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810085
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing regulations on the extent to which financial institutions can offer retail customers products that include (a) contracts for difference and (b) other derivative instruments. more like this
star this property tabling member constituency Leeds North West more like this
star this property tabling member printed
Alex Sobel more like this
star this property uin 120551 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>The government has not made an assessment. Contracts for Difference (CfDs) and other derivative products are regulated by the Financial Conduct Authority (FCA). The FCA have expressed concerns about the distribution of CfDs to retail clients, and the European Securities and Markets Authority (ESMA) have recently announced that they are considering imposing restrictions on these CfDs. As the independent regulator, the FCA have indicated that they are supportive of these proposals. As ESMA’s powers are temporary, the FCA are considering appropriate permanent product intervention measures, which the FCA indicated would take in to account any prospective ESMA measures. The FCA continually reviews all financial products, including derivative products, to assess the risks to investor protection.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:33:25.69Zmore like thismore than 2018-01-11T14:33:25.69Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4658
unstar this property label Biography information for Alex Sobel more like this
810094
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Individual Savings Accounts: Children more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the potential merits of transferring funds from the Financial Services fines pool to bring the value of Junior ISAs up to the value of Child Trust Funds. more like this
star this property tabling member constituency Birkenhead more like this
star this property tabling member printed
Frank Field more like this
star this property uin 120560 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>A Child Trust Fund account was opened for each child born between 1 September 2002 and 2 January 2011, with a Government contribution deposited into the account. The total government contribution to each account differed dependent on a variety of factors, such as family income, disability and age. Junior ISAs are voluntary, tax-free savings accounts and therefore not all children hold a Junior ISA. For these reasons, it is not appropriate to compare the balances of these two types of account.</p><p> </p><p>All FCA fine income, after enforcement costs, is passed to HM Treasury and forms part of the governments total revenues to be used for the benefit of the tax paying public.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:37:49.337Zmore like thismore than 2018-01-11T14:37:49.337Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
478
unstar this property label Biography information for Frank Field more like this
810272
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Services more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps his Department is taking to make consumers aware of the forthcoming changes being implemented through the Open Banking standard and the Second Payment Services Directive. more like this
star this property tabling member constituency Cambridge more like this
star this property tabling member printed
Daniel Zeichner more like this
star this property uin 120738 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>The Open Banking Implementation Entity (OBIE) is ensuring that consumers are aware of the Open Banking project, delivering communications through both its website and planned media engagements. We would expect the OBIE to work together with other interested parties, including the Financial Conduct Authority, third party providers, the banks and the Treasury as they develop their plans.</p><p> </p><p>The Second Payment Services Directive also introduces an automatic ban on debit and credit card surcharging. The Department for Business, Energy and Industrial Strategy has published consumer guidance on the implementation of the surcharging ban.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:27:27.627Zmore like thismore than 2018-01-11T14:27:27.627Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4382
unstar this property label Biography information for Daniel Zeichner more like this
810273
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Services: Standards more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, which regulator will be responsible for monitoring the performance of the standardised Open Banking Application Programme Interfaces; and how that regulator plans to undertake that monitoring. more like this
star this property tabling member constituency Cambridge more like this
star this property tabling member printed
Daniel Zeichner more like this
star this property uin 120739 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>The standardised Open Banking Application Programme Interfaces (APIs) are being introduced as a result of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017.</p><p> </p><p>The CMA is responsible for monitoring and enforcing compliance with this Order, including the performance of the APIs. The Open Banking Implementation Entity will assist the CMA in delivering this function.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:31:11.867Zmore like thismore than 2018-01-11T14:31:11.867Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4382
unstar this property label Biography information for Daniel Zeichner more like this
810328
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Intestacy more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, how much money had been collected and held by the Treasury Solicitor from unclaimed estates in the last five years. more like this
star this property tabling member constituency Mitcham and Morden more like this
star this property tabling member printed
Siobhain McDonagh more like this
star this property uin 120794 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-12more like thismore than 2018-01-12
star this property answer text <p>The net money collected from bona vacantia unclaimed estates in England*, Wales and Northern Ireland by the Treasury Solicitor in the last five financial years is as follows:</p><p> </p><p>2012/13 £3.3 million</p><p>2013/14 £-1.3 million</p><p>2014/15 £3.2 million</p><p>2015/16 £12.3 million</p><p>2016/17 £6.4 million</p><p> </p><p>* excluding the Duchies of Lancaster &amp; Cornwall. Estates in the Duchies of Cornwall and Lancaster are dealt with by Farrer and Co. Solicitors, with monies passed on to charity.</p><p> </p><p>Scotland estates are dealt with by the Ultimus Heares Unit in Glasgow.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-12T12:45:47.617Zmore like thismore than 2018-01-12T12:45:47.617Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
193
unstar this property label Biography information for Siobhain McDonagh more like this
810350
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Royal Bank of Scotland: Small Businesses more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor the Exchequer, pursuant to the Prime Minister's oral contribution of 20 December 2017, who will examine the mistreatment of smaller businesses by RBS. more like this
star this property tabling member constituency Sefton Central more like this
star this property tabling member printed
Bill Esterson more like this
star this property uin 120816 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>The Financial Conduct Authority (FCA) has published a detailed summary of the independent report into Royal Bank of Scotland’s treatment of small and medium-sized enterprise customers transferred to its Global Restructuring Group (GRG). The FCA announced it is investigating the matters arising from its review of GRG and focussing on whether there is any basis for it to take further action. It would not be appropriate for the Government to comment further whilst this process is ongoing.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:39:15.843Zmore like thismore than 2018-01-11T14:39:15.843Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4061
unstar this property label Biography information for Bill Esterson more like this
810704
star this property registered interest false more like this
star this property date less than 2017-12-21more like thismore than 2017-12-21
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Royal Bank of Scotland more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, Energy and Industrial Strategy, when his Department was first made aware of plans by the Royal Bank of Scotland to close 259 of its branches. more like this
star this property tabling member constituency Ross, Skye and Lochaber more like this
star this property tabling member printed
Ian Blackford more like this
star this property uin 121049 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-12more like thismore than 2018-01-12
star this property answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including RBS, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p><p>The decision to open or close branches is a commercial matter, in which the Government does not intervene.</p><p>RBS Group retains its own board which is responsible for commercial and operational decisions, including in relation to its branch network. The Government’s shareholding in RBS Group is managed at arm's length and on a commercial basis through UK Financial Investments Ltd, a company which is wholly owned by the Government.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-12T12:44:21.417Zmore like thismore than 2018-01-12T12:44:21.417Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4390
unstar this property label Biography information for Ian Blackford more like this
816694
star this property registered interest false more like this
star this property date less than 2018-01-05more like thismore than 2018-01-05
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Services: Fees and Charges more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Markets and Competition Authority on the introduction of a cap on overdraft charges for personal current accounts; and if he will make a statement. more like this
star this property tabling member constituency Glasgow East more like this
star this property tabling member printed
David Linden more like this
star this property uin 121121 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>Treasury Ministers and officials meet regularly with colleagues across Government, and the various regulators, to discuss a wide range of issues. As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.</p><p>As part of the final report on its retail banking market investigation, published in 2016, the Competition and Markets Authority (CMA) imposed a series of remedies in relation to overdrafts, including a legal requirement on banks to set a monthly maximum charge for unarranged overdraft charges. Most banks have been required to do this since August 2017. The CMA will monitor compliance with its Order. As recommended by the CMA, the Financial Conduct Authority (FCA) is reviewing the effectiveness of the monthly maximum charge for unarranged overdrafts.</p><p>Following the CMA’s investigation, the FCA also committed to look in more detail at both arranged and unarranged overdrafts as part of its broader review into the High Cost Credit sector. The FCA published a Feedback Statement on its review of high-cost credit in July 2017, which concluded that it had concerns about both arranged and unarranged overdrafts.</p><p>The FCA will investigate these concerns further, and where intervention is needed and justified, aim to bring forward proposals in Spring 2018 concerning both overdrafts and other forms of high-cost credit. The FCA’s review of the effectiveness of the monthly maximum charge for unarranged overdraft charges will inform the FCA’s proposals on overdrafts.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 121122 more like this
