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1149415

registered interest
date	15/10/2019
answering body	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 the Chancellor of the Exchequer, what recent representations he has received on the loyalty penalty in the mortgage market; and if he will make a statement.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	435
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>There are comparatively high levels of customer engagement in the UK mortgage market, with 75% of customers taking out a new product within 6 months of being on the reversion rate.</p><p>Whilst the levels of customer engagement are comparatively high in the mortgage market, the Government is not complacent. That is why HM Treasury (HMT) has worked closely with the Financial Conduct Authority (FCA) on changes to their lending rules, which will remove the regulatory barrier which currently prevents some borrowers from switching to a new deal. These changes will be in place before the end of the year.</p><p>HMT also supports the current FCA research into customers who could switch at the end of the fixed introductory period but who choose to stay on the reversion rate.</p><p>No recent representations have been made to the Chancellor of the Exchequer on the loyalty penalty in the mortgage market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 436 437 question first answered 21/10/2019 13:51:56 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

1149417

registered interest
date	15/10/2019
answering body	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 the Chancellor of the Exchequer, what steps his Department is taking to help tackle the loyalty penalty in the mortgage market.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	436
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>There are comparatively high levels of customer engagement in the UK mortgage market, with 75% of customers taking out a new product within 6 months of being on the reversion rate.</p><p>Whilst the levels of customer engagement are comparatively high in the mortgage market, the Government is not complacent. That is why HM Treasury (HMT) has worked closely with the Financial Conduct Authority (FCA) on changes to their lending rules, which will remove the regulatory barrier which currently prevents some borrowers from switching to a new deal. These changes will be in place before the end of the year.</p><p>HMT also supports the current FCA research into customers who could switch at the end of the fixed introductory period but who choose to stay on the reversion rate.</p><p>No recent representations have been made to the Chancellor of the Exchequer on the loyalty penalty in the mortgage market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 435 437 question first answered 21/10/2019 13:51:56 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

1149418

registered interest
date	15/10/2019
answering body	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 the Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the loyalty penalty in the mortgage market.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	437
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>There are comparatively high levels of customer engagement in the UK mortgage market, with 75% of customers taking out a new product within 6 months of being on the reversion rate.</p><p>Whilst the levels of customer engagement are comparatively high in the mortgage market, the Government is not complacent. That is why HM Treasury (HMT) has worked closely with the Financial Conduct Authority (FCA) on changes to their lending rules, which will remove the regulatory barrier which currently prevents some borrowers from switching to a new deal. These changes will be in place before the end of the year.</p><p>HMT also supports the current FCA research into customers who could switch at the end of the fixed introductory period but who choose to stay on the reversion rate.</p><p>No recent representations have been made to the Chancellor of the Exchequer on the loyalty penalty in the mortgage market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 435 436 question first answered 21/10/2019 13:51:55 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

1145539

registered interest
date	24/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the proportion of high street bank branches that have closed in the last five years.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	290284
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>The Treasury does not make assessments of the bank branch network. The decision to close a branch is a commercial issue for the management team of the bank. However, Government believes it is important the impact on communities must be understood, considered and mitigated where possible. That is why the Government continues to be very supportive of the Access to Banking Standard and the commitment it places on banks to minimise the impact of branch closures, including by ensuring that customers are aware of the alternative ways they can continue to access banking services. These include the Post Office, which allows 95% of business and 99% of personal banking customers to carry out their everyday banking at 11,500 Post Office branches across the UK.</p><p> </p><p>The Financial Conduct Authority undertook an analysis of branch closures as part of their Strategic Review of Retail Banking Business Models. This analysis can be found in Annex 1 of the final report.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 09:33:30 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

1145544

registered interest
date	24/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Older People
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 elderly people have access to a bank branch.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	290285
answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>Though I can understand the disappointment felt in a community when a bank branch closes, the decision to maintain a presence on the high street is a commercial one for the management team of a bank and Government does not intervene in those decisions.</p><p> </p><p>The retail financial landscape is changing, as more consumers and businesses opt for the convenience, security, and speed of digital payments and digital banking. Banking service providers need to balance customer interests, market competition, and other commercial factors when considering their strategy.</p><p> </p><p>However, the Government also firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have access to over-the-counter banking services if they wish to use them. That’s why the Government supports the industry’s Access to Banking Standard which helps customers to understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help, which may include the elderly. Alternative options include the Post Office, which allows 95% of business and 99% of personal banking customers to carry out their everyday banking at 11,500 Post Office branches across the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 09:36:07 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham