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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

1663775

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	Banks: Regulation
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 trends in the level of inflation on the £25 billion retail deposit level at which banks are required to ring-fence their retail deposit-taking operations.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	201628
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>On 28 September 2023, the government published draft secondary legislation for consultation on reforms to the ring-fencing regime. The reforms will make the regime smarter and simpler by taking forward recommendations made by the independent ring-fencing review and going further in a number of areas. This includes increasing the “core deposit” threshold, above which firms become subject to the regime, from £25bn to £35bn.</p><p> </p><p>The deposit threshold was originally set at £25bn by HM Treasury following recommendations from the Independent Commission on Banking (ICB) in 2011. The government white paper published in 2011 in response to the ICB outlined that the threshold would need to be adjusted over time to reflect the evolution of banking practices and growth in the deposit base.</p><p> </p><p>Since then, the deposit base has grown significantly and the resilience of the banking sector has increased. The proposed £10bn increase to the threshold would result in approximately 90% of banks’ UK retail deposits being covered by the ring-fencing regime, which is broadly in line with the proportion covered when the threshold was set originally.</p><p> </p><p>The updated threshold will provide banks currently below the £25bn deposit threshold with more room to grow before becoming subject to the ring-fencing regime. By removing a potential barrier to growth for banks, this proposal will support competition in the UK retail banking industry, and benefit the sector and its customers as a whole</p><p> </p><p>The government will publish an impact assessment on its proposed reforms to the ring-fencing regime alongside introducing forthcoming secondary legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 201629 question first answered 18/10/2023 14:03:55 answering member 4874 label Biography information for Andrew Griffith
tabling member	4107 label Biography information for Dame Harriett Baldwin

1663776

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	Banks: Regulation
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 potential impact of the £25 billion threshold for banks to separate out their retail deposit-taking operations into a ring-fenced entity on the competitiveness of the UK retail bank industry.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	201629
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>On 28 September 2023, the government published draft secondary legislation for consultation on reforms to the ring-fencing regime. The reforms will make the regime smarter and simpler by taking forward recommendations made by the independent ring-fencing review and going further in a number of areas. This includes increasing the “core deposit” threshold, above which firms become subject to the regime, from £25bn to £35bn.</p><p> </p><p>The deposit threshold was originally set at £25bn by HM Treasury following recommendations from the Independent Commission on Banking (ICB) in 2011. The government white paper published in 2011 in response to the ICB outlined that the threshold would need to be adjusted over time to reflect the evolution of banking practices and growth in the deposit base.</p><p> </p><p>Since then, the deposit base has grown significantly and the resilience of the banking sector has increased. The proposed £10bn increase to the threshold would result in approximately 90% of banks’ UK retail deposits being covered by the ring-fencing regime, which is broadly in line with the proportion covered when the threshold was set originally.</p><p> </p><p>The updated threshold will provide banks currently below the £25bn deposit threshold with more room to grow before becoming subject to the ring-fencing regime. By removing a potential barrier to growth for banks, this proposal will support competition in the UK retail banking industry, and benefit the sector and its customers as a whole</p><p> </p><p>The government will publish an impact assessment on its proposed reforms to the ring-fencing regime alongside introducing forthcoming secondary legislation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 201628 question first answered 18/10/2023 14:03:55 answering member 4874 label Biography information for Andrew Griffith
tabling member	4107 label Biography information for Dame Harriett Baldwin

1664682

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	Child Trust Fund
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 identify the number of unclaimed mature Child Trust Funds that have been claimed by account holders in the last 12 months.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	202531
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>HMRC publishes annual statistics on the number of matured CTFs that remain unclaimed together with the number of CTFs that have been claimed. The latest statistics were published in June 2023 and can be found here: www.gov.uk/government/statistics/annual-savings-statistics-2023. An update will be published in Summer 2024.</p><p><br> The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 11:29:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	4820 label Biography information for Abena Oppong-Asare

1661738

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Environment Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to publish proposals on UK Green Taxonomy.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	200203
answer	answer is ministerial correction date of answer 17/10/2023 answer text <p>The 2023 Green Finance Strategy set out the Government’s commitment to deliver a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives. It also announced that we expect to consult on the Taxonomy in Autumn 2023.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 17/10/2023 09:14:21 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1661871

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Interest Rates
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 impact of increases in mortgage interest rates on homeowners in (a) Enfield North constituency, (b) the London Borough of Enfield and (c) London.
tabling member constituency	Enfield North
tabling member printed	Feryal Clark
uin	200408
answer	answer is ministerial correction date of answer 16/10/2023 answer text <p>The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.</p><p> </p><p>The Prime Minister has been clear, the best and most important way that we can keep costs and interest rates down for people is to halve inflation, and then return it to the 2% target.</p><p> </p><p>On Friday 23 June the Chancellor met with mortgage lenders, UK Finance and the Financial Conduct Authority (FCA) to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.</p><p> </p><p>The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, protection in the courts through the Pre-Action Protocol, and the Housing Loss Prevention Advice Service (HLPAS).</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 16/10/2023 09:19:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4822 label Biography information for Feryal Clark

1661904

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Disclosure of Information
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to bring forward legislation to implement the sustainability disclosure requirements regime.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	200425
answer	answer is ministerial correction date of answer 16/10/2023 answer text <p>Sustainability Disclosure Requirements (SDR) is a framework to facilitate and simplify the flow of robust, decision useful information between corporates, consumers, investors, and capital markets.</p><p> </p><p><em>Mobilising Green Investment: 2023 Green Finance Strategy </em>contains the plans of both the Government and the regulators to take SDR forward, building on global best practice and leading standards. This includes the Government's plans to establish an endorsement process that will assess the suitability of standards issued by the International Sustainability Standards Board (ISSB) for use by UK companies.</p><p> </p><p>The UK has already implemented mandatory Taskforce for Climate-related Financial Disclosures (TCFD) requirements across the economy, and the Financial Conduct Authority is taking forward further Sustainability Disclosure Requirements for authorised financial services firms and listed companies under their existing powers.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 16/10/2023 09:17:59 answering member 4874 label Biography information for Andrew Griffith
tabling member	4518 label Biography information for Tulip Siddiq

1661939

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Cards: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with (a) representatives of the banking sector and (b) consumer bodies on the provision of guidance for ensuring people who have been issued with Credit Industry Fraud Avoidance System marker on their bank accounts are notified of that circumstance.
tabling member constituency	Stretford and Urmston
tabling member printed	Andrew Western
uin	200452
answer	answer is ministerial correction date of answer 16/10/2023 answer text <p>The Chancellor of the Exchequer engages with a number of a key stakeholders to discuss policy matters.</p><p> </p><p>Cifas is a fraud prevention service offering individuals and organisations help in combating the growing threat of fraud and financial crime. In 2022 Cifas members prevented fraudulent conduct totalling £1.3 billion, protecting people, businesses and the public finances from losses and wider harm.</p><p> </p><p>To use the database, a Cifas member must operate within the terms of the National Fraud Database Handbook – a guide that sets out eight Principles of use with accompanying guidance. These Principles and guidance describe the controls in place to protect the data on the database and ensure that the highest possible standard of fairness and transparency are observed. Subjects have a right to know how data will be used and how any decisions related to them have been made, and can file a data subject access request (DSAR) to do this. More information on this can be found on the Cifas website.</p><p> </p><p>If an individual believes that a Cifas marker has been incorrectly assigned they should first raise it with the organisation that recorded it to the Cifas database for them to review. If they do not remove the marker then the individual can go directly to Cifas. The individual can also apply to have a further review conducted by the Financial Ombudsman Service (FOS).</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200453 question first answered 16/10/2023 09:15:18 answering member 4874 label Biography information for Andrew Griffith
tabling member	4979 label Biography information for Andrew Western

1661940

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Cards: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will take steps to review the transparency of the process by which credit industry fraud avoidance system issues markers onto customer bank accounts.
tabling member constituency	Stretford and Urmston
tabling member printed	Andrew Western
uin	200453
answer	answer is ministerial correction date of answer 16/10/2023 answer text <p>The Chancellor of the Exchequer engages with a number of a key stakeholders to discuss policy matters.</p><p> </p><p>Cifas is a fraud prevention service offering individuals and organisations help in combating the growing threat of fraud and financial crime. In 2022 Cifas members prevented fraudulent conduct totalling £1.3 billion, protecting people, businesses and the public finances from losses and wider harm.</p><p> </p><p>To use the database, a Cifas member must operate within the terms of the National Fraud Database Handbook – a guide that sets out eight Principles of use with accompanying guidance. These Principles and guidance describe the controls in place to protect the data on the database and ensure that the highest possible standard of fairness and transparency are observed. Subjects have a right to know how data will be used and how any decisions related to them have been made, and can file a data subject access request (DSAR) to do this. More information on this can be found on the Cifas website.</p><p> </p><p>If an individual believes that a Cifas marker has been incorrectly assigned they should first raise it with the organisation that recorded it to the Cifas database for them to review. If they do not remove the marker then the individual can go directly to Cifas. The individual can also apply to have a further review conducted by the Financial Ombudsman Service (FOS).</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200452 question first answered 16/10/2023 09:15:18 answering member 4874 label Biography information for Andrew Griffith
tabling member	4979 label Biography information for Andrew Western