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62206

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to improve regulation of the shadow banking sector.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200642
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200643 200644 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62207

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	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 effects of the shadow banking sector on the UK economy.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200643
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200642 200644 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62208

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to ensure the stability of the shadow banking sector.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200644
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200642 200643 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62566

	registered interest
	date	18/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Levy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what revenues have been received under the bank levy in each year since its introduction.
	tabling member constituency	Chippenham
	tabling member printed	Duncan Hames
	uin	201157
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The bank levy, a permanent tax on banks' balance sheet equity and liabilities, was introduced by this Government from 1 January 2011.</p><p> </p><p>It raised £1.6bn in both 2011-12 and 2012-13.</p><p> </p><p> </p><p>Following a number of increases to the headline rate, the OBR now forecast it to raise £2.3bn in 2013-14, £2.7bn in 2014-15 and £2.9bn a year from 2015-16.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:42:42 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	3951 label Biography information for Duncan Hames

62574

	registered interest
	date	18/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Help to Buy Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many applications for the Help to Buy scheme have been received in respect of Cornwall and the Isles of Scilly from applicants who (a) reside in Cornwall and the Isle of Scilly and (b) do not reside in either place.
	tabling member constituency	St Ives
	tabling member printed	Andrew George
	uin	201367
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Government publishes quarterly official statistics relating to the Help to Buy: mortgage guarantee scheme. The first of these were published on 29 May 2014.</p><p> </p><p>This report, along with accompanying tables, can be found at: <a href="http://www.gov.uk/government/publications/help-to-buy-mortgage-guarantee-scheme-quarterly-statistics-october-2013-to-march-2014" target="_blank">www.gov.uk/government/publications/help-to-buy-mortgage-guarantee-scheme-quarterly-statistics-october-2013-to-march-2014</a></p><p> </p><p>The Government has also recently published statistics on the completions supported by the Help to Buy: equity loan scheme. Full statistics covering the period April 2013 to March 2014 have been published as well as the number of completions, by local authority, to April 2014:</p><p> </p><p><a href="https://www.gov.uk/government/publications/help-to-buy-equity-loan-scheme-and-help-to-buy-newbuy-statistics-april-2013-to-march-2014" target="_blank">www.gov.uk/government/publications/help-to-buy-equity-loan-scheme-and-help-to-buy-newbuy-statistics-april-2013-to-march-2014</a></p><p> </p><p><a href="https://www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics" target="_blank">www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics</a></p><p> </p><p> </p><p>Under both the Help to Buy: mortgage guarantee and the Help to Buy: equity loan schemes borrowers need to declare that the property will be their sole residence.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 16:05:22 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	227 label Biography information for Andrew George

62209

	registered interest
	date	17/06/2014
	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 take steps to increase the compensation paid to Equitable Life policyholders.
	tabling member constituency	Tewkesbury
	tabling member printed	Mr Laurence Robertson
	uin	200648
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Government has no plans to alter the design or rules of the Equitable Life Payment Scheme, including those which relate to the level of payments. Decisions on the level of ex-gratia payments took account of the fiscal situation and wider fairness concerns across all taxpayers. The payments for different types of policyholder were made on the basis of recommendations made by the Independent Commission on Equitable Life Payments.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:50:25 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	253 label Biography information for Mr Laurence Robertson

