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1167376

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: South Sudan
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to issue a public advisory to UK financial institutions investing in South Sudan of the risk of money laundering in relation to South Sudanese politically-exposed persons.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	7750
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The Government is committed to supporting an end to the conflict in South Sudan, including through stemming illicit financial flows which drive destabilisation and conflict in the region. The Government will continue to assess potential additional measures aimed at stemming illicit financial flows from South Sudan in order to support the peace process. The Government’s Money Laundering Regulations 2017 require financial institutions to apply enhanced due diligence measures commensurate with money laundering risks with regard to new or ongoing business. This includes, where appropriate, consideration of relevant factors such as jurisdictional risk and the involvement of politically exposed persons.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 14:08:11 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1166690

registered interest
date	28/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth: Forecasts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when updated growth forecasts will next be published.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	6479
answer	answer is ministerial correction date of answer 01/11/2019 answer text <p>The government’s medium-term economic and fiscal forecasting is undertaken by the independent Office for Budget Responsibility in line with its statutory duty.</p><p> </p><p>The most recent growth forecast was published in March 2019 in the OBR’s Economic and Fiscal Outlook. They will produce a new economic and fiscal forecast at the next fiscal event.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 01/11/2019 08:43:39 answering member 4483 label Biography information for Rishi Sunak
tabling member	4523 label Biography information for Catherine West

1156093

registered interest
date	24/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cars: Loans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of the effect on the car industry of changes to car finance loan terms following the publication of the FCA's March 2019 report entitled Our work on motor finance - final findings.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	5078
answer	answer is ministerial correction date of answer 29/10/2019 answer text <p>On 1 April 2014 the Government transferred regulatory responsibility for the consumer credit market, including motor finance products, from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). The Government has given the FCA robust powers to protect consumers and supports the work undertaken by the FCA to reduce consumer harm in this sector.</p><p> </p><p>In March 2019 the FCA released the report: <em>Our work on motor finance – final findings</em>. In their report, the FCA expressed concern about the extent to which broker discretion is allowed over interest rates in certain commission structures and said that they are considering possible responses, such as strengthening existing provisions and banning certain commission structures.</p><p> </p><p>As required by the Financial Services and Markets Act 2000 (FSMA), the FCA must undertake detailed cost benefit analysis of their proposals. This assessment was published in October 2019 as part of their ongoing consultation on changes to the rules governing the motor finance industry.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/10/2019 10:43:05 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1151984

registered interest
date	23/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cars: Loans
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 Financial Conduct Authority on affordability in the car finance market.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	4435
answer	answer is ministerial correction date of answer 28/10/2019 answer text <p>On 1 April 2014 the Government transferred regulatory responsibility for the consumer credit market, including motor finance products, from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). The Government has given the FCA robust powers to protect consumers and supports the work undertaken by the FCA to reduce consumer harm in this sector.</p><p> </p><p>On 15th October, the Financial Conduct Authority (FCA) published a consultation paper outlining its proposed reforms in the motor finance market. This follows the FCA’s review into the motor finance market which concluded in March 2019. These proposals included banning certain types of commission models which incentivise credit brokers to increase the interest rate on motor finance.</p><p> </p><p> </p><p>The paper is available at the following link: https://www.fca.org.uk/publications/consultation-papers/cp19-28-motor-finance-discretionary-commission-models-and-consumer-credit-commission-disclosure</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 all customers are treated fairly. answering member constituency Salisbury answering member printed John Glen question first answered 28/10/2019 14:29:11 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1151985

registered interest
date	23/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cars: Loans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to ensure lenders in the motor finance sector comply with FCA rules on assessing (a) creditworthiness and (b) affordability before offering car finance loans.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	4436
answer	answer is ministerial correction date of answer 28/10/2019 answer text <p>On 1 April 2014 the Government transferred regulatory responsibility for the consumer credit market, including motor finance products, from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). The Government has given the FCA robust powers to protect consumers and supports the work undertaken by the FCA to reduce consumer harm in this sector.</p><p> </p><p>On 15th October, the FCA published a consultation paper outlining their proposed reforms in the motor finance market. This follows the FCA’s review into the motor finance market which concluded in March 2019. These proposals included banning certain types of commission models which incentivise credit brokers to increase the interest rate on motor finance.</p><p> </p><p>The paper is available at the following link: https://www.fca.org.uk/publications/consultation-papers/cp19-28-motor-finance-discretionary-commission-models-and-consumer-credit-commission-disclosure</p><p>During its review of the motor finance market, the FCA found that some lenders were not meeting its requirements on assessing creditworthiness by placing undue focus on credit risk rather than on whether the loan was affordable for the borrower.</p><p>As part of the FCA’s follow-up work, individual feedback was provided to lenders on the FCA’s assessment of their checks on customer creditworthiness and affordability. It found that lenders had considered the FCA’s new rules and guidance on assessing creditworthiness in consumer credit which were published in July 2018 and had subsequently made changes to their affordability assessments where necessary.</p><p>The FCA will continue to keep the car finance market under review as part of its ongoing and supervisory work.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/10/2019 14:18:47 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1150972

registered interest
date	21/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth and Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of the effect on (a) economic growth and (b) withheld investment as a result of recent developments on the proposals for the UK leaving the EU.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	2808
answer	answer is ministerial correction date of answer 24/10/2019 answer text <p>Agreeing the Withdrawal Agreement is self-evidently in our economic interest. It would bring an end to the damaging uncertainty and delay of the past years, and allow businesses to get on with taking decisions, including around recruitment and investment.</p><p> </p><p>Approving the Withdrawal Agreement would also allow us to get on with the process of agreeing a mutually beneficial new trading relationship with our European friends - a comprehensive and ambitious free trade agreement (FTA).</p><p> </p><p>The specifics of our own agreement will be the subject of the next phase of negotiations. We will keep Parliament updated throughout those discussions and provide analysis at appropriate points.</p><p> </p><p>The OBR will, of course, continue to take Government policy – including the UK’s future relationship with the EU – as the basis for its economic and fiscal forecasts, and will provide its usual comprehensive analysis as part of these.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 24/10/2019 14:04:54 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1150430

registered interest
date	17/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what guidance and support his Department provides to people experiencing problem debt.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	1758
answer	answer is ministerial correction date of answer 22/10/2019 answer text <p>To simplify the existing public financial guidance landscape and offer more holistic support to consumers, the Government established the Money and Pensions Service in January 2019.</p><p>The Government has increased public funding for free professional debt advice to almost £56m this year, enough to provide support to 560,000 people in England.</p><p>To support people in problem debt, the Government is introducing a Breathing Space scheme that will provide them with a 60-day period where interest and charges on their debts are frozen and enforcement action from creditors is paused.</p><p>Breathing Space will encourage people to access debt advice and will allow them the time and space to fully engage with professional support, helping them identify a sustainable solution to their debts.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/10/2019 11:11:44 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West