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428507

	registered interest
	date	16/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the availability of bank accounts for (a) crowd funding and (b) digital currency businesses.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	16372
	answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>As the Chancellor announced at the Budget in March, the Government intends to bring digital currency exchanges into the scope of anti-money laundering regulation. The digital currency industry has highlighted the current lack of regulation as one of the obstacles firms face when trying to get bank accounts in the UK. The new regulatory regime will be designed to support firms’ access to these vital banking services, and to foster an environment in which legitimate digital currency businesses can flourish in the UK. The Treasury will consult on the detail of regulation shortly.</p><br /><p>The Government has supported the crowdfunding industry by consulting on whether to extend ISA eligibility to debt and equity crowdfunding and helping equity crowdfunding through the tax efficient Enterprise Investment Scheme (EIS) – without which 24% of investors say they would not have invested.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:47:50 answering member 4107 label Biography information for Harriett Baldwin
	tabling member	1586 label Biography information for Adam Afriyie

428506

	registered interest
	date	16/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Payment Methods
	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 deliver a faster payments infrastructure.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	16451
	answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>The Faster Payment Scheme (FPS) launched in 2008 and provides near-instant settlement for over one billion payments that consumers and businesses make every year.</p><br /><p>FPS is one of the eight payment systems regulated by the new Payment Systems Regulator – which the Government launched in 2015, equipped with powers to ensure that UK payment systems are competitive and innovative. A key part of the PSR’s work is to ensure that UK payment systems work efficiently to deliver benefits for the individuals and firms that use them.</p><br /><p>The Government is also working with the Financial Conduct Authority’s (FCA) Project Innovate – which looks to foster and support innovative financial technology (“FinTech”) firms, including firms that offer customers new and efficient ways to make payments in the UK.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:49:17 answering member 4107 label Biography information for Harriett Baldwin
	tabling member	1586 label Biography information for Adam Afriyie

428535

	registered interest
	date	16/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks: Regional Planning and Development
	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 role of stakeholder banks in supporting regional growth.
	tabling member constituency	Easington
	tabling member printed	Grahame Morris
	uin	16407
	answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>Each quarter the British Bankers Association and the Council for Mortgage Lenders publish data showing the outstanding stock of lending in each postcode. This allows challenger banks, smaller building societies, credit unions and community development finance institutions (CDFIs) to find areas where there is a lack of lending so they can offer finance to those customers and support growth in that regional area.</p><p>The Government recognises the important role that stakeholder banks play in supporting their communities. We more commonly refer to stakeholder banks as credit unions, building societies and mutually-owned savings banks.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:53:24 answering member 4107 label Biography information for Harriett Baldwin
	tabling member	3973 label Biography information for Grahame Morris

428534

	registered interest
	date	16/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks
	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 encourage the growth of stakeholder banks within the UK.
	tabling member constituency	Easington
	tabling member printed	Grahame Morris
	uin	16406
	answer	answer is ministerial correction date of answer 23/11/2015 answer text <p>The Government has taken significant steps to support stakeholder banks. We more commonly refer to stakeholder banks as mutually-owned financial service firms such as credit unions, building societies and mutual savings banks.</p><p>The Government has encouraged the growth of the credit union sector by increasing the maximum interest rate that credit unions can charge on loans from 2% to 3% per month; investing £38m in the sector through the Department of Work and Pensions’ (DWP) Credit Union Expansion Project; ensuring that universal credit and pensions payments can be paid into any credit union account; and launching a Call for Evidence which allowed all credit unions, regardless of size or influence, the opportunity to contribute their vision for the future of the sector to the wider debate.</p><br /><p>This Government has supported the building societies sector through a number of initiatives including: carving out building societies from the Independent Commission on Banking’s ring-fencing regulations; extending ISA eligibility to Core Capital Deferred Shares; allowing building societies to create floating charges for the first time; and applying a £25m sector-specific allowance to carried-forward losses for Corporation Tax.</p><br /><p>The Airdrie Savings Bank is the only remaining example of a mutual savings bank in the UK. At the Summer Budget the government announced that savings banks established under the Savings Bank (Scotland) Act 1819 will benefit from the same £25m carried-forward loss allowance for Corporation Tax as the building society sector. This will be backdated to 1 April 2015 and is being actioned through the Finance Bill 2015.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 23/11/2015 11:51:57 answering member 4107 label Biography information for Harriett Baldwin
	tabling member	3973 label Biography information for Grahame Morris