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46470

	registered interest
	date	02/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Altrincham and Sale West
	tabling member printed	Mr Graham Brady
	uin	194827
	answer	answer is ministerial correction date of answer 08/05/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	435 label Biography information for Sir Graham Brady

47020

	registered interest
	date	04/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 13 September 2013, Official Report, column 914W, on financial services, what progress has been made on the continuation of money transfer services by UK banks; what recent discussions he has had with international partners and regulators on this matter; and if he will make a statement.
	tabling member constituency	Cardiff South and Penarth
	tabling member printed	Stephen Doughty
	uin	195376
	answer	answer is ministerial correction date of answer 08/05/2014 answer text <p>The Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. The Action Group on Cross Border Remittances has been established in accordance with the Written Ministerial Statement laid down in Parliament on 10 October 2013. The Action Group includes representatives for UK banks, the private sector, anti money laundering supervisors, civil society and international partners.</p><p> </p><p>Three Action Group meetings have taken place and a number of streams of work are underway; the Action Group is monitoring changes to the market, developing guidance for money service businesses (MSBs) and banks, promoting a shared understanding of risk and developing a ‘Safer Corridor' pilot for Somalia. We are also coordinating with international partners through the G20 framework.</p><p> </p><p>You may wish to keep up to date with the work of the Action Group by visiting its web page: <a href="https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances%20" target="_blank">https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances</a></p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4264 label Biography information for Stephen Doughty

49208

	registered interest
	date	30/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	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 (a) representatives or organisations offering free debt advice, (b) representatives of fee charging debt management organisations, (c) creditors and (d) the Insolvency Service on the potential effect of his Department's withdrawal from the Debt Management Plan Protocol guidance group.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	197276
	answer	answer is ministerial correction date of answer 08/05/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 197277 197278 197279 question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

49209

	registered interest
	date	30/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	197277
	answer	answer is ministerial correction date of answer 08/05/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 197276 197278 197279 question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

49210

	registered interest
	date	30/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the future implementation of the Debt Management Plan Protocol.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	197278
	answer	answer is ministerial correction date of answer 08/05/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 197276 197277 197279 question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

49211

	registered interest
	date	30/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of his Department's withdrawal from the Debt Management Plan Protocol guidance group on the development of future non-statutory debt solutions.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	197279
	answer	answer is ministerial correction date of answer 08/05/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 197276 197277 197278 question first answered 08/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson