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428506
registered interest false more like this
date remove filter
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Payment Methods more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what steps he is taking to deliver a faster payments infrastructure. more like this
tabling member constituency Windsor more like this
tabling member printed
Adam Afriyie more like this
uin 16451 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-11-23more like thismore than 2015-11-23
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> more like this
answering member constituency West Worcestershire more like this
answering member printed Harriett Baldwin more like this
question first answered
less than 2015-11-23T11:49:17.537Zmore like thismore than 2015-11-23T11:49:17.537Z
answering member
4107
label Biography information for Harriett Baldwin remove filter
tabling member
1586
label Biography information for Adam Afriyie more like this
428507
registered interest false more like this
date remove filter
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Bank Services more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Windsor more like this
tabling member printed
Adam Afriyie more like this
uin 16372 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-11-23more like thismore than 2015-11-23
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> more like this
answering member constituency West Worcestershire more like this
answering member printed Harriett Baldwin more like this
question first answered
less than 2015-11-23T11:47:50.15Zmore like thisremove minimum value filter
answering member
4107
label Biography information for Harriett Baldwin remove filter
tabling member
1586
label Biography information for Adam Afriyie more like this
428534
registered interest false more like this
date remove filter
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Banks more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what steps he is taking to encourage the growth of stakeholder banks within the UK. more like this
tabling member constituency Easington more like this
tabling member printed
Grahame Morris more like this
uin 16406 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-11-23more like thismore than 2015-11-23
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 more like this
answering member printed Harriett Baldwin more like this
question first answered
less than 2015-11-23T11:51:57.733Zmore like thismore than 2015-11-23T11:51:57.733Z
answering member
4107
label Biography information for Harriett Baldwin remove filter
tabling member
3973
label Biography information for Grahame Morris more like this
428535
registered interest false more like this
date remove filter
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Banks: Regional Planning and Development more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assessment he has made of the role of stakeholder banks in supporting regional growth. more like this
tabling member constituency Easington more like this
tabling member printed
Grahame Morris more like this
uin 16407 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-11-23more like thismore than 2015-11-23
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> more like this
answering member constituency West Worcestershire more like this
answering member printed Harriett Baldwin more like this
question first answered
less than 2015-11-23T11:53:24.077Zmore like thismore than 2015-11-23T11:53:24.077Z
answering member
4107
label Biography information for Harriett Baldwin remove filter
tabling member
3973
label Biography information for Grahame Morris more like this