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1285153

registered interest
date	09/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme: Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on extending the Financial Services Compensation Scheme to payday lending companies.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	151700
answer	answer is ministerial correction date of answer 16/02/2021 answer text <p>The Financial Services Compensation Scheme (FSCS) is the compensation scheme of last resort for customers of failed UK-authorised financial services firms and is funded by a levy on the financial services industry. The FSCS is an independent non-governmental body and carries out its compensation function within rules set by the Prudential Regulation Authority and the Financial Conduct Authority (FCA), they have the power to decide which activities are given FSCS protection. In 2016, the FCA decided not to extend FSCS protection to most consumer credit activities because it believed other regulatory requirements were sufficient.</p><p> </p><p>The FCA’s reasoning for not extending FSCS protection was set out in a letter on 15 February 2019 from its Chief Executive to the Chair of the Treasury Select Committee. This reasoning was that consumer credit firms did not generally hold client assets; losses to consumers had reduced since the FCA had taken over regulation of consumer credit; and, because the cost of providing FSCS cover for high-cost short-term credit would likely need to be subsidised by levies on other regulated firms. A copy of that letter can be found here: <a href="https://www.parliament.uk/globalassets/documents/commons-committees/treasury/correspondence/2017-19/fca-chief-executive-to-chair-re-wonga-150219.pdf" target="_blank">https://www.parliament.uk/globalassets/documents/commons-committees/treasury/correspondence/2017-19/fca-chief-executive-to-chair-re-wonga-150219.pdf</a>.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the Government will continue to work closely with the FCA to ensure consumers of financial services are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/02/2021 14:30:00 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

1276879

registered interest
date	14/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to his statement of 17 December 2020, what the eligibility criteria will be for further compensation for former London Capital and Finance bondholders.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	137914
answer	answer is ministerial correction date of answer 19/01/2021 answer text <p>The Written Ministerial Statement of 17 December 2020 outlined the three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme, and the Financial Conduct Authority’s Complaints Scheme.</p><p> </p><p>The statement also announced that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders . The Government will announce further details, including the eligibility criteria, in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/01/2021 08:07:22 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

1276353

registered interest
date	13/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK-EU Trade and Cooperation Agreement
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to publish an impact assessment of the Trade and Cooperation Agreement each quarter for 2021, with reference to (a) sectors of the economy and (b) all regions and nations of the UK.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	137197
answer	answer is ministerial correction date of answer 18/01/2021 answer text <p>The Government does not intend to produce an Impact Assessment. We have consistently said that it would be impossible for a single model, number or scenario to capture that complexity or represent the varying impacts that will be felt across different parts of the economy.</p><p> </p><p>The Government has secured a deal that will benefit families and businesses across the UK, we can now take full advantage of the opportunities available to us.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/01/2021 10:56:59 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

1143584

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Vehicles: Insurance
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 motor insurance industry on the cost of insurance for young people.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	285013
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Treasury ministers and officials are in close contact with the insurance industry, and engage with the industry on a number of issues including pricing.</p><p> </p><p>Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.</p><p> </p><p>It is important that everyone has access to good insurance at the right price. The Government is determined that insurers treat customers fairly. The FCA sets the standards required of insurance firms in relation to their business to help ensure customers are treated in this manner.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:42 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

933820

registered interest
date	02/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Instalment Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent discussion he has had with the Financial Conduct Authority on the cap on rent-to-own lending to start in April 2019.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	159581
answer	answer is ministerial correction date of answer 05/07/2018 answer text <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. This includes regular meetings with the Financial Conduct Authority (FCA) to discuss relevant regulatory issues.</p><p> </p><p>The government welcomed the FCA’s May update on high-cost credit, including a proposal to cap the cost of rent-to-own. The Government will continue to work closely with the FCA to ensure that all rent-to-own customers are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/07/2018 15:37:05 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

882739

registered interest
date	13/04/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	European Banking Authority
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if the UK will remain a member of the European Banking Authority during the implementation period for the UK leaving the EU.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	135801
answer	answer is ministerial correction date of answer 19/04/2018 answer text <p>The UK and EU negotiating teams have agreed the terms of a time-limited Implementation Period. Once the UK becomes a third country, we will withdraw from the institutions of the EU. As a non-member state, we have been clear that the UK will no longer have the same role in the decision-making of the EU. However, it is clearly in the interests of both sides that the UK continues to work closely together on matters that concern the UK, as set out in the agreement.</p><p> </p><p>The UK takes its international obligations to protect financial stability very seriously and we remain strongly supportive of continued engagement and cooperation between UK and EU regulators. To help ensure a smooth adjustment to the future relationship, the UK will continue to engage with and work alongside the European Banking Authority during the Implementation Period.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2018 11:32:00 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield