall Green more like this
star this property tabling member printed
Mr Roger Godsiff more like this
star this property uin 198104 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-13more like thismore than 2014-05-13
star this property answer text <p>I refer the hon. Member to the answer given by the former Financial Secretary to the Treasury, my right hon. Friend the Member for Bromsgrove (Mr Javid) on 6 January 2014, which includes information on the Government's approach to promoting debt sustainability among low income countries.</p><p> </p><p>The impact assessment for the Debt Relief (Developing Countries) Act 2010 indicates direct benefits to Heavily Indebted Poor Countries (HIPCs) of between zero and £26m a year. The Government's decision to make the Act permanent on 25 May 2011 was taken following consultation with relevant stakeholders; evidence from that exercise suggested that the Act had some benefit on HIPCs and no evidence was found of unintended or adverse effects.</p><p> </p><p>The UK continues to be at the forefront of international efforts to promote responsible lending and borrowing practices, including our ongoing support for the IMF/World Bank Debt Sustainability Framework and OECD lending principles covering official export credits. The UK also supports the World Bank's debt reduction facility, which enables countries to buy back their commercial debt at a deep discount with donor backing, and the African Legal Support Facility, which provides legal advice to countries facing litigation.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
less than 2014-05-13T12:00:00.00Zmore like thismore than 2014-05-13T12:00:00.00Z
unstar this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
304
unstar this property label Biography information for Mr Roger Godsiff more like this