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64152

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority about reports of UK banks paying allowances to employees in order to avoid the EU's bonus cap; and what steps he plans to take to reduce such practices.
tabling member constituency	Bolton North East
tabling member printed	Mr David Crausby
uin	202634
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The UK is at the forefront of global efforts to tackle excessive pay in the financial sector and ensure that pay is aligned with performance, with a tough Remuneration Code that requires deferral of at least 60% of bonuses of senior bankers and limits the amounts that can be paid in cash. Bonuses are down significantly since their peak under the last Government, and are now largely deferred and paid in shares.</p><p> </p><p> </p><p>In contrast, the EU's bonus cap is a poorly thought through measure that undermines rather than reinforces our efforts by pushing up fixed pay. It was introduced without any proper impact assessment and has issues around its compatibility with the EU Treaty; for these reasons we are challenging it in the European Court of Justice. However, pending the outcome, the Government is fully implementing the cap in the UK, and the Prudential Regulation Authority is responsible for ensuring that the banks comply with these rules.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:39:53 answering member 4117 label Biography information for Andrea Leadsom
tabling member	437 label Biography information for Sir David Crausby

64154

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Personal Savings
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will meet representatives of financial institutions to discuss how those institutions can assist customers to get the best return on their savings.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	202658
answer	answer is ministerial correction date of answer 02/07/2014 answer text <p>Treasury Ministers have discussions with a wide variety of organisations in the public and private sectors. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p>www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p><p> </p><p>It is important that customers can make the most of their savings. This is why at Budget 2014 we announced a radical package of measures to support savers – reducing taxes for the lowest income savers, reforming the ISA regime to give savers greater flexibility as to where and how they save their money, and creating a product to help retired savers see a better return.</p><p> </p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/07/2014 16:45:13 answering member 4117 label Biography information for Andrea Leadsom
tabling member	1409 label Biography information for Mr Gregory Campbell

64272

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Conduct Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, which powers and responsibilities the Financial Conduct Authority has not inherited from the Office of Fair Trading; and which financial regulatory body has inherited each such power and responsibility.
tabling member constituency	Newport West
tabling member printed	Paul Flynn
uin	202724
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
tabling member	545 label Biography information for Paul Flynn

64273

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Conduct Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will review the scope of the consumer credit regulatory powers of the Financial Conduct Authority.
tabling member constituency	Newport West
tabling member printed	Paul Flynn
uin	202725
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
tabling member	545 label Biography information for Paul Flynn

64274

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Wonga
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what requirement will be placed on Wonga to track down the address of each customer due financial compensation for unfair and misleading debt collection practices.
tabling member constituency	Newport West
tabling member printed	Paul Flynn
uin	202726
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202725 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
tabling member	545 label Biography information for Paul Flynn

64279

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Conduct Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will bring foward legislative proposals to amend the statutory powers of the Financial Conduct Authority (FCA) to permit the FCA to investigate alleged illegal actions undertaken before its creation.
tabling member constituency	Newport West
tabling member printed	Paul Flynn
uin	202688
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202724 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
tabling member	545 label Biography information for Paul Flynn

64280

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Lloyds Bank: TSB
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what role his Department played in the decision to separate Lloyds and TSB.
tabling member constituency	Aberconwy
tabling member printed	Guto Bebb
uin	202713
answer	answer is ministerial correction date of answer 01/07/2014 answer text <p>Lloyds Banking Group is required to divest part of its UK banking business – TSB – as a result of European Commission approval of the aid it received from the UK Government during the financial crisis.</p><p> </p><p> </p><p>The TSB divestment was part of a wider package of measures to ensure that the recapitalisation of Lloyds was compliant with the single market. The State aid agreement is therefore between HM Government and Lloyds, and between the Government and the European Commission.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 01/07/2014 16:35:43 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3910 label Biography information for Guto Bebb

64283

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Markets: Regulation
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 Secretary of State for Business, Innovation and Skills on the regulation of the practice of dark pool trading by high frequency bank traders.
tabling member constituency	Newport West
tabling member printed	Paul Flynn
uin	202699
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>Treasury Ministers regularly meet with Ministers in other departments as part of normal Government business. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings and discussions.</p><p> </p><p> </p><p>Dark pool trading is subject to regulation under the markets in financial instruments directive (2004/39/EC) (MiFID). The new MiFIR Regulation (600/2014/EU) recently agreed as part of the “MiFID 2” negotiations will impose significant limits on dark pool trading in the EU.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:42:29 answering member 4117 label Biography information for Andrea Leadsom
tabling member	545 label Biography information for Paul Flynn

63828

registered interest
date	25/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Lloyds Bank: Warrington
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will hold discussions with Lloyds Bank on (a) the proposed closure of its contact centre in Warrington and (b) the possibility of other jobs being based there.
tabling member constituency	Warrington North
tabling member printed	Helen Jones
uin	202353
answer	answer is ministerial correction date of answer 30/06/2014 answer text <p>Lloyds Banking Group, is run on a commercial basis. The bank retains its own independent board and management team with responsibility for determining its own strategies and commercial policies including those which may relate to the location of business functions.</p><p> </p><p> </p><p>The Government's shareholding in Lloyds is managed on an arm's length basis by UK Financial Investments Ltd (UKFI). As an engaged shareholder, UKFI works closely with the bank's management to hold management rigorously to account for performance. UKFI's role is to manage the investment and ensure that the bank's strategy maximises value for money for the taxpayer. The Government does not get involved in any of the day to day decisions of Lloyds Bank.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202352 question first answered 30/06/2014 15:41:49 answering member 4117 label Biography information for Andrea Leadsom
tabling member	432 label Biography information for Helen Jones

63835

registered interest
date	25/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Lloyds Bank: Warrington
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will hold discussions with Lloyds Bank on the effect of the proposed closure of its contact centre in Warrington on women workers who cannot re-locate because of (a) childcare or other caring responsibilities and (b) a lack of adequate public transport provision.
tabling member constituency	Warrington North
tabling member printed	Helen Jones
uin	202352
answer	answer is ministerial correction date of answer 30/06/2014 answer text <p>Lloyds Banking Group, is run on a commercial basis. The bank retains its own independent board and management team with responsibility for determining its own strategies and commercial policies including those which may relate to the location of business functions.</p><p> </p><p> </p><p>The Government's shareholding in Lloyds is managed on an arm's length basis by UK Financial Investments Ltd (UKFI). As an engaged shareholder, UKFI works closely with the bank's management to hold management rigorously to account for performance. UKFI's role is to manage the investment and ensure that the bank's strategy maximises value for money for the taxpayer. The Government does not get involved in any of the day to day decisions of Lloyds Bank.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202353 question first answered 30/06/2014 15:41:49 answering member 4117 label Biography information for Andrea Leadsom
tabling member	432 label Biography information for Helen Jones