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1237341

	answer	answer is ministerial correction date of answer 24/09/2020 answer text <p>This Government is committed to building back better and investing in the green infrastructure that will help us to achieve our climate change objectives and level up the country. At the Plan for Jobs 2020, the Government announced an ambitious £3.05 billion package including the Green Homes Grant, designed to aid homeowners and landlords retrofit to upgrade the energy and cost efficiency of their homes. At Spring Budget 2020 the Government announced at least £800 million to support Carbon Capture and Storage (CCS) in two initial industrial clusters, the first by the mid-2020s and the second by 2030. CCS has the potential to reduce carbon emissions from power plants and factories. And on Tuesday (22 September), Dogger Bank Wind Farm announced the creation of almost 250 jobs in the North East on a project that will be capable of powering up to 4.5m homes when complete.</p><p> </p><p>Our upcoming National Infrastructure Strategy will set out our long-term economic infrastructure ambitions, focusing on decarbonisation and levelling up the nation.</p><p> </p><p>The UK is a global centre for sustainable finance with an established reputation in green finance and a frontrunner in the structuring, underwriting, and listing of green bonds, with more than 100 bonds listed on the London Stock Exchange, raising over $26 billion across eight currencies</p><p> </p><p>The government has been carefully considering the potential issuance of a UK sovereign green bond and will keep this under review. The government remains open to the introduction of new debt instruments, but would need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long term and be consistent with wider fiscal objectives.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 91742 question first answered 24/09/2020 09:16:48 answering member 4051 label Biography information for John Glen

1241231

	registered interest
	date	07/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Building Societies: Shares
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the level of risk involved for purchasers in the sale of redeemable shares by building societies; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	100280
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>HM Treasury has not made any specific assessment of the level of risk involved for purchasers in the sale of redeemable shares by building societies. When making an investment decision, consumers should make sure they are aware of the risks and seek advice where appropriate.</p><p> </p><p>The Government wants to make sure we have a strong and safe financial system which is why HM Treasury continues to work with the Financial Conduct Authority to protect consumers, including by ensuring that they have the necessary information to weigh up the risks and rewards of any decision they make.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:45:16 answering member 4051 label Biography information for John Glen
	tabling member	177 label Biography information for Gareth Thomas

1241431

	registered interest
	date	07/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what his Department's policy is on the right of customers to pay in cash.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	100286
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable long term.</p><p>The Government remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:40:14 answering member 4051 label Biography information for John Glen
	tabling member	318 label Biography information for John Spellar

1241432

	registered interest
	date	07/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance: Prices
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to respond to the Financial Conduct Authority's report, General insurance pricing practices: Final report, published in September 2020.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	100287
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>Consumers should be able to get a fair deal when purchasing insurance. The FCA has set out proposals to deliver this in its report on General Insurance Pricing Practices. We are engaging with the regulator and the sector on next steps and will be interested in the outcome of the FCA’s consultation due in early 2021.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:37:57 answering member 4051 label Biography information for John Glen
	tabling member	318 label Biography information for John Spellar

1401323

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential risks to financial stability of the growth in cryptocurrency and other cryptoasset holdings; and if he will place a copy of that assessment in the Library.
	tabling member constituency	Leeds West
	tabling member printed	Rachel Reeves
	uin	100509
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100510 question first answered 13/01/2022 15:02:01 answering member 4051 label Biography information for John Glen
	tabling member	4031 label Biography information for Rachel Reeves

1401324

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the estimated value of cryptocurrencies and other cryptoassets held in the UK by (a) households, (b) non-financial businesses, (c) financial businesses and (d) other organisations; and if he will place a copy of those estimates in the Library.
	tabling member constituency	Leeds West
	tabling member printed	Rachel Reeves
	uin	100510
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100509 question first answered 13/01/2022 15:02:02 answering member 4051 label Biography information for John Glen
	tabling member	4031 label Biography information for Rachel Reeves

1401570

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support businesses that have not sufficiently recovered from the impact of the covid-19 pandemic to be able to afford repayments on their Bounce Back Loans, even after they have taken advantage of the six month repayment holiday.
	tabling member constituency	Bermondsey and Old Southwark
	tabling member printed	Neil Coyle
	uin	100565
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>Any business concerned about repayments should get in touch with their lender who will be able to provide support and talk them through their options.</p><p> </p><p>In order to give businesses who have borrowed under the Bounce Back Loan Scheme further support and flexibility in making their repayments, the Chancellor announced “Pay as You Grow” (PAYG) options in September 2020. In addition to the six month full repayment holiday, PAYG gives businesses the option to extend their Bounce Back Loan repayments over ten years, reducing their average monthly repayments on the loan by almost half. Businesses also have the option to move to interest-only payments for periods of up to six months (an option which they can use up to three times). If borrowers want to take advantage of these options, they should notify their lender.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2022 15:04:29 answering member 4051 label Biography information for John Glen
	tabling member	4368 label Biography information for Neil Coyle

1241826

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will publish a timetable for bringing forward legislative proposals to protect people's access to cash.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100901
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100902 100903 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241827

