Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

431606

	registered interest
	date	23/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Consumer Goods: Instalment Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many rent-to-own firms have applied to the Financial Conduct Authority for authorisation; and how many such firms have been so authorised.
	tabling member constituency	Makerfield
	tabling member printed	Yvonne Fovargue
	uin	17355
	answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply to directly to the Honourable member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17356 question first answered 02/12/2015 17:29:38 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4034 label Biography information for Yvonne Fovargue

431607

	registered interest
	date	23/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Consumer Goods: Instalment Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what conditions the Financial Conduct Authority has placed on the rent-to-own firms it has authorised in respect of low income users of such firms.
	tabling member constituency	Makerfield
	tabling member printed	Yvonne Fovargue
	uin	17356
	answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply to directly to the Honourable member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 17355 question first answered 02/12/2015 17:29:38 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4034 label Biography information for Yvonne Fovargue

886338

	registered interest
	date	18/04/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Consumer Goods: Instalment Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he plans to bring forward proposals for a total cost cap on rent-to-own products.
	tabling member constituency	Bolton North East
	tabling member printed	Sir David Crausby
	uin	136533
	answer	answer is ministerial correction date of answer 26/04/2018 answer text <p>The Government transferred the regulation of consumer credit, including rent-to-own and credit cards, to the Financial Conduct Authority (FCA) in 2014. The Government has given the FCA strong powers, including the power to cap the cost of credit, and the FCA can do so if it thinks it is necessary to protect consumers.</p><p> </p><p>The FCA is reviewing the high-cost credit market, and has identified specific concerns in rent-to-own. The FCA will publish an update on its work in May.</p><p> </p><p>On credit cards, the FCA has put in place a robust package of measures to address the issues in the market. These measures should be given time to work.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 136532 question first answered 26/04/2018 13:36:43 answering member 4051 label Biography information for John Glen
	tabling member	437 label Biography information for Sir David Crausby

872300

	registered interest
	date	26/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Consumer Goods: Instalment Credit
	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 the rent-to-own market on the financial vulnerability of households on low incomes.
	tabling member constituency	Birkenhead
	tabling member printed	Frank Field
	uin	134214
	answer	answer is ministerial correction date of answer 29/03/2018 answer text <p>The Government transferred the regulation of consumer credit, including rent-to-own, to the Financial Conduct Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers. This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in respect of agreements which may not have been affordable, and payments which should have been refunded.</p><p>The Government has also given the FCA the power to cap all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers.</p><p>The FCA’s review of the high-cost credit sector has identified concerns about the high costs of rent-to-own borrowing for what is a particularly vulnerable consumer group, and the consequences of that borrowing. The Government welcomes the FCA’s ongoing work to review the high-cost credit market, including the rent-to-own sector. The FCA aims to consult on proposed remedies in spring 2018.</p><p>The FCA has consulted on proposed rules and guidance on staff incentives, remuneration and performance management in consumer credit firms, and published final rules on 27 March 2018. The rules will require firms to identify and manage risks arising from remuneration and performance management practices, and will come into force on 1 October.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 134215 134216 question first answered 29/03/2018 10:58:34 answering member 4051 label Biography information for John Glen
	tabling member	478 label Biography information for Lord Field of Birkenhead

872301

	registered interest
	date	26/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Consumer Goods: Instalment Credit
	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 sales incentives for staff working in the rent-to-own and doorstep-lending industries on outcomes for financial vulnerable customers.
	tabling member constituency	Birkenhead
	tabling member printed	Frank Field
	uin	134215
	answer	answer is ministerial correction date of answer 29/03/2018 answer text <p>The Government transferred the regulation of consumer credit, including rent-to-own, to the Financial Conduct Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers. This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in respect of agreements which may not have been affordable, and payments which should have been refunded.</p><p>The Government has also given the FCA the power to cap all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers.</p><p>The FCA’s review of the high-cost credit sector has identified concerns about the high costs of rent-to-own borrowing for what is a particularly vulnerable consumer group, and the consequences of that borrowing. The Government welcomes the FCA’s ongoing work to review the high-cost credit market, including the rent-to-own sector. The FCA aims to consult on proposed remedies in spring 2018.</p><p>The FCA has consulted on proposed rules and guidance on staff incentives, remuneration and performance management in consumer credit firms, and published final rules on 27 March 2018. The rules will require firms to identify and manage risks arising from remuneration and performance management practices, and will come into force on 1 October.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 134214 134216 question first answered 29/03/2018 10:58:35 answering member 4051 label Biography information for John Glen
	tabling member	478 label Biography information for Lord Field of Birkenhead

872302

	registered interest
	date	26/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Consumer Goods: Instalment Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will make an assessment of the potential merits of bringing forward legislative proposals to introduce a cap on the total repayable cost to the consumer of rent-to-own goods.
	tabling member constituency	Birkenhead
	tabling member printed	Frank Field
	uin	134216
	answer	answer is ministerial correction date of answer 29/03/2018 answer text <p>The Government transferred the regulation of consumer credit, including rent-to-own, to the Financial Conduct Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers. This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in respect of agreements which may not have been affordable, and payments which should have been refunded.</p><p>The Government has also given the FCA the power to cap all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers.</p><p>The FCA’s review of the high-cost credit sector has identified concerns about the high costs of rent-to-own borrowing for what is a particularly vulnerable consumer group, and the consequences of that borrowing. The Government welcomes the FCA’s ongoing work to review the high-cost credit market, including the rent-to-own sector. The FCA aims to consult on proposed remedies in spring 2018.</p><p>The FCA has consulted on proposed rules and guidance on staff incentives, remuneration and performance management in consumer credit firms, and published final rules on 27 March 2018. The rules will require firms to identify and manage risks arising from remuneration and performance management practices, and will come into force on 1 October.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 134214 134215 question first answered 29/03/2018 10:58:35 answering member 4051 label Biography information for John Glen
	tabling member	478 label Biography information for Lord Field of Birkenhead