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89986

registered interest
date	01/09/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will distribute any remaining funds in the Equitable Life Payment Scheme to Equitable Life victims at scheme closure.
tabling member constituency	Bedford
tabling member printed	Richard Fuller
uin	207625
answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>No decisions have been taken. As reported in the Scheme’s July Progress Report, the Scheme has now issued payments of around £972.9 million to 877,414 policyholders. In the context of Scheme’s £1.5 billion allocation, which includes funding for the continuing annual payments to With-Profit Annuitants, the Scheme has made good progress in tracing policyholders. However, the Scheme remains committed to finding and paying as many eligible policyholders as possible prior to its closure. Any decision will therefore be taken at the end of the Scheme, taking account of ongoing challenges facing public finances at that time.</p><p> </p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 08/09/2014 15:31:07 answering member 4117 label Biography information for Andrea Leadsom
tabling member	3912 label Biography information for Richard Fuller

89489

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate his Department has made of (a) the number of payday firms that will be in operation and (b) the projected consumer demand for payday loans in (i) 2015, (ii) 2016 and (iii) 2017.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207342
answer	answer is ministerial correction date of answer 05/09/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. Responsibility for consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>In the FCA’s consultation paper on the cap on the cost of payday loans, the FCA assesses that its proposals will lead to a risk of contraction in both the online and high-street markets. FCA modelling suggests that its cap proposals would mean at least one high street firm would continue to offer payday loans and at least the three largest online firms continuing in the market, although the FCA expects that more firms will be able to adapt their businesses to operate under the price cap and remain in the market.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/09/2014 13:16:20 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89490

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will take steps to prohibit credit reference agencies from selling payday customer details to marketing agencies and lead generators.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207340
answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89491

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect on credit scores of increased data sharing by payday lenders.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207339
answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207340 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89494

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will instruct the Financial Conduct Authority to require credit reference agencies to report their data to the Authority for enforcement purposes.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207341
answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207340 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89495

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Gold: Prices
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 7 July 2014, Official Report, column 121W, on gold prices, if he will request that the review into the operation of the gold market consider the appropriateness of allowing and encouraging gold investments within ISAs.
tabling member constituency	Ceredigion
tabling member printed	Mr Mark Williams
uin	207326
answer	answer is ministerial correction date of answer 05/09/2014 answer text <p>The Fair and Effective Markets Review, which has been tasked with considering how to raise standards in fixed income, currency and commodity markets, has been in operation since June 2014. The terms of reference for the FEMR can be found at: <a href="http://www.bankofengland.co.uk/publications/Documents/news/2014/tor.pdf" target="_blank">http://www.bankofengland.co.uk/publications/Documents/news/2014/tor.pdf</a></p><p> </p><p>At this time, the Government has no plans to amend the terms of reference.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/09/2014 13:19:31 answering member 4117 label Biography information for Andrea Leadsom
tabling member	1498 label Biography information for Mr Mark Williams

89496

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what analysis his Department has made of the performance of credit caps on payday lending firms in operation in (a) the USA, (b) Canada and (c) Australia.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207343
answer	answer is ministerial correction date of answer 05/09/2014 answer text <p>The Government legislated to require the FCA to introduce a cap on the cost of payday loans, to protect consumers from unfair costs.</p><p> </p><p> </p><p>In making this decision the government considered the international evidence in support of a cap. As part of its work to design a cap to meet the needs of UK consumers, the FCA took into account international comparators conducting detailed case studies on experiences of price cap setting in Australia, Canada, US, Finland and Japan. The FCA spoke to international regulators and experts to understand the rationale and designs of price caps, as well as the impact they had on consumers and industry in these countries.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/09/2014 13:11:35 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89497

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the share of the payday lending market covered by (a) Experian, (b) Equifax, (c) CallCredit (d) CoreLogic and (e) FactorTrust.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	207344
answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207340 207341 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4316 label Biography information for Mike Kane

89499

registered interest
date	29/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insurance
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, on how many occasions he has met representatives of the insurance industry in the last 12 months; and what was discussed at those meetings.
tabling member constituency	South Down
tabling member printed	Ms Margaret Ritchie
uin	207150
answer	answer is ministerial correction date of answer 04/09/2014 answer text <p>Treasury Ministers and officials routinely meet with a wide range of stakeholders as part of the process of policy development.</p><p> </p><p>Details of ministerial and Permanent Secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p> </p><p>https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 04/09/2014 13:57:17 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

89992

registered interest
date	26/08/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent representations he has made to institutions of the EU on the cap on bank bonuses.
tabling member constituency	Wirral South
tabling member printed	Alison McGovern
uin	905051
answer	answer is ministerial correction date of answer 02/09/2014 answer text <p>I refer the hon. Member to the Answer I gave today to the hon. Member for Blaenau Gwent (Nick Smith).</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 02/09/2014 14:43:33 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4083 label Biography information for Alison McGovern