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what information the Government holds on the number of retailers no longer accepting cash due to the covid-19 outbreak; and what steps his Department is taking to ensure that people can continue to use cash to pay for goods and services for as long as is needed.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100902
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100901 100903 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241828

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether cash is a safe payment method to use and should continue to be accepted by retailers during the covid-19 outbreak.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100903
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100901 100902 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241690

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Income: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect on pension companies of the decision by some UK listed companies to cancel dividend payments to their shareholders.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	uin	100961
	answer	answer is ministerial correction date of answer 16/10/2020 answer text <p>Whilst dividend income is important for pension schemes, they have long-term investment horizons and a range of other sources including fixed income from corporate and sovereign bonds, rental income and capital gains, although many of these are under strain.</p><p>When market conditions recover and firms have rebuilt their balance sheets we anticipate that dividends will be restored.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/10/2020 12:52:59 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1241829

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts: Developing Countries
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans his Department has to work with international partners to extend the Debt Service Suspension Initiative beyond the end of 2020; and what plans he has to promote the inclusion of (a) private lenders and (b) multilateral institutions in that agreement.
	tabling member constituency	Dundee West
	tabling member printed	Chris Law
	uin	101031
	answer	answer is ministerial correction date of answer 13/10/2020 answer text <p>To date, the Debt Service Suspension Initiative (DSSI) has supported 43 countries which have requested suspensions by freeing up $5 billion to fund their COVID-19 responses. Given the depth of liquidity needs in these countries, the Chancellor supports an extension of the DSSI into 2021 and is working with his G20 counterparts to secure agreement on the extension.</p><p>The G20 agreed private sector DSSI participation should be voluntary and at borrowers’ discretion. The Chancellor continues to support this approach, which helps protect these countries’ hard-won market access which will be essential for financing COVID recovery. Where borrowers do make requests, private creditors should implement the DSSI. Where sovereign debt reductions are necessary, it will be important for there to be fair and timely burden sharing between all creditor types, including commercial creditors.</p><p>The G20 has supported the Multilateral Development Banks taking a “net positive flows” approach to complement the DSSI, ensuring that borrowing countries receive significantly more funds from the MDBs in 2020 than they repay. For the poorest countries, much of this funding will be on grant terms. This helps ensure the financial model of the MDBs remains sustainable, while allowing donors to target resources to support the most vulnerable countries.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/10/2020 11:25:13 answering member 4051 label Biography information for John Glen
	tabling member	4403 label Biography information for Chris Law

1547395

	registered interest
	date	01/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Aggregates Levy: Wales
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of devolving the Aggregates Levy to Wales.
	tabling member constituency	Dwyfor Meirionnydd
	tabling member printed	Liz Saville Roberts
	uin	101034
	answer	answer is ministerial correction date of answer 09/12/2022 answer text <p>The government has committed to keep devolution of the Aggregates Levy to Wales under review. This is with the intention of devolving it in future, subject to the agreement of both governments and legislatures.</p><p> </p><p>Devolution would be subject to cross border impacts being worked through in full, to ensure the best outcome for businesses and consumers on both sides of the border.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/12/2022 11:30:36 answering member 4051 label Biography information for John Glen
	tabling member	4521 label Biography information for Liz Saville Roberts

1547451

	registered interest
	date	01/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance: Further Education
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he held discussions on the potential merits of allocating additional funding to further education colleges before the publication of the Autumn Statement on 17 November 2022.
	tabling member constituency	Kingston upon Hull West and Hessle
	tabling member printed	Emma Hardy
	uin	101045
	answer	answer is ministerial correction date of answer 07/12/2022 answer text <p>At the Autumn Statement, the government set out a plan to support economic stability. The government is taking a responsible and disciplined approach to spending, while prioritising vital public services. Ahead of the Autumn Statement, the Chancellor considered a broad range of spending options across public services.</p><p> </p><p>The government recognises the important role that further education colleges play in boosting skills and contributing to productivity. This is reflected in the Spending Review 2021 settlement, which announced an additional £3.8 billion for skills by 2024-25.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/12/2022 15:10:54 answering member 4051 label Biography information for John Glen
	tabling member	4645 label Biography information for Emma Hardy

1241770

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Conduct Authority: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will launch a review into Financial Conduct Authority regulator fees.
	tabling member constituency	Warrington North
	tabling member printed	Charlotte Nichols
	uin	101067
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Financial Conduct Authority (FCA) are responsible for setting the regulatory fees for industry and recently consulted on their fees for 2020-21. A response to the consultation can be found on the FCA’s website. The FCA operates independently within the statutory framework agreed by Parliament. The Government therefore has no role in the FCA’s budgeting or setting of their fees.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:46:51 answering member 4051 label Biography information for John Glen
	tabling member	4799 label Biography information for Charlotte Nichols