star this property question first answered
less than 2018-01-11T14:48:16.907Zmore like thismore than 2018-01-11T14:48:16.907Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4640
unstar this property label Biography information for David Linden more like this
816695
star this property registered interest false more like this
star this property date less than 2018-01-05more like thismore than 2018-01-05
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Services: Fees and Charges more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps the Government is taking to encourage banks to impose the voluntary cap on overdraft charges for personal current accounts recommended by the Competition and Markets Authority in 2016; and what assessment his Department has made of the effectiveness of that cap on reducing repayments by customers where it has been imposed. more like this
star this property tabling member constituency Glasgow East more like this
star this property tabling member printed
David Linden more like this
star this property uin 121122 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>Treasury Ministers and officials meet regularly with colleagues across Government, and the various regulators, to discuss a wide range of issues. As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.</p><p>As part of the final report on its retail banking market investigation, published in 2016, the Competition and Markets Authority (CMA) imposed a series of remedies in relation to overdrafts, including a legal requirement on banks to set a monthly maximum charge for unarranged overdraft charges. Most banks have been required to do this since August 2017. The CMA will monitor compliance with its Order. As recommended by the CMA, the Financial Conduct Authority (FCA) is reviewing the effectiveness of the monthly maximum charge for unarranged overdrafts.</p><p>Following the CMA’s investigation, the FCA also committed to look in more detail at both arranged and unarranged overdrafts as part of its broader review into the High Cost Credit sector. The FCA published a Feedback Statement on its review of high-cost credit in July 2017, which concluded that it had concerns about both arranged and unarranged overdrafts.</p><p>The FCA will investigate these concerns further, and where intervention is needed and justified, aim to bring forward proposals in Spring 2018 concerning both overdrafts and other forms of high-cost credit. The FCA’s review of the effectiveness of the monthly maximum charge for unarranged overdraft charges will inform the FCA’s proposals on overdrafts.</p><p>The Government supports the FCA’s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 121121 more like this
star this property question first answered
less than 2018-01-11T14:48:16.953Zmore like thismore than 2018-01-11T14:48:16.953Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4640
unstar this property label Biography information for David Linden more like this
816780
star this property registered interest false more like this
star this property date less than 2018-01-05more like thismore than 2018-01-05
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Consumers more like this
star this property house id 1 remove filter
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps he has taken to make consumer markets operate more fairly to reduce the costs of essential household items. more like this
star this property tabling member constituency Crewe and Nantwich more like this
star this property tabling member printed
Laura Smith more like this
star this property uin 121207 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2018-01-11more like thismore than 2018-01-11
star this property answer text <p>Competitive markets are the best way of delivering value and choice for consumers. Autumn Budget 2017 announced more resources for the Competition and Markets Authority to enable them to take more cases against companies who are not competing fairly. The government is also taking specific action to ensure that financial services markets work for consumers. For example, to improve access to affordable sources of credit, the government is increasing the number of potential members that a credit union serving a local area can have from 2 to 3 million.</p><p> </p><p>The forthcoming Consumer Green Paper will set out the government’s broader approach to ensuring that markets are working well for consumers and businesses.</p><p> </p><p>Where it can, the government is also taking direct action to help families with the cost of essential items. For example, the government has extended the fuel duty freeze for the eighth year. This freeze has saved the average car driver £850 over the last eight years compared to what they would have been paying under the pre-2010 escalator plans.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2018-01-11T14:41:45.917Zmore like thismore than 2018-01-11T14:41:45.917Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4648
unstar this property label Biography information for Laura Smith more like this