62214

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to improve regulation of the UK securities market.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200646
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Government has consistently taken action to improve regulation of financial markets since 2010.</p><p> </p><p>The Government put in place a new architecture for financial regulation through the Financial Services Act 2012, with the aim of delivering stability, protecting consumers and enhancing the integrity of financial markets. The Financial Policy Committee in the Bank of England is responsible for protecting and enhancing financial stability, while the <a href="http://en.wikipedia.org/wiki/Prudential_Regulation_Authority" target="_blank">Prudential Regulation Authority</a> is responsible for the prudential regulation of deposit-takers, insurers and certain investment firms. The <a href="http://en.wikipedia.org/wiki/Financial_Conduct_Authority" target="_blank">Financial Conduct Authority</a> is responsible for protecting consumers, promoting competition, and enhancing integrity in markets.</p><p> </p><p> </p><p>Following findings of attempted manipulation of LIBOR in summer 2012, the Government took quick action to make the administration of, and contribution to this key financial benchmark, a regulated activity. Furthermore, on 12 June 2014 the Government announced further steps to raise standards of conduct in the financial system with a joint review by the Treasury, the Bank of England and the Financial Conduct Authority into the way wholesale financial markets operate. Led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, the Review will run for 12 months, and will focus on those wholesale markets where the bulk of concerns about misconduct have arisen - fixed income, currency and commodity markets. The Terms of Reference for the Review have been published <a href="https://www.gov.uk/government/publications/fair-and-effective-markets-review-terms-of-reference/fair-and-effective-financial-markets-review-terms-of-reference" target="_blank">https://www.gov.uk/government/publications/fair-and-effective-markets-review-terms-of-reference/fair-and-effective-financial-markets-review-terms-of-reference</a></p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:11:20 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62211

	registered interest
	date	17/06/2014
	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, if he will take steps to mandate that APR figures be displayed in cash terms.
	tabling member constituency	North Swindon
	tabling member printed	Justin Tomlinson
	uin	200662
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Government believes it is important for consumers to be able to compare the cost of credit products easily.</p><p> </p><p>The Consumer Credit Directive (CCD) requires the APR to be stated in pre-contract credit information and in the credit agreement itself, as well as in advertising where triggered. In addition, firms must state the total amount payable (TAP), which is the sum of the amount borrowed and the total charge for credit (TCC).</p><p> </p><p>As the CCD is full harmonisation in the relevant areas, it is not open to Member States to require disclosure of the TCC in addition – although the consumer can work this out as the difference between the TAP and the amount borrowed. Lenders can also include the TCC on a voluntary basis.</p><p> </p><p> </p><p>As previously shared with the Public Accounts Committee, the Government raised the issue of how to present cost information with the European Commission as part of its current review into the implementation of the CCD.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:54:33 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4105 label Biography information for Justin Tomlinson

61852

	registered interest
	date	13/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Ombudsman Service
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how much funding of the Financial Ombudsman Service came directly from the levy on the Office of Fair Trading licences on consumer credit firms in (a) 2011, (b) 2012 and (c) 2013; how this funding will be levied in future; and if he will make a statement.
	tabling member constituency	Worthing West
	tabling member printed	Sir Peter Bottomley
	uin	200700
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Financial Ombudsman Service (FOS) is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the Financial Conduct Authority (FCA), who approve the FOS budget and fee rules. This question has been passed on to the FOS, and the FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:49:04 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	117 label Biography information for Sir Peter Bottomley

61856

	registered interest
	date	13/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Money Advice Service and Financial Ombudsman Service
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the expected increase in the fees and levies on regulated consumer credit firms that will go towards the funding of the Money Advice Service and Financial Ombudsman Service in (a) 2015, (b) 2016 and (c) 2017 under the new Financial Conduct Authority regulated fees and levies regime.
	tabling member constituency	Worthing West
	tabling member printed	Sir Peter Bottomley
	uin	200701
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Financial Conduct Authority (FCA) consumer credit regulatory regime is far better resourced and has wider objectives than the previous Office of Fair Trading (OFT) regime. The FCA is an independent, non-governmental body, and it is entirely funded by the fees it charges on the financial services industry. As a result, specific questions around fees are a matter for the FCA.</p><p> </p><p>The Financial Ombudsman Service (FOS) is funded by a combination of industry levy and case fees. The FOS is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the FCA (who approve the FOS budget and fee rules). The FOS budget is proposed by FOS annually and approved by the FCA.</p><p> </p><p> </p><p>The Money Advice Service's (MAS) budget is proposed by MAS annually, based on demand for money and debt advice, and approved by the FCA. Consumer credit firms will pay the MAS levy once authorised by the FCA. The FCA has approved MAS's 2014/15 budget, but MAS's budget for future years has not yet been determined.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:46:33 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	117 label Biography information for Sir Peter Bottomley