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1359949
registered interest false more like this
date less than 2021-10-15more like thismore than 2021-10-15
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Bank Services: Fraud more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps he is taking to ensure that banks are accountable for overseeing the accounts of disabled and vulnerable people for irregularities and fraudulent activity. more like this
tabling member constituency Streatham remove filter
tabling member printed
Bell Ribeiro-Addy more like this
uin 57351 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2021-10-20more like thismore than 2021-10-20
answer text <p>The Government is working with industry to close down the vulnerabilities that fraudsters exploit and ensure members of the public have the information they need to spot a scam and stand up to fraudsters. This is a shared endeavour between Government, law enforcement and the private sector. It is vital we ensure that disabled and vulnerable customers are included in this effort, but there are no additional requirements on a bank to check for irregularities or fraudulent activity if a customer is disabled or vulnerable.</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.</p><p> </p><p>The FCA’s Guidance for firms on the Fair Treatment of Vulnerable Customers also requires that firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances receive the same fair treatment and outcomes as other customers.</p><p> </p><p>If a firm has doubts about a consumer’s ability to understand a product or service, suspects they do not have capacity to make decisions or that they are acting as a result of fraud or coercion, the firm should assess whether it should allow the consumer to proceed. It may be appropriate for firms to contact, or act on the instructions of, a family member, friend or other third party.</p><p> </p><p>In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services. This may include allowing for a carer or deputy to act for the disabled person.</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2021-10-20T15:40:56.197Zmore like thismore than 2021-10-20T15:40:56.197Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4764
label Biography information for Bell Ribeiro-Addy more like this
1347390
registered interest false more like this
date less than 2021-07-15more like thismore than 2021-07-15
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Bounce Back Loan Scheme more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will delay bounce back loan repayments by 12 months to help support businesses while they are in the initial phases of reopening. more like this
tabling member constituency Streatham remove filter
tabling member printed
Bell Ribeiro-Addy more like this
uin 34066 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2021-07-22more like thismore than 2021-07-22
answer text <p>The Government has already taken action to give businesses the flexibility and space they need to repay their loans. Under the Bounce Back loan scheme no repayments are due from the borrower for the first 12 months of the loan, and the Government covers the first 12 months of interest payments charged to the business by the lender.</p><p> </p><p>In order to give businesses further support in making their repayments, the Government announced “Pay as You Grow” (PAYG) options. PAYG will give businesses the option to repay their Bounce Back loan over ten years. This will reduce their average monthly repayments on the loan by almost half. Businesses will also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times). They can also pause their repayments entirely for up to six months – and given the continued challenges businesses are facing, the Government opted to enable borrowers to make use of this option from the first repayment, which means that businesses can choose to make no payments on their loans until 18 months after they originally took them out. If borrowers want to take advantage of this option, they should notify their lender when they are contacted about their repayments.</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2021-07-22T11:17:10.083Zmore like thismore than 2021-07-22T11:17:10.083Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4764
label Biography information for Bell Ribeiro-Addy more like this
1329425
registered interest false more like this
date less than 2021-06-04more like thismore than 2021-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Individual Savings Accounts: Greater London more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will make an assessments of the potential merits of increasing the Lifetime ISA threshold for people living in London. more like this
tabling member constituency Streatham remove filter
tabling member printed
Bell Ribeiro-Addy more like this
uin 10660 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2021-06-10more like thismore than 2021-06-10
answer text <p>The Lifetime ISA aims to provide the opportunity for first-time buyers to enter the market and offers a generous government bonus of 25% on up to £4,000 of savings each year to support that aim.</p><p> </p><p>The Government believes that the 25% bonus must be focused on those that need it most in order to ensure sustainable public finances. The Government continues to consider a property price cap of £450,000 appropriate to support the majority of first-time buyers across the UK. Nonetheless, the Government keeps all aspects of savings policy under review.</p> more like this
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2021-06-10T09:01:18.257Zmore like thismore than 2021-06-10T09:01:18.257Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4764
label Biography information for Bell Ribeiro-Addy more like this
1249514
registered interest false more like this
date less than 2020-11-09more like thismore than 2020-11-09
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Insurance: Older People more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps the Government plans to ensure that insurance companies do not routinely decline cover to people aged 70 years and over. more like this
tabling member constituency Streatham remove filter
tabling member printed
Bell Ribeiro-Addy more like this
uin 113229 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-11-16more like thismore than 2020-11-16
