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1662878

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings: Tax Allowances
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 increase the personal savings allowance.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	200732
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>The Government’s savings tax policy rewards savers by incentivising greater saving and investment. On top of the normal Personal Allowance, the Personal Savings Allowance allows up to £1,000 of tax-free savings for basic rate taxpayers and up to £500 for higher rate taxpayers. Over and above that, individuals can also save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received on cash within an ISA is tax free. Combined, this means that around 90% of people with savings income pay no tax on that income.</p><p> </p><p>As with all taxes, we keep the level of the Personal Savings Allowance under review, and any changes would be made at a fiscal event.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 14:10:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1663056

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance: Misrepresentation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Financial Conduct Authority on the level of fees charged by companies for supporting people with claims relating to payment protection insurance.
tabling member constituency	Inverness, Nairn, Badenoch and Strathspey
tabling member printed	Drew Hendry
uin	200910
answer	answer is ministerial correction date of answer 23/10/2023 answer text <p>Treasury ministers and officials have regular engagement with the Financial Conduct Authority (FCA) as part of the process of policy development and delivery. As was the case with previous administrations, it is not the Government’s practice to provide details of all such meetings.</p><p> </p><p>Claims Management Companies supporting any remaining payment protection insurance (PPI) claims remain subject to a 20 per cent fee cap, as set in the Financial Guidance and Claims Act 2018. Further information on this PPI fee cap can be found in the FCA handbook, Section 5.1 of the Claims Management: Conduct of Business sourcebook.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/10/2023 08:13:55 answering member 4874 label Biography information for Andrew Griffith
tabling member	4467 label Biography information for Drew Hendry

1663356

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Ulster Bank: Interest Rate Hedging Products
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of providing independent oversight of the review by NatWest into allegations of mis-selling of fixed rate hedging products by Ulster Bank.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	201210
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>The Government has always been clear that any mis-selling of financial products is completely unacceptable and wrong. However, the allegations of mis-selling of fixed rate hedging or similar products by Ulster Bank are first and foremost a matter for the Financial Conduct Authority (FCA) and it would not be appropriate for the Government to comment at this time.</p><p><strong> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 14:06:45 answering member 4874 label Biography information for Andrew Griffith
tabling member	4856 label Biography information for Stephen Farry

1663405

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	No-interest Loans Scheme: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans that the pilot No Interest Loan Scheme will be launched in Northern Ireland.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	201259
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>At Budget 2021, HM Treasury announced £3.8 million of funding to pilot a No Interest Loan Scheme (NILS), designed to help vulnerable consumers across all four nations of the UK who would benefit from affordable credit to meet unexpected costs.</p><p>This pilot is being run by Fair4AllFinance, in conjunction with their partners. It is HM Treasury’s clear expectation that they shall launch a pilot site in Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 11:32:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1663498

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when his Department plans to bring forward proposals to regulate providers of buy-now-pay-later products.
tabling member constituency	Kingston upon Hull West and Hessle
tabling member printed	Emma Hardy
uin	201352
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>The Government’s consultation on proposed draft legislation to bring Buy-Now Pay-Later into regulation closed in April. Since then the Government has been carefully considering stakeholder feedback. The Government will publish a response to the consultation once it is finalised in due course.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 201385 question first answered 19/10/2023 14:50:06 answering member 4874 label Biography information for Andrew Griffith
tabling member	4645 label Biography information for Emma Hardy

1663499

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department plans to introduce interim measures to protect buy-now-pay-later borrowers ahead of planned regulation of those products.
tabling member constituency	Kingston upon Hull West and Hessle
tabling member printed	Emma Hardy
uin	201353
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>The Government’s consultation on proposed draft legislation to bring Buy-Now Pay-Later into regulation closed in April. Since then the Government has been carefully considering stakeholder feedback. The Government will publish a response to the consultation once it is finalised in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 14:51:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	4645 label Biography information for Emma Hardy

