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1130449

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what key performance indicators his Department uses to assess the performance of Open Banking; and what recent assessment he has made of the performance of Open Banking.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261179
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The independent Open Banking Implementation Entity (OBIE) is responsible for assessing the performance of Open Banking, and HM Treasury’s view is informed by their assessment.</p><p> </p><p>The OBIE’s latest published assessment of Open Banking performance, made in March 2019, shows that in that month the average availability of Open Banking APIs was 97%, the average response time was 798 milliseconds, and that 38.2 million successful API calls had been made, representing over 97% of the total number of calls made to APIs.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:36:10 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1130450

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment the Government has made of the potential merits of cryptocurrencies as a means of payment.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261180
	answer	answer is ministerial correction date of answer 13/06/2019 answer text The Government established the Cryptoassets Taskforce – comprised of HM Treasury, the Financial Conduct Authority and the Bank of England – in 2018 to explore the risks and potential benefits of cryptoassets and the underlying distributed ledger technology (DLT). The Taskforce’s final report<sup><sup>[1]</sup></sup> concluded that benefits associated with the use of cryptoassets may arise in the future, but that the most immediate priorities for the authorities are to mitigate the risks posed by cryptoassets to consumers and markets, and to prevent the use of cryptoassets for illicit activity. As part of this, the Government will consult on its approach to cryptoassets this year. In addition, the authorities continue to encourage the responsible development of legitimate DLT and cryptoasset-related activity in the UK.<p> </p><p>[1] Full version of the report is available at: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:40:32 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1130468

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personation: Credit Rating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to help ensure the credit ratings of victims of identity fraud are protected.
	tabling member constituency	Romford
	tabling member printed	Andrew Rosindell
	uin	261141
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>In 2014, the Government transferred regulatory responsibility for consumer credit from the Office of Fair Trading to the Financial Conduct Authority (FCA), including regulatory responsibility for Credit Reference agencies (CRAs). CRAs are a key part of the credit market and enable lenders to assess whether an individual has the ability to repay any credit that is offered.</p><p>CRAs can advise consumers to add a Notice of correction (of up to 200 words) to their credit report explaining any special circumstances. The content of the Notice should be taken into account alongside the information on the consumer’s report.</p><p>Furthermore, the Credit Industry Fraud Avoidance System (CIFAS) is an independent fraud prevention service which has developed a system used by the credit industry and other organisations to prevent fraud. If a lender believes it may have detected a fraud or attempted fraud, a CIFAS marker may be put on an individual’s credit reference file. No one should be refused credit just because of a CIFAS marker, and these markers are not included in a credit score. It is intended to warn lenders and to protect innocent consumers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:48:56 answering member 4051 label Biography information for John Glen
	tabling member	1447 label Biography information for Andrew Rosindell

1130467

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that people without internet access can continue to receive paper bills and statements from their banks.
	tabling member constituency	Hornsey and Wood Green
	tabling member printed	Catherine West
	uin	261294
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The Government takes the firm view that consumers must be able to easily access clear and transparent information about their accounts with banks and other financial service companies.</p><p> </p><p>UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to deal with such customers appropriately. This includes older people, the disabled, and those who do not have access to the internet. If a customer does not have access to the internet, then the FCA would expect the customer’s bank to provide or make available paper statements to them instead.</p><p> </p><p> </p><p> </p><p>Under changes to the Payment Services Regulations (PSRs) which came into force 13 January 2018 and govern the rules around payment accounts, banks are required to provide their customers with certain information, including a monthly statement (so long as there has been a transaction on the account). However, a customer’s terms and conditions must also include a condition that they can require their monthly statement to simply be ‘made available’ on a durable medium, for example through a secure website, rather than in the form of a physical statement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:44:28 answering member 4051 label Biography information for John Glen
	tabling member	4523 label Biography information for Catherine West

