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1129985

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensioners: Income
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the ability of consumers to make an informed choice when accessing retirement income products.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260554
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>The Government recognises that people need the right support and guidance to make decisions that best suit their evolving personal circumstances. That is why the Government introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS) that offers everyone aged 50 and over who has a defined contribution pension, free and impartial guidance on their range of available choices at retirement.</p><p> </p><p>The Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018 that consumer engagement in the retirement market is low and there are low levels of shopping around. As part of remedies to improve this, the FCA has set new requirements for pension providers to send more frequent ‘wake-up packs’ to their consumers, which include a summary of their open market options.</p><p> </p><p>The Money Advice Service (provided by MAPS) also offers a guaranteed income product comparator tool and is developing a drawdown comparator tool, to make it easier for consumers to compare the different options available to them.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2019 11:08:05 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129987

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions
	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 adequacy of the regulatory and governance standards in the pensions industry in ensuring that drawdown products are appropriate for consumers.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260555
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>The Financial Conduct Authority (FCA) is the regulator of pensions decumulation products, including drawdown products.</p><p> </p><p>The FCA conducted the Retirement Outcomes Review into the retirement income market, publishing the final report in 2018. The final report particularly focused on investment choices and charges in drawdown. As a result of its findings, it is introducing or consulting on a number of remedies to protect consumers from poor outcomes and promote competition in the market. These include the introduction of investment pathways and a requirement for consumers entering drawdown to receive clearer information on charges. The FCA is also currently consulting on extending the remit of Independent Governance Committees (IGCs) to investment pathways.</p><p> </p><p>As the remedies will be a significant intervention in the drawdown market, the FCA plans to conduct a detailed review of the impact of investment pathways one year after implementation to consider how well the remedy is working.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2019 11:10:53 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129715

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy for pension providers to produce standardised communications for charges on pension products for consumers.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259888
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259889 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129716

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a charging cap on the draw down of pension products.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259889
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259888 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1037955

	registered interest
	date	08/01/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Income Tax: Tax Rates and Bands
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many people were placed in the higher tax threshold in each of the last 10 years.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	206258
	answer	answer is ministerial correction date of answer 11/01/2019 answer text The estimated number of taxpayers liable for tax at the higher rate are published in the HMRC National Statistics table 2.1, available here:<br /> <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/710887/Table_2.1.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/710887/Table_2.1.pdf</a> <br /> These estimates are based on the Survey of Personal Incomes (SPI) outturn data up to 2015-16. The 2016-17, 2017-18 and 2018-19 estimates are based upon the 2015-16 Survey of Personal Incomes projected using economic assumptions consistent with the OBR’s March 2018 economic and fiscal outlook. answering member constituency Central Devon answering member printed Mel Stride question first answered 11/01/2019 14:24:06 answering member 3935 label Biography information for Mel Stride
	tabling member	491 label Biography information for Dame Angela Eagle

934240

	registered interest
	date	03/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Powers of Attorney
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 2 July 2018 to Question 158173, if he will make it his Department's policy to require (a) banks and (b) other financial institutions to check for proof of power of attorney before that person is able to withdraw money from a dependant's bank account.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	160095
	answer	answer is ministerial correction date of answer 06/07/2018 answer text <p>The Government believes that it is important that banks should identify their customers for their own commercial purposes and as part of the fight against financial crime. Each firm will have their own policies on identification, and Government does not prescribe those detailed policies.</p><p>However, my previous answer on 2 July 2018 referred to the Joint Money Laundering Steering Group (JMLSG) guidance notes, which have a formal status under the Money Laundering Regulations 2017. In relation to situations where a person deals with assets under a power of attorney, the guidance makes clear that that person is also a customer of the firm: consequently, the identity of holders of powers of attorney should be verified, in addition to that of the donor.</p><p>The Financial Conduct Authority (FCA) has the objective of protecting and enhancing the integrity of the UK financial system. The FCA use a risk-based approach to supervise retail banks’ compliance with the Money Laundering Regulations 2017, including their adherence to the requirements for customer identification. The FCA’s rules require that firms must maintain effective systems and controls to prevent the risk that they might be exploited by criminals or used to further financial crime. Where a firm’s systems and controls are not adequate, the FCA can and does take enforcement action.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/07/2018 13:33:18 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

