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1127514

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the UK’s official reserves are of (a) gold, (b) foreign currency and (c) other assets as at 31 March 2019.
tabling member constituency	Stafford
tabling member printed	Jeremy Lefroy
uin	256257
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>As at end March 2019, the market value of the UK’s official reserves was $169.5 billion. This comprised of (a) $12.9 billion gold, (b) $129.5 billion foreign currency reserves and (c) $27.1 billion other assets.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 23/05/2019 12:50:43 answering member 4051 label Biography information for John Glen
tabling member	4109 label Biography information for Jeremy Lefroy

1127517

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Billing
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what representations he has received on requiring companies using continuous payment authorities to contact customers in advance of the automatic renewal date to provide the option to cancel.
tabling member constituency	Chipping Barnet
tabling member printed	Theresa Villiers
uin	256260
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>The Payment Services Regulations, which came into force in January 2018, regulate how Continuous Payment Authorities, or CPAs, are established, and the rights and obligations of payers, payees and payment service providers. In its published guidance on the regulations, the FCA states that consumers have the absolute right to cancel CPAs at any time before the end of the business day before a payment is due to be made, and to obtain an immediate refund from their payment service provider if any future payments are debited from their account after they have revoked their consent.</p><p> </p><p>The Chancellor of the Exchequer has not received representations regarding companies using continuous payment authorities. In the Consumer Green Paper, ‘Modernising Consumer Markets’ published by the Department for Business, Energy and Industrial Strategy last year, the Government announced that it had asked the Consumer Protection Partnership to assess the issues with subscriptions and to recommend any further actions needed. The Government is considering the advice received and will publish a White Paper later this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/05/2019 12:50:06 answering member 4051 label Biography information for John Glen
tabling member	1500 label Biography information for Theresa Villiers

1127519

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the directions, as listed under section 78(5) of the Financial Services Act 2012, which the Treasury has given to the Financial Conduct Authority for its inquiry into London Capital & Finance.
tabling member constituency	Canterbury
tabling member printed	Rosie Duffield
uin	256332
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>I have today laid a Direction before Parliament requiring the Financial Conduct Authority to carry out an independent investigation into the events and circumstances surrounding the failure of London Capital and Finance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/05/2019 12:48:49 answering member 4051 label Biography information for John Glen
tabling member	4616 label Biography information for Rosie Duffield

1127522

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department taking in relation to unregulated mini-bonds following the collapse of London Capital & Finance.
tabling member constituency	Weaver Vale
tabling member printed	Mike Amesbury
uin	256333
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 1 April, the Government announced it will direct the Financial Conduct Authority (FCA) to launch an investigation into the events and circumstances surrounding the failure and placing into administration of London Capital and Finance plc (LCF). This followed a request from the FCA Chair, Charles Randell, to launch such an investigation.</p><p> </p><p>On 23 May 2019, the Government laid a direction before Parliament setting out the terms of the investigation. Alongside this, the Government announced it will separately review the wider policy questions raised by this case.</p><p> </p><p>Although operationally independent, the Financial Services Compensation Scheme (FSCS) and the FCA are both accountable to HM Treasury and to Parliament. My officials and I engage with the FCA and FSCS on an ongoing basis, and HM Treasury continues to work with the relevant bodies on the failure of LCF as a matter of priority. The FSCS is also continuing work to increase awareness and understanding of FSCS protection.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 256334 question first answered 23/05/2019 12:46:44 answering member 4051 label Biography information for John Glen
tabling member	4667 label Biography information for Mike Amesbury

1127523

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
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 representatives of the (a) Financial Conduct Authority and (b) Financial Services Compensation Scheme to ensure that investors in mini-bonds such have adequate information on the risks of such schemes before investing following the collapse of London Capital & Finance.
tabling member constituency	Weaver Vale
tabling member printed	Mike Amesbury
uin	256334
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 1 April, the Government announced it will direct the Financial Conduct Authority (FCA) to launch an investigation into the events and circumstances surrounding the failure and placing into administration of London Capital and Finance plc (LCF). This followed a request from the FCA Chair, Charles Randell, to launch such an investigation.</p><p> </p><p>On 23 May 2019, the Government laid a direction before Parliament setting out the terms of the investigation. Alongside this, the Government announced it will separately review the wider policy questions raised by this case.</p><p> </p><p>Although operationally independent, the Financial Services Compensation Scheme (FSCS) and the FCA are both accountable to HM Treasury and to Parliament. My officials and I engage with the FCA and FSCS on an ongoing basis, and HM Treasury continues to work with the relevant bodies on the failure of LCF as a matter of priority. The FSCS is also continuing work to increase awareness and understanding of FSCS protection.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 256333 question first answered 23/05/2019 12:46:44 answering member 4051 label Biography information for John Glen
tabling member	4667 label Biography information for Mike Amesbury

1127656

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Cards: Fees and Charges
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 tackle excessive credit card charges.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	256401
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 1 April 2014, regulation of the consumer credit market was transferred to the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards.</p><p> </p><p>The FCA conducted an extensive study of the credit card market from 2014-2016. In its final report, the FCA said that competition is working well for the majority of consumers, but expressed concerns about the scale, extent, and nature of problem credit card debt. The FCA then announced a package of remedies in February 2018, including: giving customers more control over credit limits; encouraging customers to repay more quickly; earlier identification of customers at risk of financial difficulty; and, help for customers in persistent debt, with escalating measures at 18, 28, and 36 months.</p><p> </p><p>The government welcomes the FCA’s remedies to tackle persistent debt in the credit card market, and will continue to work closely with the FCA to ensure all customers are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/05/2019 12:53:40 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon