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525537

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Institutions: Capital
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 of instituting a common standardised approach for calculation of risk weights in the capital requirements regulation for banks and building societies, including new entrant banks less than five years old.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40819
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The government is committed to increasing banking competition and meets with a wide range of institutions as part of the process of developing policy to help drive more competition.</p><p> </p><p>We have already taken significant action to improve competition in banking. This includes:</p><ul><li><p>Delivering the Current Account Switch Service and midata so customers are able to compare personal current accounts and switch where they see a better deal – simply, quickly and reliably;</p></li><li><p>Lowering barriers to entry and helping to establish the New Bank start-up Unit, making it quicker and easier for new banks to enter the market and compete effectively with the incumbents;</p></li><li><p>Creating the Competition and Markets Authority (CMA) as a single, stronger competition regulator, to promote competition and ensure markets work well for consumers, businesses and the wider economy.</p></li></ul><p> </p><p>The government is also taking action by working with the Prudential Regulation Authority (PRA) and the Bank of England to introduce a more proportionate prudential regime for smaller banks and building societies. The exchange of letters between the Economic Secretary and Andrew Bailey published in November 2015 highlights this work.</p><p> </p><p>In its retail banking market investigation, the CMA provisionally found that banks on the standardised approach are at a competitive disadvantage in the provision of lower LTV mortgages compared to banks using internal models. It also stated that the capital requirements regime has the potential to impact on competition in retail banking in a range of areas. The government, working with the PRA and Bank of England will take forward the issues identified by the CMA.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40820 question first answered 01/07/2016 10:12:59 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525538

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Institutions: Capital
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what correspondence he has had with (a) the Competition and Markets Authority, (b) the Prudential Regulation Authority and (c) new entrant banks about the internal ratings-based approach and the standardised approach for risk weights in capital requirements regulation; and if he will place a copy of that correspondence in the Library.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40820
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The government is committed to increasing banking competition and meets with a wide range of institutions as part of the process of developing policy to help drive more competition.</p><p> </p><p>We have already taken significant action to improve competition in banking. This includes:</p><ul><li><p>Delivering the Current Account Switch Service and midata so customers are able to compare personal current accounts and switch where they see a better deal – simply, quickly and reliably;</p></li><li><p>Lowering barriers to entry and helping to establish the New Bank start-up Unit, making it quicker and easier for new banks to enter the market and compete effectively with the incumbents;</p></li><li><p>Creating the Competition and Markets Authority (CMA) as a single, stronger competition regulator, to promote competition and ensure markets work well for consumers, businesses and the wider economy.</p></li></ul><p> </p><p>The government is also taking action by working with the Prudential Regulation Authority (PRA) and the Bank of England to introduce a more proportionate prudential regime for smaller banks and building societies. The exchange of letters between the Economic Secretary and Andrew Bailey published in November 2015 highlights this work.</p><p> </p><p>In its retail banking market investigation, the CMA provisionally found that banks on the standardised approach are at a competitive disadvantage in the provision of lower LTV mortgages compared to banks using internal models. It also stated that the capital requirements regime has the potential to impact on competition in retail banking in a range of areas. The government, working with the PRA and Bank of England will take forward the issues identified by the CMA.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40819 question first answered 01/07/2016 10:12:59 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525540

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stocks and Shares
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 systemic financial risk from tranching of securitised assets.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40812
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.</p><p> </p><p>In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.</p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40813 40814 40815 40816 question first answered 01/07/2016 10:11:28 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525541

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stocks and Shares
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 (a) benefits to the economy and (b) systemic financial risks from synthetic securitisation.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40813
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.</p><p> </p><p>In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.</p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40812 40814 40815 40816 question first answered 01/07/2016 10:11:28 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525542

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stocks and Shares: EU Action
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 European Parliament Committee on Economic and Monetary Affairs' draft report on the proposal for a regulation on securitisation and creating a European framework for simple, transparent and standardised securitisation; and whether he supports the Committee's proposal to increase risk retention from five per cent to 20 per cent based on a vertical slice of securitised assets.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40814
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.</p><p> </p><p>In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.</p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40812 40813 40815 40816 question first answered 01/07/2016 10:11:28 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525543

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stocks and Shares: EU Action
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what correspondence his Department has had with (a) the Commissioner for Financial Stability, Financial Services and Capital Markets Union and (b) UK banks on the European Commission's proposed regulatory framework for simple, transparent and standardised securitisation; and if he will place a copy of that correspondence in the Library.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40815
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.</p><p> </p><p>In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.</p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40812 40813 40814 40816 question first answered 01/07/2016 10:11:28 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525544

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stocks and Shares: EU Action
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the risks to financial stability from the European Commission's proposed regulatory framework for simple, transparent and standardised securitisation; and if he will make a statement.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40816
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.</p><p> </p><p>In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.</p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 40812 40813 40814 40815 question first answered 01/07/2016 10:11:28 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525545

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services
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 results of the Current Account Switching Service for personal current account holders with overdrafts.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40817
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government is committed to increasing competition in banking to ensure banks have to work hard to offer the best possible products and services to their customers. A key part of that is making the process for customers switching their current accounts as easy and as effective as possible, to ensure customers are able to hold their banks to account by voting with their feet.</p><p> </p><p>The Government has already undertaken a lot work to improve the process for customers switching their current accounts, including helping to deliver the Current Account Switch Service to enable customers to switch banks simply, quickly and reliably, and delivering midata, to enable customers to compare which bank is best for them based on how they use their current account.</p><p> </p><p>As part of its retail banking market investigation, the Competition and Markets Authority (CMA) is considering what additional improvements could be made to the process of customers switching current accounts, including requiring banks to make it easier for customers to switch their overdraft when they move banks. The CMA is also considering other additional measures designed to support overdraft users.</p><p> </p><p>The Government welcomes the CMA’s investigation, and stands ready to take action as necessary once it publishes its final report in the summer.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 01/07/2016 08:44:08 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

525546

registered interest
date	15/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services: Fees and Charges
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 of a FCA-regulated monthly maximum charge on unarranged overdrafts for personal current accounts.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	40818
answer	answer is ministerial correction date of answer 29/06/2016 answer text <p>The Government is clear that consumers must be able to access clear and transparent information about the charges that may apply to financial services products, including bank accounts. In addition, the Financial Conduct Authority requires firms to be clear, fair and not misleading when giving information to consumers, including on fees and charges.</p><p> </p><p>The Competition and Markets Authority (CMA) is currently undertaking a market investigation into competition within the retail banking market, including personal current accounts. In its May 2016 provisional decision on remedies, the CMA proposed requiring banks to take steps including: a monthly maximum charge for unarranged overdrafts; alerts to help customers avoid unarranged overdraft charges; improving comparisons by allowing customers to share data on transactions with other banks and trusted third parties; and regular prompts for customers to check that they are getting good value from their banking provider.</p><p> </p><p> </p><p>The CMA’s investigation is ongoing and it is currently consulting on the provisional decision on remedies. The Government welcomes the CMA’s work as a crucial step towards the goal of a highly competitive banking system, and stands ready to take action as necessary once the CMA publishes its final report in the summer.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 29/06/2016 13:03:24 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon

485528

registered interest
date	23/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will publish and place in the Library his correspondence on the (a) sale of Government's Dividend Access Share and (b) proposed sale of Government shares in Royal Bank of Scotland since August 2015.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	32361
answer	answer is ministerial correction date of answer 11/04/2016 answer text <p>HM Government reached an agreement with RBS and the European Commission on 9 April 2014 to amend the terms of the Dividend Access Share (DAS). The full terms of this agreement can be found on the European Commission’s website:</p><p><a href="http://europa.eu/" target="_blank">http://europa.eu</a></p><p> </p><p>The first sale of Royal Bank of Scotland (RBS) shares was conducted in August 2015. The advice which the Chancellor received from a) the Governor of the Bank of England; b) N.M. Rothschild; c) HM Treasury; and d) UK Financial Investments (UKFI) is available on the Government’s website:</p><p><a href="http://www.gov.uk/" target="_blank">www.gov.uk</a>.</p><p> </p><p>The government has not undertaken any sale of RBS shares since August 2015.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 32362 question first answered 11/04/2016 14:19:15 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4493 label Biography information for Richard Burgon