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173040

registered interest
date	12/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussions his Department has had with the Bank of England on the continuation of quantitative easing.
tabling member constituency	Easington
tabling member printed	Grahame M. Morris
uin	220360
answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee. HM Treasury and the Bank of England have frequent discussions on a wide range of issues on the UK economy.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 19/01/2015 17:57:36 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3973 label Biography information for Grahame Morris

173153

registered interest
date	12/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	World Economic Forum
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether the Government plans to provide (a) funding and (b) other support for a reception hosted by HRH The Duke of York at the World Economic Forum to be held in Davos from 21 to 24 January 2015.
tabling member constituency	Lewes
tabling member printed	Norman Baker
uin	220484
answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>There has never been a cost to HM Government for the reception hosted by HRH The Duke of York at Davos.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 19/01/2015 17:43:52 answering member 4117 label Biography information for Andrea Leadsom
tabling member	28 label Biography information for Norman Baker

173160

registered interest
date	12/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what representations he has made to the Financial Policy Committee of the Bank of England and the Financial Conduct Authority on problems faced by mortgage holders wishing to port their mortgage.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	220400
answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>The new mortgage regulations are the responsibility of the independent Financial Conduct Authority, who are engaging with industry to ensure a common sense approach to their new rules. Treasury officials are in regular contact with counterparts at the Bank of England and the Financial Conduct Authority on a wide range of mortgage issues.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 19/01/2015 17:42:51 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3943 label Biography information for Jonathan Edwards

172870

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what funds are currently managed by the Pool Re scheme; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220318
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220319 220320 question first answered 14/01/2015 17:09:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

172871

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the anticipated dividend payment to the Government and the insurance industry from the assets managed in the Pool Re scheme in 2014-15 is; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220319
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220318 220320 question first answered 14/01/2015 17:09:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

172872

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what plans he has for the division of dividends on the assets held by the Pool Re scheme; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220320
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220318 220319 question first answered 14/01/2015 17:09:10 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

171911

registered interest
date	05/01/2015
answering body	HM 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 Mr Chancellor of the Exchequer, for what reason the Financial Conduct Authority does not include professional fees when assessing the amount of compensation which should be paid to people who have been mis-sold policies.
tabling member constituency	Tewkesbury
tabling member printed	Mr Laurence Robertson
uin	219747
answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>The Government has been very clear that the mis-selling of financial products is wrong and it is important that those businesses that have been affected are appropriately compensated.</p><p> </p><p> </p><p> </p><p>The Financial Conduct Authority is an independent regulator and the Government does not have any involvement in how the FCA decides to conduct its investigations.</p><p> </p><p> </p><p> </p><p>In the case of the FCA review into the mis-selling of interest rate hedging products, the decision on whether there should be a separate appeals process was one for the FCA to take.</p><p> </p><p> </p><p> </p><p>It is important to note, however, that the role of the independent reviewer who oversees the review of each case is to ensure that the process is fair and businesses have adequate opportunity to put forward their case.</p><p> </p><p> </p><p> </p><p>Furthermore, eligible businesses with a turnover of less than €2 million and fewer than 10 employees also have recourse to the Financial Ombudsman Service (FOS) if they are not happy with the outcome of their review.</p><p> </p><p> </p><p>Regarding the inclusion of professional fees in compensation packages, the FCA’s view is that redress should be fair and reasonable in the circumstances. This is consistent with the way the FOS awards compensation. As such, it may be appropriate for compensation to include professional fees in some situations</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 219734 question first answered 19/01/2015 15:05:10 answering member 4117 label Biography information for Andrea Leadsom
tabling member	253 label Biography information for Mr Laurence Robertson

171915

registered interest
date	05/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
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 introduce an appeals process against Financial Conduct Authority decisions.
tabling member constituency	Tewkesbury
tabling member printed	Mr Laurence Robertson
uin	219734
answer	answer is ministerial correction date of answer 19/01/2015 answer text <p>The Government has been very clear that the mis-selling of financial products is wrong and it is important that those businesses that have been affected are appropriately compensated.</p><p> </p><p> </p><p> </p><p>The Financial Conduct Authority is an independent regulator and the Government does not have any involvement in how the FCA decides to conduct its investigations.</p><p> </p><p> </p><p> </p><p>In the case of the FCA review into the mis-selling of interest rate hedging products, the decision on whether there should be a separate appeals process was one for the FCA to take.</p><p> </p><p> </p><p> </p><p>It is important to note, however, that the role of the independent reviewer who oversees the review of each case is to ensure that the process is fair and businesses have adequate opportunity to put forward their case.</p><p> </p><p> </p><p> </p><p>Furthermore, eligible businesses with a turnover of less than €2 million and fewer than 10 employees also have recourse to the Financial Ombudsman Service (FOS) if they are not happy with the outcome of their review.</p><p> </p><p> </p><p>Regarding the inclusion of professional fees in compensation packages, the FCA’s view is that redress should be fair and reasonable in the circumstances. This is consistent with the way the FOS awards compensation. As such, it may be appropriate for compensation to include professional fees in some situations</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 219747 question first answered 19/01/2015 15:05:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	253 label Biography information for Mr Laurence Robertson

171778

registered interest
date	02/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Children: Day Care
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what progress HM Revenue and Customs has made in developing an online childcare support calculator to replace its current calculator; and whether the proposed new calculator will be ready by September 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	219642
answer	answer is ministerial correction date of answer 09/01/2015 answer text <p>HMRC are currently developing an online childcare calculator. This will be introduced in good time before the launch of Tax-Free Childcare and will replace existing online calculators that perform similar functions.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 219643 question first answered 09/01/2015 12:34:58 answering member 4117 label Biography information for Andrea Leadsom
tabling member	163 label Biography information for Sir Stephen Timms

171779

registered interest
date	02/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Children: Day Care
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if HM Revenue and Customs will include the childcare element of universal credit in the online calculator it is developing alongside the tax-free childcare scheme; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	219643
answer	answer is ministerial correction date of answer 09/01/2015 answer text <p>HMRC are currently developing an online childcare calculator. This will be introduced in good time before the launch of Tax-Free Childcare and will replace existing online calculators that perform similar functions.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 219642 question first answered 09/01/2015 12:34:58 answering member 4117 label Biography information for Andrea Leadsom
tabling member	163 label Biography information for Sir Stephen Timms