1663501

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Reference Agencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an estimate of the number of buy-now-pay-later providers that are reporting their customers’ borrowing and repayment records to the credit reference agencies.
tabling member constituency	Kingston upon Hull West and Hessle
tabling member printed	Emma Hardy
uin	201355
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>HM Treasury regularly monitors the consumer credit market as part of its normal process of policy development.</p><p> </p><p>Buy-Now Pay-Later (BNPL) is an interest-free product which gives consumers a time-limited means of spreading payments for their purchases. When used responsibly and provided affordably it can be a helpful way for consumers to manage their finances and make purchases.</p><p> </p><p>Many consumers are attracted to BNPL because of its interest-free nature, which the Government considers makes it inherently lower risk than most other types of credit. The FCA’s most recent Financial Lives survey found that 46% of people of who had used BNPL in the past 12 months used it because it was interest-free.</p><p> </p><p>As such, BNPL represents a popular alternative to traditional, interest-bearing forms of credit like credit cards and personal loans. For some financially vulnerable consumers it may also provide an alternative to high-cost and illegal lending. According to the FCA’s most recent Financial Lives survey, nearly 9 million adults in the UK have used BNPL in the past 12 months, and the average user had £160 outstanding across their BNPL purchases.</p><p> </p><p>While the department does not hold precise information on the number of BNPL firms reporting information about their customers’ agreements to credit reference agencies, it understands that several of the UK’s major BNPL firms have reporting arrangements in place with at least one credit reference agency.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 15:12:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4645 label Biography information for Emma Hardy

1663531

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to bring forward legislative proposals to regulate Buy Now Pay Later providers.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	201385
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>The Government’s consultation on proposed draft legislation to bring Buy-Now Pay-Later into regulation closed in April. Since then the Government has been carefully considering stakeholder feedback. The Government will publish a response to the consultation once it is finalised in due course.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 201352 question first answered 19/10/2023 14:50:06 answering member 4874 label Biography information for Andrew Griffith
tabling member	4488 label Biography information for Martyn Day

1663532

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumer Goods: Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an estimate of the number of consumers that are using Buy Now Pay Later products to purchase essential items in the last 12 months.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	201386
answer	answer is ministerial correction date of answer 23/10/2023 answer text <p>HM Treasury regularly monitors the consumer credit market as part of its normal process of policy development.</p><p> </p><p>Buy-Now Pay-Later (BNPL) is an interest-free product which gives consumers a time-limited means of spreading payments for their purchases. When used responsibly and provided affordably it can be a helpful way for consumers to manage their finances and make purchases.</p><p> </p><p>Many consumers are attracted to BNPL because of its interest-free nature, which the Government considers makes it inherently lower risk than most other types of credit. The FCA’s most recent Financial Lives survey found that 46% of people of who had used BNPL in the past 12 months used it because it was interest-free.</p><p> </p><p>As such, BNPL represents a popular alternative to traditional, interest-bearing forms of credit like credit cards and personal loans. For some financially vulnerable consumers it may also provide an alternative to high-cost and illegal lending. According to the FCA’s most recent Financial Lives survey, nearly 9 million adults in the UK have used BNPL in the past 12 months, and the average user had £160 outstanding across their BNPL purchases.</p><p> </p><p>HM Treasury does not hold precise information on the number of consumers using Buy-Now Pay-Later (BNPL) products to purchase essential items in the last 12 months. Instead, it draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/10/2023 08:15:46 answering member 4874 label Biography information for Andrew Griffith
tabling member	4488 label Biography information for Martyn Day

1663644

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Freedom of Expression
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that (a) banks and (b) other payment service providers do not terminate contracts on the grounds of clients having expressed a view that is within the scope of lawful free speech.
tabling member constituency	Bolton North East
tabling member printed	Mark Logan
uin	201498
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>On 21 July, the Government confirmed that it would strengthen regulations overseeing banks and payment service providers to increase the minimum notice period in cases of provider-initiated contract terminations from 2 months to 90 days – giving customers more time to challenge a decision through the Financial Ombudsman Service, or find a replacement bank. Providers will also be required to spell out to the affected customer why they are terminating their contract – increasing transparency and aiding customers’ ability to appeal decisions. This requirement will be subject to limited exceptions where firms need to comply with existing legal obligations, for example, under financial crime law.</p><p> </p><p>As set out in its follow-up statement on 2 October, the Government continues to work with the regulators, law enforcement and industry to support the implementation of these changes, and will publish draft secondary legislation to enact these changes to statute by the end of the year.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 14:41:09 answering member 4874 label Biography information for Andrew Griffith
tabling member	4815 label Biography information for Mark Logan