answer text <p>Since 2012, the Government has engaged in a voluntary signposting agreement with the Association of British Insurers (ABI) and the British Insurance Brokers Association (BIBA) for motor and travel insurance. This was set up to certify that where an insurer or insurance broker cannot offer cover due to upper age limits on their policies, it will refer the customer to another insurer who can provide cover, or an appropriate signposting service.</p><p>This agreement is periodically reviewed, first in 2015 and most recently in 2019.</p><p>All insurers are also required to treat customers fairly under the Financial Conduct Authority’s (FCA) rules.</p> more like this
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2020-11-16T12:55:38.107Zmore like thismore than 2020-11-16T12:55:38.107Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4764
label Biography information for Bell Ribeiro-Addy more like this
1142125
registered interest false more like this
date less than 2019-07-25more like thismore than 2019-07-25
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services: UK Relations with EU more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, whether the EU has agreed to implement (a) temporary equivalence and recognition for UK central counterparties and central securities depositories, (b) the European Securities and Markets Authority’s decision to approve Memoranda of Understanding on allowing cross-border delegation of portfolio management between the UK and the EEA and (c) the European Insurance and Occupational Pensions Authority's recommendations on relevant member state regulators to minimise detriment to insurance policyholders in the in the event the UK leaves the EU without an agreement. more like this
tabling member constituency Streatham remove filter
tabling member printed
Chuka Umunna more like this
uin 282348 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-09-03more like thismore than 2019-09-03
answer text <p>I refer the Hon. Member to the answer that I gave on 24 July 2019 under UIN 279465.</p><p> </p><p>We welcome the steps taken by the EU and some individual member states to help mitigate cliff-edge risks to financial services. This includes:</p><ul><li>The EU’s temporary equivalence and recognition for UK central counterparties (CCPs) and central securities depositories (CSDs). This follows similar action from HMT to legislate for a process to facilitate continued access for EU and global CCPs and CSDs to the UK market.</li><li>The European Securities and Markets Authority and the FCA have agreed MoUs that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA. This provides the asset management industry with certainty that portfolio delegation services between themselves and clients in the EEA can continue in any exit scenario.</li><li>Recommendations from the European Insurance and Occupational Pensions Authority which call on relevant Member State regulators to put in place measures which aim to minimise detriment to insurance policyholders. It is a matter for national regulators whether they choose to comply with this guidance.</li></ul>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2019-09-03T08:14:29.323Zmore like thismore than 2019-09-03T08:14:29.323Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4128
label Biography information for Chuka Umunna more like this
1140616
registered interest false more like this
date less than 2019-07-19more like thisremove minimum value filter
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, with reference to the Guidance on how to prepare for Brexit if there's no deal, published by the Department for Exiting the European Union, what parts of the plan for banking, insurance and other financial services in the event that the UK leaves the EU without a deal have been implemented. more like this
tabling member constituency Streatham remove filter
tabling member printed
Chuka Umunna more like this
uin 279465 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-24more like thismore than 2019-07-24
answer text <p>The Government has done the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in a no deal scenario.</p><p> </p><p>The Government has delivered a programme of legislation under the EU Withdrawal Act in order to provide continuity for UK citizens and businesses and to ensure the UK regulatory regime can function effectively outside of the EU.</p><p> </p><p>This legislation includes temporary permissions for EEA firms currently passporting into the EU, and temporary permissions to allow UK firms to continue using Central Counterparties (CCPs) and Central Securities Depositories (CSDs) in the EEA. It also includes a transitional power for regulators to phase in post-exit regulatory requirements for firms where they have changed as a result of the UK leaving the EU.</p><p> </p><p>Following the six-month Article 50 extension, new EU financial services legislation will become applicable between now and 31 October 2019 and will therefore form part of UK law on exit day. We are laying further Statutory Instruments under the EU Withdrawal Act to ensure this new legislation is workable in the UK at exit.</p><p> </p><p>However, it should be noted that the UK authorities are not able through unilateral action to fully address all the risks. For example, the risks to EEA customers of UK firms currently providing services into the EEA using the financial services passport also require action from the EU or individual member states.</p><p> </p><p>We therefore welcome the steps taken by the EU and some individual member states to mitigate some of the risks. This includes: the EU’s temporary equivalence and recognition for UK CCPs and CSDs; ESMA’s decision to approve Memoranda of Understanding (MoUs) that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA; and EIOPA recommendations which call on relevant member state regulators to put in place measures which aim to minimise detriment to insurance policyholders.</p><p> </p><p>As a result of all these actions, the Bank of England’s Financial Policy Committee said in its Financial Stability Report (July 2019): ‘Most risks to UK financial stability from disruption to cross-border financial services in a no-deal Brexit have been mitigated.’ But they also note that ‘in the absence of further action by EU authorities, some disruption to cross-border financial services is possible.’</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2019-07-24T10:57:17.66Zmore like thismore than 2019-07-24T10:57:17.66Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4128
label Biography information for Chuka Umunna more like this