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1198867
registered interest false more like this
date less than 2020-06-01more like thismore than 2020-06-01
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Wonga more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, how many claims for refunds from Wonga customers who were mis-sold higher risk loans remain outstanding; and if he will make an assessment of the potential merits of providing support from the public purse to those customers who only received 4.3 per cent of the compensation due to them. more like this
tabling member constituency Coventry South more like this
tabling member printed
Zarah Sultana more like this
uin 52558 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-06-04more like thismore than 2020-06-04
answer text <p>When a firm enters administration, assets are pooled and used to cover customer redress claims and administration costs. In the case of Wonga, the pooled assets are not sufficient to meet all of the redress claims. The administrator, Grant Thornton UK LLP, is therefore unable to pay out 100% of these claims and must address claims in order of the creditor hierarchy. The number of redress claims and the amounts due in the case of Wonga is a matter for the administrators.</p><p>The Financial Conduct Authority (FCA), who regulate payday loans, has the power to decide which activities are given Financial Services Compensation Scheme (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. The full reasoning behind the FCA’s decision is set out in a letter from their Chief Executive to the Chair of the Treasury Select Committee on 15 February 2019.</p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2020-06-04T09:53:47.667Zmore like thismore than 2020-06-04T09:53:47.667Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4786
label Biography information for Zarah Sultana more like this