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1257193

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to ensure that small banks have access to adequate capital to offer eligible customers Bounce Back loans.
	tabling member constituency	Gillingham and Rainham
	tabling member printed	Rehman Chishti
	uin	123567
	answer	answer is ministerial correction date of answer 08/12/2020 answer text <p>Our position has always been that the Government does not provide capital to financial institutions, who must source their own funding.</p><p> </p><p>Challenger banks and non-bank lenders among the 29 accredited lenders under the Bounce Back Loan Scheme have played a vital role in providing 1.4 million businesses with vital financial support worth over £42 billion.</p><p> </p><p>The Treasury recognises the vital role that challenger banks and non-banks play in the provision of credit to SMEs. It is grateful for the way the sector has responded to the current crisis, and remains committed to promoting competition and widening the funding options available to UK businesses.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:20:45 answering member 4051 label Biography information for John Glen
	tabling member	3987 label Biography information for Rehman Chishti

1185663

	registered interest
	date	17/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Loans: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to limit the rate of interest charged on long-term loans.
	tabling member constituency	Gillingham and Rainham
	tabling member printed	Rehman Chishti
	uin	30751
	answer	answer is ministerial correction date of answer 25/03/2020 answer text <p>On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government is committed to doing whatever it takes to get our nation through the impacts of COVID-19 and, as part of this, is continually assessing all areas of the financial sector – including rates of interest on long-term loans. The Government is working closely with the Financial Conduct Authority (FCA) and the lending sector on this issue and stands ready to announce further action wherever necessary.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/03/2020 11:46:24 answering member 4051 label Biography information for John Glen
	tabling member	3987 label Biography information for Rehman Chishti

1183772

	registered interest
	date	09/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Loans: Unfair Practices
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent steps he has taken to eliminate unfair practices by logbook loan companies.
	tabling member constituency	Gillingham and Rainham
	tabling member printed	Rehman Chishti
	uin	26953
	answer	answer is ministerial correction date of answer 12/03/2020 answer text <p>In 2014, HM Treasury asked the Law Commission to review the legislation underpinning logbook loans. During consultation stakeholders raised concerns that any reform could increase consumer detriment, particularly amongst vulnerable consumers. Furthermore, the number of logbook loans also fell substantially from 52,000 loans registered in 2014 to 10,194 in June 2019. For these reasons, the government decided not to take forward reform of this legislation.</p><p> </p><p>In 2014, the government also transferred regulatory responsibility for the consumer credit market to the Financial Conduct Authority (FCA). Logbook lending is part of the FCA’s new supervisory strategy for high-cost credit lenders, which will run until 2021.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA and continue to work closely to ensure consumers of financial services are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/03/2020 14:24:29 answering member 4051 label Biography information for John Glen
	tabling member	3987 label Biography information for Rehman Chishti