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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

1282096

registered interest
date	29/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Business Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending small business rate relief to landlords that have lost rental income from commercial properties as a result of the covid-19 outbreak.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	145785
answer	answer is ministerial correction date of answer 04/02/2021 answer text <p>Businesses in receipt of their own business rates assessment and which meet the criteria may be eligible for business rate reliefs, including Small Business Rate Relief. The Government has no plan to change eligibility for SBRR.</p><p> </p><p>The Government recognises the impact that the continued non-payment of rent has on landlords. The Government has made available over £330 billion of guarantees through the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme and the Coronavirus Corporate Financing Facility. These are available to businesses across different sizes and sectors, and directly support landlords with their cashflow issues. The Government is also continuing to work with lenders to ensure flexible support is being provided to commercial landlords.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 04/02/2021 17:10:52 answering member 3991 label Biography information for Jesse Norman
tabling member	4058 label Biography information for Paul Blomfield

1282097

registered interest
date	29/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coronavirus Job Retention Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government plans to introduce a redress scheme for people who have been refused furlough by employers during the covid-19 outbreak because of claims that their employer is unable to afford national insurance and pension contributions.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	145786
answer	answer is ministerial correction date of answer 03/02/2021 answer text <p>Since November, employers are only asked to cover National Insurance and employer pension contributions for hours not worked under the Coronavirus Job Retention Scheme (CJRS). This is lower than the previous level in September and October, and for an average claim accounts for just 5 per cent of total employment costs, or £70 per employee per month. Furthermore, many small employers can benefit from the Employment Allowance for support with their NICs bill, and, since March, businesses have received billions in loans, tax deferrals, Business Rate reliefs, and general and sector-specific grants. This support can be used by businesses to cover the costs of NICs and pension contributions, ensuring that they can continue to furlough their employees.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 145779 question first answered 03/02/2021 12:47:41 answering member 3991 label Biography information for Jesse Norman
tabling member	4058 label Biography information for Paul Blomfield