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874866
registered interest false more like this
date less than 2018-03-29more like thismore than 2018-03-29
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Credit more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, whether the Government plans to cap the maximum sum of money people can borrow from rent to own and doorstep lenders. more like this
tabling member constituency Harlow more like this
tabling member printed
Robert Halfon remove filter
uin 135167 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-04-18more like thismore than 2018-04-18
answer text <p>The Government transferred the regulation of consumer credit to the Financial Conduct Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers. This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in respect of agreements which may not have been affordable, and payments which should have been refunded.</p><p> </p><p>The Government has also given the FCA the power to cap the cost of all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers. The FCA’s review of the high-cost credit sector has identified concerns about the high costs of rent-to-own borrowing, as well as concerns about repeat borrowing and refinancing in the doorstep lending sector. The FCA has said that it will consult on proposed remedies in May 2018.</p><p> </p><p>Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel.</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
grouped question UIN 135169 more like this
question first answered
less than 2018-04-18T13:03:39.783Zmore like thismore than 2018-04-18T13:03:39.783Z
answering member
4051
label Biography information for John Glen more like this
tabling member
3985
label Biography information for Robert Halfon more like this
874867
registered interest false more like this
date less than 2018-03-29more like thismore than 2018-03-29
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services: Education more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what plans the Government has to increase access to financial education for people on low incomes. more like this
tabling member constituency Harlow more like this
tabling member printed
Robert Halfon remove filter
uin 135168 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-04-18more like thismore than 2018-04-18
answer text <p>Government policy on financial education and capability focuses on ensuring that people have the confidence and skills they need to successfully engage with their finances. To this end the Government established the Money Advice Service (MAS), which provides free-to-use financial guidance and coordinates the UK’s Financial Capability Strategy. This is a 10-year strategy which aims to gather evidence on the most effective interventions to improve people’s financial capability, and support and coordinate initiatives that are proven to work. As part of this strategy MAS will shortly publish plans to commission projects to help working age adults manage their money, which will include a focus on households on low incomes. The plans will also focus on the financial capability needs of children and young people at home, in school, and in community settings.</p><p>Moving forward, the Government is legislating to merge the functions of MAS with those of The Pensions Advisory Service (TPAS) and Pension Wise, to create a Single Financial Guidance Body to simplify the existing public financial guidance landscape. The government’s commitment to improving people’s financial capability is reflected in the new body’s strategic function to develop and coordinate a national strategy to improve the financial capability of members of the public, which will build on and further progress MAS’s work.</p><p>It is also particularly important that children and young adults receive financial education to help them shape their financial habits later in life. This is why financial literacy was made statutory within the national curriculum in England in 2014, as part of the curriculum for citizenship education for 11-16 year olds.</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2018-04-18T13:10:16.963Zmore like thismore than 2018-04-18T13:10:16.963Z
answering member
4051
label Biography information for John Glen more like this
tabling member
3985
label Biography information for Robert Halfon more like this
874868
registered interest false more like this
date less than 2018-03-29more like thismore than 2018-03-29
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Credit more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what discussions he has had with the rent-to-own and doorstep lending industry on how they target customers. more like this
tabling member constituency Harlow more like this
tabling member printed
Robert Halfon remove filter
uin 135169 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-04-18more like thismore than 2018-04-18
answer text <p>The Government transferred the regulation of consumer credit to the Financial Conduct Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers. This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in respect of agreements which may not have been affordable, and payments which should have been refunded.</p><p> </p><p>The Government has also given the FCA the power to cap the cost of all forms of credit, and the FCA can do so if it thinks it is necessary to protect consumers. The FCA’s review of the high-cost credit sector has identified concerns about the high costs of rent-to-own borrowing, as well as concerns about repeat borrowing and refinancing in the doorstep lending sector. The FCA has said that it will consult on proposed remedies in May 2018.</p><p> </p><p>Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel.</p>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
grouped question UIN 135167 more like this
question first answered
less than 2018-04-18T13:03:39.847Zmore like thismore than 2018-04-18T13:03:39.847Z
answering member
4051
label Biography information for John Glen more like this
tabling member
3985
label Biography information for Robert Halfon more like this