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899944

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Internet
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how many cloud services contracts that were previously delivered by British cloud services providers for the HM Treasury are now delivered by multinational cloud service providers; what is the value of those contracts; and what are the names of the previous providers.
	tabling member printed	Lord Harris of Haringey
	uin	HL7607
	answer	answer is ministerial correction date of answer 21/05/2018 answer text <p>The information requested is not readily available and could be provided only at disproportionate cost.</p> answering member printed Lord Bates question first answered 21/05/2018 13:10:12 answering member 1091 label Biography information for Lord Bates
	tabling member	2671 label Biography information for Lord Harris of Haringey

899970

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Instalment Credit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the impact of rent-to-own schemes for electrical and white goods on low-income households.
	tabling member printed	Lord Mendelsohn
	uin	HL7633
	answer	answer is ministerial correction date of answer 21/05/2018 answer text <p>The government is committed to protecting consumers from unfair lending practises. To this end, the government transferred regulatory responsibility for consumer credit to the Financial Conduct Authority (FCA) in 2014, and gave the FCA strong powers to protect consumers.</p><p> </p><p>The FCA is conducting a review of the high-cost credit market, and has noted concerns in specific areas of the market, including rent-to-own. The FCA will publish an update later this month, and the government will continue to work closely with the FCA to ensure that all customers are treated fairly.</p> answering member printed Lord Bates question first answered 21/05/2018 13:06:10 answering member 1091 label Biography information for Lord Bates
	tabling member	4286 label Biography information for Lord Mendelsohn

899969

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Interest Rates
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the money lender Oakam charging an APR of 1,421 per cent; and what assessment they have made of the effectiveness of the interest rate cap, introduced in 2015, on reducing high-cost short, and medium-term loans.
	tabling member printed	Lord Mendelsohn
	uin	HL7632
	answer	answer is ministerial correction date of answer 22/05/2018 answer text <p>The government is committed to protecting consumers from unfair lending practises, including excessive interest rates. To this end, the government legislated to require the Financial Conduct Authority (FCA) to introduce a cap on the cost of payday loans, which came into force on 2 January 2015. All firms which offer payday loans, including Oakam, are restricted by the payday price cap, and the FCA has strong powers to take action against any firms which do not comply with these rules.</p><p>The cap consists of three parts: a daily interest cap of 0.8%; a £15 cap on default charges; and a total cost cap of 100% to ensure that consumers never need to pay back more than twice the sum they have borrowed.</p><p>The FCA reviewed the payday price cap and published its findings last summer, showing that the price cap has been effective, leading to savings of approximately £150 million for the 760,000 individuals using payday loans each year. The price cap will remain at the same level, and the FCA has committed to review it again in three years.</p><p> </p><p>The FCA is also reviewing the high-cost credit market more broadly, focusing on rent-to-own, doorstep lending, catalogue credit, and overdrafts. The FCA will publish an update at the end of May.</p> answering member printed Lord Bates question first answered 22/05/2018 14:05:24 answering member 1091 label Biography information for Lord Bates
	tabling member	4286 label Biography information for Lord Mendelsohn

899989

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Claims Management Services: Insurance Companies
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what evidence they have that insurers own or have financial interests in claims companies; and whether they intend to publish any such evidence.
	tabling member printed	Baroness Primarolo
	uin	HL7652
	answer	answer is ministerial correction date of answer 21/05/2018 answer text <p>The Financial Conduct Authority (FCA) is responsible for monitoring and regulating the insurance industry.</p><p> </p><p>The Treasury does not investigate the financial interests of insurers, nor does it hold this information.</p> answering member printed Lord Bates question first answered 21/05/2018 13:04:55 answering member 1091 label Biography information for Lord Bates
	tabling member	217 label Biography information for Baroness Primarolo

899919

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Civil Liability Bill (HL)
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what provision they have made, or will make, for the loss to HMRC of £140 million per annum as estimated in the Impact Assessment to the Civil Liability Bill.
	tabling member printed	Lord Bassam of Brighton
	uin	HL7583
	answer	answer is ministerial correction date of answer 21/05/2018 answer text <p>The figure quoted in the Impact Assessment is a forecast based on a range of assumptions on the impact of the reforms.</p><p> </p><p>In line with their statutory duties, the independent OBR includes the impact of government policy at the forecast following the policy’s announcement.</p><p> </p><p>The Government makes decisions every year on tax, spending and borrowing taking into account such changes in forecasts.</p><p> </p> answering member printed Lord Bates question first answered 21/05/2018 13:09:51 answering member 1091 label Biography information for Lord Bates
	tabling member	3504 label Biography information for Lord Bassam of Brighton

900224

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: EU Countries
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many UK financial services institutions have a presence in other EU countries.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	141708
	answer	answer is ministerial correction date of answer 15/05/2018 answer text <p>The Financial Conduct Authority (FCA) maintain a Financial Services Register, a record of firms, individuals and other bodies that are, or have been, regulated by the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and/or FCA. The register can be accessed at the following address:</p><p> </p><p><a href="https://www.fca.org.uk/firms/financial-services-register" target="_blank">https://www.fca.org.uk/firms/financial-services-register</a></p><p> </p><p>Furthermore, the European Central Bank (ECB) maintains a list of financial services institutions operating in the EU at the following address:</p><p> </p><p><a href="http://www.ecb.europa.eu/stats/financial_corporations/list_of_financial_institutions/html/index.en.html" target="_blank">http://www.ecb.europa.eu/stats/financial_corporations/list_of_financial_institutions/html/index.en.html</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 15/05/2018 13:26:03 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams

900221

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what opportunities his Department has identified for the financial services sector after the UK leaves the EU.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	141707
	answer	answer is ministerial correction date of answer 15/05/2018 answer text <p>The UK will have the opportunity to set its own trade policy in financial services when it leaves the European Union. For the first time in 40 years, we will be able to negotiate, ratify and sign trade deals with old friends and new allies. The government is working with stakeholders to identify the opportunities that this presents, and is committed to strengthening the UK’s already world leading positions in the markets of the future, such as in FinTech, green finance and rupee or renminbi products. The government is engaged with industry on this through the Financial Services Trade and Investment Board, which works to boost the competitive position of UK financial services.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/05/2018 13:27:46 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams

900229

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial 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 risk to the financial services sector in the event that the UK does not secure an adequacy decision on data.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	141709
	answer	answer is ministerial correction date of answer 16/05/2018 answer text <p>As a result of the significant progress made in March’s negotiations, we are increasingly confident that we will secure a deal with the EU and that the prospect of leaving negotiations with ‘no deal’ has receded significantly.</p><p>However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached.</p><p>That is exactly what we are doing across the whole of Government, including on data protection.</p><p>The Government will continue to engage with businesses including in the financial services sector to understand the how they would operate under a range of outcomes on data protection.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2018 14:01:39 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams

900232

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial 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 structures that the Government will need to put in place to prepare for new rules affecting UK financial services during the transition period of exiting the EU.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	141712
	answer	answer is ministerial correction date of answer 15/05/2018 answer text <p>The UK and EU negotiating teams have agreed the terms of a time-limited Implementation Period. While the UK will no longer be a member state of the European Union, market access will continue on its current terms during the Implementation Period. To give businesses and citizens certainty, common rules will remain in place until the end of the period. This means businesses will be able to trade on the same terms as now up until the end of 2020.</p><p> </p><p>Once the UK becomes a third country, we will withdraw from the institutions of the EU. As a non-member state, we have been clear that the UK will no longer have the same role in the decision-making of the EU. However, it is clearly in the interests of both sides that the UK continues to work closely together on matters that concern the UK, as set out in the agreement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/05/2018 13:31:43 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams

900234

	registered interest
	date	08/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial 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 effect on the confidence of the UK financial services sector in (a) London, (b) the rest of England and (c) Wales of no agreement being reached between the UK and the EU on the UK leaving the EU.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	141714
	answer	answer is ministerial correction date of answer 15/05/2018 answer text <p>Financial services firms across the UK can have confidence that the government is committed to leaving the EU in a way that underpins prosperity and avoids unnecessary disruption and dangerous cliff edges for businesses across the UK.</p><p>We are making significant progress and this has been well-received by industry. Since December, we have reached agreement with the EU on an implementation period, we have agreed a technical dialogue on cliff edge risks to be led by the Bank of England and the European Central Bank and the Chancellor has set out a clear vision for our future relationship with the EU on financial services.</p><p>These measures have been well-received by industry in the UK. We continue to work closely with businesses located throughout the United Kingdom to ensure that they are prepared for a smooth and orderly withdrawal from the EU.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/05/2018 13:33:15 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams