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810272

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to make consumers aware of the forthcoming changes being implemented through the Open Banking standard and the Second Payment Services Directive.
	tabling member constituency	Cambridge
	tabling member printed	Daniel Zeichner
	uin	120738
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The Open Banking Implementation Entity (OBIE) is ensuring that consumers are aware of the Open Banking project, delivering communications through both its website and planned media engagements. We would expect the OBIE to work together with other interested parties, including the Financial Conduct Authority, third party providers, the banks and the Treasury as they develop their plans.</p><p> </p><p>The Second Payment Services Directive also introduces an automatic ban on debit and credit card surcharging. The Department for Business, Energy and Industrial Strategy has published consumer guidance on the implementation of the surcharging ban.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:27:27 answering member 4051 label Biography information for John Glen
	tabling member	4382 label Biography information for Daniel Zeichner

810273

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which regulator will be responsible for monitoring the performance of the standardised Open Banking Application Programme Interfaces; and how that regulator plans to undertake that monitoring.
	tabling member constituency	Cambridge
	tabling member printed	Daniel Zeichner
	uin	120739
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The standardised Open Banking Application Programme Interfaces (APIs) are being introduced as a result of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017.</p><p> </p><p>The CMA is responsible for monitoring and enforcing compliance with this Order, including the performance of the APIs. The Open Banking Implementation Entity will assist the CMA in delivering this function.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:31:11 answering member 4051 label Biography information for John Glen
	tabling member	4382 label Biography information for Daniel Zeichner

810085

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	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 introducing regulations on the extent to which financial institutions can offer retail customers products that include (a) contracts for difference and (b) other derivative instruments.
	tabling member constituency	Leeds North West
	tabling member printed	Alex Sobel
	uin	120551
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The government has not made an assessment. Contracts for Difference (CfDs) and other derivative products are regulated by the Financial Conduct Authority (FCA). The FCA have expressed concerns about the distribution of CfDs to retail clients, and the European Securities and Markets Authority (ESMA) have recently announced that they are considering imposing restrictions on these CfDs. As the independent regulator, the FCA have indicated that they are supportive of these proposals. As ESMA’s powers are temporary, the FCA are considering appropriate permanent product intervention measures, which the FCA indicated would take in to account any prospective ESMA measures. The FCA continually reviews all financial products, including derivative products, to assess the risks to investor protection.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:33:25 answering member 4051 label Biography information for John Glen
	tabling member	4658 label Biography information for Alex Sobel

810094

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Individual Savings Accounts: Children
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the potential merits of transferring funds from the Financial Services fines pool to bring the value of Junior ISAs up to the value of Child Trust Funds.
	tabling member constituency	Birkenhead
	tabling member printed	Frank Field
	uin	120560
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>A Child Trust Fund account was opened for each child born between 1 September 2002 and 2 January 2011, with a Government contribution deposited into the account. The total government contribution to each account differed dependent on a variety of factors, such as family income, disability and age. Junior ISAs are voluntary, tax-free savings accounts and therefore not all children hold a Junior ISA. For these reasons, it is not appropriate to compare the balances of these two types of account.</p><p> </p><p>All FCA fine income, after enforcement costs, is passed to HM Treasury and forms part of the governments total revenues to be used for the benefit of the tax paying public.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:37:49 answering member 4051 label Biography information for John Glen
	tabling member	478 label Biography information for Lord Field of Birkenhead

810350

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Royal Bank of Scotland: Small Businesses
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor the Exchequer, pursuant to the Prime Minister's oral contribution of 20 December 2017, who will examine the mistreatment of smaller businesses by RBS.
	tabling member constituency	Sefton Central
	tabling member printed	Bill Esterson
	uin	120816
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The Financial Conduct Authority (FCA) has published a detailed summary of the independent report into Royal Bank of Scotland’s treatment of small and medium-sized enterprise customers transferred to its Global Restructuring Group (GRG). The FCA announced it is investigating the matters arising from its review of GRG and focussing on whether there is any basis for it to take further action. It would not be appropriate for the Government to comment further whilst this process is ongoing.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:39:15 answering member 4051 label Biography information for John Glen
	tabling member	4061 label Biography information for Bill Esterson

816787

	registered interest
	date	05/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Vulnerable Adults
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he plans to implement a duty on regulators to identify vulnerable customers within the finance industry.
	tabling member constituency	Crewe and Nantwich
	tabling member printed	Laura Smith
	uin	121214
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>The government believes that the Financial Conduct Authority’s (FCA) existing objectives to protect consumers and to promote effective competition are sufficient to safeguard the interests of vulnerable consumers. The government therefore sees no need to legislate to impose an additional duty on the FCA.</p><p> </p><p>In November 2017, the FCA published their Future Approach to Consumers Paper. One of the core ideas within this Paper is “Regulating for Vulnerable Consumers”. The FCA expects firms to pay attention to possible indicators of vulnerability and have policies in place to deal with consumers where those indicators suggests they may be at greater risk of harm.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:40:05 answering member 4051 label Biography information for John Glen
	tabling member	4648 label Biography information for Laura Smith

816780

	registered interest
	date	05/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Consumers
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to make consumer markets operate more fairly to reduce the costs of essential household items.
	tabling member constituency	Crewe and Nantwich
	tabling member printed	Laura Smith
	uin	121207
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>Competitive markets are the best way of delivering value and choice for consumers. Autumn Budget 2017 announced more resources for the Competition and Markets Authority to enable them to take more cases against companies who are not competing fairly. The government is also taking specific action to ensure that financial services markets work for consumers. For example, to improve access to affordable sources of credit, the government is increasing the number of potential members that a credit union serving a local area can have from 2 to 3 million.</p><p> </p><p>The forthcoming Consumer Green Paper will set out the government’s broader approach to ensuring that markets are working well for consumers and businesses.</p><p> </p><p>Where it can, the government is also taking direct action to help families with the cost of essential items. For example, the government has extended the fuel duty freeze for the eighth year. This freeze has saved the average car driver £850 over the last eight years compared to what they would have been paying under the pre-2010 escalator plans.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/01/2018 14:41:45 answering member 4051 label Biography information for John Glen
	tabling member	4648 label Biography information for Laura Smith

816694

	registered interest
	date	05/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Markets and Competition Authority on the introduction of a cap on overdraft charges for personal current accounts; and if he will make a statement.
	tabling member constituency	Glasgow East
	tabling member printed	David Linden
	uin	121121
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>Treasury Ministers and officials meet regularly with colleagues across Government, and the various regulators, to discuss a wide range of issues. As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.</p><p>As part of the final report on its retail banking market investigation, published in 2016, the Competition and Markets Authority (CMA) imposed a series of remedies in relation to overdrafts, including a legal requirement on banks to set a monthly maximum charge for unarranged overdraft charges. Most banks have been required to do this since August 2017. The CMA will monitor compliance with its Order. As recommended by the CMA, the Financial Conduct Authority (FCA) is reviewing the effectiveness of the monthly maximum charge for unarranged overdrafts.</p><p>Following the CMA’s investigation, the FCA also committed to look in more detail at both arranged and unarranged overdrafts as part of its broader review into the High Cost Credit sector. The FCA published a Feedback Statement on its review of high-cost credit in July 2017, which concluded that it had concerns about both arranged and unarranged overdrafts.</p><p>The FCA will investigate these concerns further, and where intervention is needed and justified, aim to bring forward proposals in Spring 2018 concerning both overdrafts and other forms of high-cost credit. The FCA’s review of the effectiveness of the monthly maximum charge for unarranged overdraft charges will inform the FCA’s proposals on overdrafts.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 121122 question first answered 11/01/2018 14:48:16 answering member 4051 label Biography information for John Glen
	tabling member	4640 label Biography information for David Linden

816695

	registered interest
	date	05/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps the Government is taking to encourage banks to impose the voluntary cap on overdraft charges for personal current accounts recommended by the Competition and Markets Authority in 2016; and what assessment his Department has made of the effectiveness of that cap on reducing repayments by customers where it has been imposed.
	tabling member constituency	Glasgow East
	tabling member printed	David Linden
	uin	121122
	answer	answer is ministerial correction date of answer 11/01/2018 answer text <p>Treasury Ministers and officials meet regularly with colleagues across Government, and the various regulators, to discuss a wide range of issues. As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.</p><p>As part of the final report on its retail banking market investigation, published in 2016, the Competition and Markets Authority (CMA) imposed a series of remedies in relation to overdrafts, including a legal requirement on banks to set a monthly maximum charge for unarranged overdraft charges. Most banks have been required to do this since August 2017. The CMA will monitor compliance with its Order. As recommended by the CMA, the Financial Conduct Authority (FCA) is reviewing the effectiveness of the monthly maximum charge for unarranged overdrafts.</p><p>Following the CMA’s investigation, the FCA also committed to look in more detail at both arranged and unarranged overdrafts as part of its broader review into the High Cost Credit sector. The FCA published a Feedback Statement on its review of high-cost credit in July 2017, which concluded that it had concerns about both arranged and unarranged overdrafts.</p><p>The FCA will investigate these concerns further, and where intervention is needed and justified, aim to bring forward proposals in Spring 2018 concerning both overdrafts and other forms of high-cost credit. The FCA’s review of the effectiveness of the monthly maximum charge for unarranged overdraft charges will inform the FCA’s proposals on overdrafts.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 121121 question first answered 11/01/2018 14:48:16 answering member 4051 label Biography information for John Glen
	tabling member	4640 label Biography information for David Linden

810704

	registered interest
	date	21/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Royal Bank of Scotland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, Energy and Industrial Strategy, when his Department was first made aware of plans by the Royal Bank of Scotland to close 259 of its branches.
	tabling member constituency	Ross, Skye and Lochaber
	tabling member printed	Ian Blackford
	uin	121049
	answer	answer is ministerial correction date of answer 12/01/2018 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including RBS, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p><p>The decision to open or close branches is a commercial matter, in which the Government does not intervene.</p><p>RBS Group retains its own board which is responsible for commercial and operational decisions, including in relation to its branch network. The Government’s shareholding in RBS Group is managed at arm's length and on a commercial basis through UK Financial Investments Ltd, a company which is wholly owned by the Government.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/01/2018 12:44:21 answering member 4051 label Biography information for John Glen
	tabling member	4390 label Biography information for Ian Blackford