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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

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

1663668

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: Fraud
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 protect people from credit and loan scams; and if he will bring forward legislative proposals to make it a requirement for lenders to request ID from customers before credit can be issued.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	201522
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p><strong>T</strong>he Financial Conduct Authority (FCA) is responsible for regulating the consumer credit market. FCA rules dictate that firms (including those offering credit cards) must have adequate policies and procedures in place to counter the risk that they might be used in financial crime. Furthermore, firms must ensure that the systems and controls monitoring these are subject to regular assessment.</p><p> </p><p>Firms are also required by law to verify someone’s identity when they establish a business relationship with them. This includes when opening a credit account such as a credit card. Firms are required to take a proportionate approach commensurate with their assessment of the risk. Each firm will have their own policies on identification, customer due diligence and on the circumstances in which additional security checks should be undertaken. Firms are assisted in making such policies through industry produced guidance. The government has also published a Good Practice Guide for firms on how to prove and verify someone’s identity, which can be accessed here:</p><p><a href="https://www.gov.uk/government/publications/identity-proofing-and-verification-of-an-individual/how-to-prove-and-verify-someones-identity" target="_blank">https://www.gov.uk/government/publications/identity-proofing-and-verification-of-an-individual/how-to-prove-and-verify-someones-identity</a></p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 14:08:22 answering member 4874 label Biography information for Andrew Griffith
tabling member	4799 label Biography information for Charlotte Nichols

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

1663798

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	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential impact of the requirement for funeral plan companies to be regulated by the FCA by 9 July 2022 on the number of those companies (a) entering and (b) likely to enter administration.
tabling member constituency	Kilmarnock and Loudoun
tabling member printed	Alan Brown
uin	201651
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. Most notably, it published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 14:11:45 answering member 4874 label Biography information for Andrew Griffith
tabling member	4470 label Biography information for Alan Brown

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

1661388

registered interest
date	18/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cooperatives: Economic Situation
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 contribution of the cooperative sector to the UK economy.
tabling member constituency	Oldham West and Royton
tabling member printed	Jim McMahon
uin	200105
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>The Government is committed to having a thriving co-operative sector and creating a modern and supportive business environment in the UK. The Government acknowledges the vital contribution co-operatives make to the economy, serving local communities up and down the UK. The latest Co-operative and Mutual Economy Report 2023, conducted by the trade body Co-operatives UK, found that co-operatives generated a combined, annual turnover of £40.9 billion, a 3.7% increase from 2022 levels.</p><p> </p><p>The Government has taken significant steps to support the co-operative sector in recent years. For example, the Co-operative and Community Benefit Societies Act 2014 helped cut through the legal complexity involved in running a co-operative, improving their competitiveness. Additionally, at Budget 2021, the Government announced the £150m Community Ownership Fund. This allows community groups to bid for up to £2 million matched-funding to help them buy or take over local community assets at risk of being lost and run them as community-owned businesses, supporting co-operative entrepreneurship. To date, 195 projects across the UK have benefitted from the fund.</p><p> </p><p>Earlier this year, the Government-supported Co-operatives, Mutuals, and Friendly Societies Act 2023 came into force, which grants HM Treasury the power to bring forward regulations to give those mutuals further flexibility in determining for themselves the best strategies for their business regarding their surplus capital.</p><p> </p><p>Furthermore, the Government also aims to continue to develop a modern and supportive business environment to set co-operatives and mutuals up for success. The Government has commissioned the Law Commission to conduct reviews of the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992. These reviews will investigate necessary changes to legislation that will help support co-operatives and friendly societies in their future growth and success.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 08:36:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4569 label Biography information for Jim McMahon