931870

	registered interest
	date	27/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Finanical Services: Powers of Attorney
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether (a) banks and (b) other financial institutions are required to have proof of a power of attorney before that person is able to withdraw money from an dependant's bank account.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	158173
	answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>There are no specific regulations which require financial institutions, including banks, to request proof of power of attorney before that person withdraws money from a dependent’s bank account.</p><p> </p><p>However, the Money Laundering Regulations 2017 do require firms to identify and verify their customer’s identity when they establish a business relationship, for example, by opening a bank account. How firms verify their customers' identities is not stipulated in law or by the regulator. Firms are instead assisted in making such policies through industry produced guidance notes. For the financial institutions, these are the Joint Money Laundering Steering Group (JMLSG) guidance notes. This guidance requires firms to verify both the identity of the holder of the power of attorney and of the donor. Each firm will have their own policies on identification, and on the circumstances in which other checks should be undertaken.</p><p> </p><p> </p><p>The relevant guidance on power of attorney can be found in the JMLSG Guidance Notes, Part I, sections 5.3.99-5.3.101</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2018 15:58:15 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

621987

	registered interest
	date	26/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	EU Grants and Loans: Liverpool City Region
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment the Government has made of the effect on (a) Liverpool City Region and (b) Wirral of not making up the shortfall in funding from the European Regional Development Fund and European Social Fund after the 2014 to 2020 programme has concluded.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	50517
	answer	answer is ministerial correction date of answer 31/10/2016 answer text <p>The government has provided a guarantee for all European Structural and Investment Fund projects signed before the Autumn Statement. The government has also provided a guarantee for all projects signed after the Autumn Statement and before the UK’s departure from the European Union, if they provide good value for money and are in line with domestic strategic priorities. The government has not made a forecast of funding allocations for the 2021 to 2027 programme period. For the 2014-2020 programme period Liverpool City Region has received a European Social and Investment Fund allocation of €221.9m. Officials are beginning the longer-term work of considering how best to support our regions following the UK’s departure from the European Union.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 50518 50600 question first answered 31/10/2016 15:29:27 answering member 1529 label Biography information for Mr David Gauke
	tabling member	491 label Biography information for Dame Angela Eagle

621988

	registered interest
	date	26/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	EU Grants and Loans: Liverpool City Region
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what forecast he had made of the potential amount of European Regional Development Fund and European Social Fund payments that (a) Liverpool City Region Local Enterprise Partnership and (b) Wirral would have been allocated in the 2021 to 2027 funding period.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	50518
	answer	answer is ministerial correction date of answer 31/10/2016 answer text <p>The government has provided a guarantee for all European Structural and Investment Fund projects signed before the Autumn Statement. The government has also provided a guarantee for all projects signed after the Autumn Statement and before the UK’s departure from the European Union, if they provide good value for money and are in line with domestic strategic priorities. The government has not made a forecast of funding allocations for the 2021 to 2027 programme period. For the 2014-2020 programme period Liverpool City Region has received a European Social and Investment Fund allocation of €221.9m. Officials are beginning the longer-term work of considering how best to support our regions following the UK’s departure from the European Union.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 50517 50600 question first answered 31/10/2016 15:29:27 answering member 1529 label Biography information for Mr David Gauke
	tabling member	491 label Biography information for Dame Angela Eagle

621989

	registered interest
	date	26/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Regional Assistance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether the Government plans to develop a system of regional funding as a long-term replacement for the European Social Fund and European Regional Development Fund.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	50600
	answer	answer is ministerial correction date of answer 31/10/2016 answer text <p>The government has provided a guarantee for all European Structural and Investment Fund projects signed before the Autumn Statement. The government has also provided a guarantee for all projects signed after the Autumn Statement and before the UK’s departure from the European Union, if they provide good value for money and are in line with domestic strategic priorities. The government has not made a forecast of funding allocations for the 2021 to 2027 programme period. For the 2014-2020 programme period Liverpool City Region has received a European Social and Investment Fund allocation of €221.9m. Officials are beginning the longer-term work of considering how best to support our regions following the UK’s departure from the European Union.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 50517 50518 question first answered 31/10/2016 15:29:27 answering member 1529 label Biography information for Mr David Gauke
	tabling member	491 label Biography information for Dame Angela Eagle