1131739

	registered interest
	date	12/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Statistics
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, on how many occasions his Department has received representations from the UK Statistics Authority on his Department's presentation and use of statistics in each year since 2010.
	tabling member constituency	Vale of Clwyd
	tabling member printed	Chris Ruane
	uin	263720
	answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>Details on the UK Statistics Authority’s interventions are published in the correspondence<sup><sup>[1]</sup></sup>, publications<sup><sup>[2]</sup></sup>, and issues log<sup><sup>[3]</sup></sup> sections of their website and have been since 2010.</p><p> </p><p>The Authority’s Office for Statistics Regulation (OSR) also carry out regular assessments and systemic reviews, details of which can also be found on the Authority’s website<sup><sup>[4]</sup></sup>.</p><p> </p><p>In September 2018, the Authority published the first annual summary of its interventions for the financial year 2017/18<sup><sup>[5]</sup></sup>. The report for 2018/19 will be published in the autumn.</p><p> </p><p>[1] <a href="https://www.statisticsauthority.gov.uk/correspondence-list/" target="_blank">https://www.statisticsauthority.gov.uk/correspondence-list/</a></p><p>[2] <a href="https://www.statisticsauthority.gov.uk/publications-list/" target="_blank">https://www.statisticsauthority.gov.uk/publications-list/</a></p><p>[3] <a href="https://www.statisticsauthority.gov.uk/reports-and-correspondence/issues-log/" target="_blank">https://www.statisticsauthority.gov.uk/reports-and-correspondence/issues-log/</a></p><p>[4] <a href="https://www.statisticsauthority.gov.uk/osr/" target="_blank">https://www.statisticsauthority.gov.uk/osr/</a></p><p>[5] <a href="https://www.statisticsauthority.gov.uk/publication/annual-casework-review-20172018/" target="_blank">https://www.statisticsauthority.gov.uk/publication/annual-casework-review-20172018/</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2019 14:25:19 answering member 4051 label Biography information for John Glen
	tabling member	534 label Biography information for Chris Ruane

1131836

	registered interest
	date	12/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policy of the recommendations of the First Comprehensive Report by the Network for Greening the Financial System, co-authored by the Bank of England, published on 17 April 2019.
	tabling member constituency	Stroud
	tabling member printed	Dr David Drew
	uin	263673
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>The government welcomes the report from the Network for Greening the Financial System and recognises that climate change is a source of financial risks. The government will publish a Green Finance Strategy this year that will set-out its approach to greening financial systems. The government has considered recommendations from the report as part of this process and is working closely with the Bank of England and the Financial Conduct Authority.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2019 14:38:41 answering member 4051 label Biography information for John Glen
	tabling member	252 label Biography information for Dr David Drew

1131787

	registered interest
	date	12/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent steps his Department has taken to assist customers of payday loan companies that have gone into insolvency.
	tabling member constituency	Tooting
	tabling member printed	Dr Rosena Allin-Khan
	uin	263888
	answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p>Any outstanding complaints against payday loan companies that enter into insolvency are dealt with directly by the administrators of the companies in question. Customers should continue to make any outstanding payments as instructed by the administrators. The FCA has issued advice to customers of such companies, and the administrators are required by law to contact all known creditors to provide them with their proposals for administration. answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2019 14:29:13 answering member 4051 label Biography information for John Glen
	tabling member	4573 label Biography information for Dr Rosena Allin-Khan

1131377

	registered interest
	date	11/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance.
	tabling member constituency	Blackpool South
	tabling member printed	Gordon Marsden
	uin	263057
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>The administrators for London Capital &amp; Finance (LCF) are currently estimating recoveries for investors affected by LCF’s failure.</p><p>The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF’s administrators and the Financial Conduct Authority to understand more about LCF’s activities and whether there are grounds for compensation.</p><p>If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2019 14:30:39 answering member 4051 label Biography information for John Glen
	tabling member	465 label Biography information for Gordon Marsden

1131378

	registered interest
	date	11/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services Compensation Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of making mini-bonds subject to the provisions of the Financial Services Compensation Scheme.
	tabling member constituency	Blackpool South
	tabling member printed	Gordon Marsden
	uin	263058
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 263059 question first answered 17/06/2019 14:33:33 answering member 4051 label Biography information for John Glen
	tabling member	465 label Biography information for Gordon Marsden

1131379

	registered interest
	date	11/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing Government regulations on mini-bonds.
	tabling member constituency	Blackpool South
	tabling member printed	Gordon Marsden
	uin	263059
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 263058 question first answered 17/06/2019 14:33:33 answering member 4051 label Biography information for John Glen
	tabling member	465 label Biography information for Gordon Marsden