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47166

	registered interest
	date	07/04/2014
	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 the introduction of seven-day bank account switching has had on the number of people changing bank account provider; and if he will make a statement.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	195454
	answer	answer is ministerial correction date of answer 29/04/2014 answer text <p><strong>The Current Account Switching Service launched in September of last year, and has had a very positive impact. Early signs are positive, with switching numbers in Q4 of 2013 up by 17 per cent compared to Q4 of the previous year. </strong></p><p> </p><p><strong>The Financial Conduct Authority will carry out a review in September of this year into the effectiveness of the Current Account Switching Service. This will include an assessment of the effect the introduction of seven day account switching has had on the number of people changing bank account provider. </strong></p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 29/04/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1586 label Biography information for Adam Afriyie

61588

	registered interest
	date	12/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Written Questions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many parliamentary questions tabled to his Department in the last parliamentary Session did not receive a substantive answer by the time of the 2014 prorogation; and when each such question was first tabled.
	tabling member constituency	Plymouth, Moor View
	tabling member printed	Alison Seabeck
	uin	200449
	answer	answer is ministerial correction date of answer 19/06/2014 answer text <p>None.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 19/06/2014 14:57:37 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1552 label Biography information for Alison Seabeck

58126

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Help to Buy Scheme: North West
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many (a) Help to Buy Mortgage Guarantees and (b) Help to Buy: Equity Loans have been taken out in (i) the North West, (ii) Lancashire and (iii) Pendle to date.
	tabling member constituency	Pendle
	tabling member printed	Andrew Stephenson
	uin	198974
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The Government publishes quarterly official statistics relating to the Help to Buy: mortgage guarantee scheme. The first of these were published on 29 May 2014.</p><p> </p><p>This report, along with accompanying tables, can be found at: https://www.gov.uk/government/publications/help-to-buy-mortgage-guarantee-scheme-quarterly-statistics-october-2013-to-march-2014</p><p> </p><p>The Government also publishes monthly statistics on the number of homes purchased with the support of the Help to Buy: Equity Loan scheme, by local authority in England. This data can be found at <a href="https://www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics" target="_blank">https://www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics</a>.</p><p> </p><p><sup> </sup></p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 11/06/2014 15:14:25 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4044 label Biography information for Andrew Stephenson

47123

	registered interest
	date	07/04/2014
	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, 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.
	tabling member constituency	Great Grimsby
	tabling member printed	Austin Mitchell
	uin	195592
	answer	answer is ministerial correction date of answer 29/04/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 195597 question first answered 29/04/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	372 label Biography information for Austin Mitchell

47126

	registered interest
	date	07/04/2014
	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, if he will bring forward proposals to limit the interest rate payable on payday loans; and if he will make a statement.
	tabling member constituency	Great Grimsby
	tabling member printed	Austin Mitchell
	uin	195597
	answer	answer is ministerial correction date of answer 29/04/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 195592 question first answered 29/04/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	372 label Biography information for Austin Mitchell

57870

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Remittances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent progress has been made on enabling the continuation of money transfer abroad from UK financial institutions; and if he will make a statement.
	tabling member constituency	Ealing Central and Acton
	tabling member printed	Angie Bray
	uin	198756
	answer	answer is ministerial correction date of answer 09/06/2014 answer text <p>The UK 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 progress of the Action Group on Cross Border Remittances is on track and the group is next due to meet on 27 June 2014. Further information on the Action Group, including future meeting dates can be found on the group's web page: <a href="https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances" 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><p>A key output of the group is improved guidance, both for financial institutions which provide banking facilities for MSBs and for MSBs themselves on how to comply with their anti-money laundering and counter financing of terrorism obligations. These two key pieces of guidance were endorsed by the Action Group in its most recent meeting and are subject to normal approval processes.</p><p> </p><p> </p><p> </p><p>The UK Government is liaising closely with the Somali Government on activity underway to ensure the continued flow of remittances from the UK to Somalia. The Ambassador of Somalia to the UK (or his representative) has attended all of the Advisory Group Meetings for the UK-Somali Safer Corridor. Officials from the Foreign and Commonwealth Office, the Department for International Development and World Bank have also held bilateral meetings with the Ambassador.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 198752 198754 question first answered 09/06/2014 13:55:15 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3979 label Biography information for Baroness Bray of Coln

57871

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Remittances: Somalia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions his Department has had with its Somali counterpart on ensuring that remittances can continue from UK financial institutions.
	tabling member constituency	Ealing Central and Acton
	tabling member printed	Angie Bray
	uin	198752
	answer	answer is ministerial correction date of answer 09/06/2014 answer text <p>The UK 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 progress of the Action Group on Cross Border Remittances is on track and the group is next due to meet on 27 June 2014. Further information on the Action Group, including future meeting dates can be found on the group's web page: <a href="https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances" 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><p>A key output of the group is improved guidance, both for financial institutions which provide banking facilities for MSBs and for MSBs themselves on how to comply with their anti-money laundering and counter financing of terrorism obligations. These two key pieces of guidance were endorsed by the Action Group in its most recent meeting and are subject to normal approval processes.</p><p> </p><p> </p><p> </p><p>The UK Government is liaising closely with the Somali Government on activity underway to ensure the continued flow of remittances from the UK to Somalia. The Ambassador of Somalia to the UK (or his representative) has attended all of the Advisory Group Meetings for the UK-Somali Safer Corridor. Officials from the Foreign and Commonwealth Office, the Department for International Development and World Bank have also held bilateral meetings with the Ambassador.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 198754 198756 question first answered 09/06/2014 13:55:15 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3979 label Biography information for Baroness Bray of Coln

57872

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Remittances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, when the action group on remittances will next meet to consider the issue of money transfer abroad.
	tabling member constituency	Ealing Central and Acton
	tabling member printed	Angie Bray
	uin	198754
	answer	answer is ministerial correction date of answer 09/06/2014 answer text <p>The UK 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 progress of the Action Group on Cross Border Remittances is on track and the group is next due to meet on 27 June 2014. Further information on the Action Group, including future meeting dates can be found on the group's web page: <a href="https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances" 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><p>A key output of the group is improved guidance, both for financial institutions which provide banking facilities for MSBs and for MSBs themselves on how to comply with their anti-money laundering and counter financing of terrorism obligations. These two key pieces of guidance were endorsed by the Action Group in its most recent meeting and are subject to normal approval processes.</p><p> </p><p> </p><p> </p><p>The UK Government is liaising closely with the Somali Government on activity underway to ensure the continued flow of remittances from the UK to Somalia. The Ambassador of Somalia to the UK (or his representative) has attended all of the Advisory Group Meetings for the UK-Somali Safer Corridor. Officials from the Foreign and Commonwealth Office, the Department for International Development and World Bank have also held bilateral meetings with the Ambassador.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 198752 198756 question first answered 09/06/2014 13:55:16 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3979 label Biography information for Baroness Bray of Coln

31321

	registered interest
	date	07/01/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name
	answering dept sort name
	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 UKAR regarding the potential effect on customers of a rise in interest rates.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	182195
	answer	answer is ministerial correction date of answer 13/05/2014 answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 182196 question first answered 13/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

31322

	registered interest
	date	07/01/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name
	answering dept sort name
	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 effect of an interest rate rise on customers whose mortgages are held by UKAR; and what support is available to assist such customers to switch providers.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	182196
	answer	answer is ministerial correction date of answer 13/05/2014 answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 182195 question first answered 13/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson