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166396

	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	Foreign Exchange
	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 potential merits of changing the criminal law to allow sanctions for the misconduct of financial traders identified as having manipulated the foreign exchange market.
	tabling member constituency	York Outer
	tabling member printed	Julian Sturdy
	uin	216077
	answer	answer is ministerial correction date of answer 02/12/2014 answer text <p>The Government is committed to taking action to ensure that the criminal regime for financial market abuse is strong and robust. In September 2014 the Government consulted on whether the regulatory regime put in place for LIBOR should be extended to seven other major benchmarks, based on recommendations from the Fair and Effective Markets Review. This regime includes the criminal offence of manipulating a ‘relevant benchmark’ either by making misleading statements or by creating a false or misleading impression of the value of investments that could affect such a benchmark. The list of benchmarks included the dominant benchmark for the foreign exchange market, WM/Reuters 4pm London Closing Spot Rate. The Government will announce its response to this consultation shortly.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/12/2014 17:11:26 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4079 label Biography information for Julian Sturdy

226589

	registered interest
	date	11/03/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will increase the level of funding available to the Equitable Life Payments Scheme.
	tabling member constituency	York Outer
	tabling member printed	Julian Sturdy
	uin	227222
	answer	answer is ministerial correction date of answer 16/03/2015 answer text <p>The Government has no plans to change the funding available to the Equitable Life Payment Scheme.</p><p> </p><p> </p><p> </p><p>The focus remains on finding and paying those policyholders who remain untraced.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 16/03/2015 17:36:18 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4079 label Biography information for Julian Sturdy

49018

	registered interest
	date	29/04/2014
	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 support the Government is giving to credit unions to help extend access to fair credit.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	197059
	answer	answer is ministerial correction date of answer 06/05/2014 answer text <p>The Government is supportive of credit unions and has taken a number of steps to assist them, most recently including:</p><ul><li>The Department for Work and Pensions investment of up to £38 million in an expansion project for credit unions. The project aims to help credit unions expand and grow, enabling them to provide financial services to more people.</li><li>From 1 April this year the Government increased the cap on the maximum interest rate a credit union can charge for loans from 2% to 3% per month. This will allow credit unions to make more loans to their members without making a loss. Even if they choose to charge the higher rate of interest the cost of borrowing from a credit union will still be significantly cheaper than many high cost lenders.</li></ul><p>The Government intends that these measures will help the credit union sector go from strength to strength, so it can be a viable option for financial services provision for an even wider range of consumers.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 06/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89489

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate his Department has made of (a) the number of payday firms that will be in operation and (b) the projected consumer demand for payday loans in (i) 2015, (ii) 2016 and (iii) 2017.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207342
	answer	answer is ministerial correction date of answer 05/09/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. Responsibility for consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>In the FCA’s consultation paper on the cap on the cost of payday loans, the FCA assesses that its proposals will lead to a risk of contraction in both the online and high-street markets. FCA modelling suggests that its cap proposals would mean at least one high street firm would continue to offer payday loans and at least the three largest online firms continuing in the market, although the FCA expects that more firms will be able to adapt their businesses to operate under the price cap and remain in the market.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/09/2014 13:16:20 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89490

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will take steps to prohibit credit reference agencies from selling payday customer details to marketing agencies and lead generators.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207340
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89491

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect on credit scores of increased data sharing by payday lenders.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207339
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207340 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89494

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will instruct the Financial Conduct Authority to require credit reference agencies to report their data to the Authority for enforcement purposes.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207341
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207340 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89496

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what analysis his Department has made of the performance of credit caps on payday lending firms in operation in (a) the USA, (b) Canada and (c) Australia.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207343
	answer	answer is ministerial correction date of answer 05/09/2014 answer text <p>The Government legislated to require the FCA to introduce a cap on the cost of payday loans, to protect consumers from unfair costs.</p><p> </p><p> </p><p>In making this decision the government considered the international evidence in support of a cap. As part of its work to design a cap to meet the needs of UK consumers, the FCA took into account international comparators conducting detailed case studies on experiences of price cap setting in Australia, Canada, US, Finland and Japan. The FCA spoke to international regulators and experts to understand the rationale and designs of price caps, as well as the impact they had on consumers and industry in these countries.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/09/2014 13:11:35 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89497

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the share of the payday lending market covered by (a) Experian, (b) Equifax, (c) CallCredit (d) CoreLogic and (e) FactorTrust.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207344
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207340 207341 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

142114

	registered interest
	date	06/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the transparency of mortgage pricing; and if he will make a statement.
	tabling member constituency	Wycombe
	tabling member printed	Steve Baker
	uin	213670
	answer	answer is ministerial correction date of answer 13/11/2014 answer text <p>The Government is committed to ensuring fair and effective competition across all financial services markets. It has established the independent Financial Conduct Authority (FCA) and given them the responsibility, enshrined in law, to promote effective competition in the interest of consumers. The FCA has the power to create, supervise and enforce any rules it thinks are needed to promote consumer protection, transparency and competition, including with respect to the transparency of mortgage pricing.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 13/11/2014 14:42:02 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4064 label Biography information for Mr Steve Baker