1329828

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Dormant Assets Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimates his Department has made of the revenue impact of expanding the scope of dormant assets scheme in the Dormant Assets Bill.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	10147
	answer	answer is ministerial correction date of answer 10/06/2021 answer text <p>HM Treasury and the Department for Digital, Media, Culture and Sport have worked extensively with industry stakeholders to estimate the potential impact of expanding the Dormant Assets Scheme. According to industry estimates, this expansion could result in a further £1.7bn of dormant assets being transferred into the Scheme. After a portion is reserved for any future reclaims, the Government estimates £880m will be available for distribution to initiatives across the UK. The Government’s <a href="https://www.gov.uk/government/publications/government-response-to-the-consultation-on-expanding-the-dormant-assets-scheme/government-response-to-the-consultation-on-expanding-the-dormant-assets-scheme#fn:20" target="_blank">consultation response</a>, “Government response to the consultation on expanding the Dormant Assets Scheme” has further detail on the impact of Scheme expansion.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2021 09:05:59 answering member 4051 label Biography information for John Glen
	tabling member	178 label Biography information for John McDonnell

1329497

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: EU Action
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the EU’s sustainable finance action plan; and what steps he plans to take to ensure that the financial services sector in the UK is competitive in sustainable finance.
	tabling member constituency	Kingston and Surbiton
	tabling member printed	Ed Davey
	uin	10151
	answer	answer is ministerial correction date of answer 09/06/2021 answer text <p>The UK supported the development of the EU Sustainable Finance Action Plan whilst a member state and has committed to match its ambition in the UK. The Green Finance Strategy, published in 2019, set out a comprehensive approach to greening the financial system, mobilising finance for clean and resilient growth, and capturing the resulting opportunities for UK firms.</p><p> </p><p>We have so far delivered on and exceeded the ambition set out in that Strategy: We havee set up the Green Finance Institute; become the first major country to mandate TCFD disclosures; committed to implement a green taxonomy; and signalled our intention to issue a Green Gilt at a total of £15bn and will also offer an innovative retail savings product alongside it.</p><p> </p><p>We’ve augmented the Government’s Economic Objectives and the remit of the principal financial regulators to support environmental sustainability and the transition to net zero, and established the UK Infrastructure Bank with a mandate to tackle climate change.</p><p> </p><p>On the international stage, taking advantage of our role as President, we recently secured commitment of the G7 to support moving towards mandatory climate-related financial disclosures, to bring others up to our level of commitment. As we work towards COP26 we have established the Glasgow Financial Alliance for Net Zero, to foster ambition and action for Net Zero in the finance sector and are supporting the convergence and development of international standards in sustainable finance through working with the IFRS and the International Platform on Sustainable Finance.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 09/06/2021 12:58:10 answering member 4051 label Biography information for John Glen
	tabling member	188 label Biography information for Ed Davey

1329498

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of report by the Asset Management Taskforce’s entitled Investing with Purpose: placing stewardship at the heart of sustainable growth, published in November 2020.
	tabling member constituency	Kingston and Surbiton
	tabling member printed	Ed Davey
	uin	10152
	answer	answer is ministerial correction date of answer 09/06/2021 answer text <p>The UK is a world leader in stewardship standards and the report produced by the Economic Secretary’s Asset Management Taskforce, <em>Investing with Purpose</em>, builds on that existing leadership.</p><p> </p><p>The report endorses the Financial Reporting Council’s internationally respected UK Stewardship Code as best in class, and recommends to UK government, regulators and industry how to further embed and improve stewardship standards and the consideration of environmental, social and governance factors.</p><p> </p><p>The UK Government has already taken actions which speak to recommendations made in the report. In November 2020, the Chancellor announced the UK’s intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory in the UK across the economy by 2025, with a significant portion of mandatory requirements in place by 2023. The UK has also taken on board the recommendation to support international efforts to enhance and harmonise sustainability reporting standards, playing an instrumental role in securing important G7 commitments to move towards making climate disclosures mandatory across G7 economies.</p><p> </p><p>The clear recommendations in the report apply across the investment chain and will continue to further enhance the UK’s stewardship regime, ensuring that asset managers are focused on delivering long-term, sustainable benefits for investors, the economy, the environment and society.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/06/2021 12:54:30 answering member 4051 label Biography information for John Glen
	tabling member	188 label Biography information for Ed Davey

1329517

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Premium Bonds: Prize Money
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the financial impact on savers with a National Savings and Investments (NS&I) account after the reduction of the premium bond prize fund rate from 1.4 per cent to 1 per cent in December 2020.
	tabling member constituency	Wentworth and Dearne
	tabling member printed	John Healey
	uin	10160
	answer	answer is ministerial correction date of answer 09/06/2021 answer text <p>In setting interest rates for its products, NS&amp;I must balance the interests of savers, taxpayers and the broader financial services sector.</p><p> </p><p>With unprecedented Government funding requirements in 2020 due to Covid-19 pandemic measures and amid significant uncertainty and volatility in the retail savings market, NS&amp;I experienced unprecedented upside pressures on its Net Financing. In the first six months of 2020-21, NS&amp;I raised a total of £38.3 billion of Net Financing for the Government, so a decision was taken to reduce the Premium Bond rates to mitigate the risk of NS&amp;I exceeding its £35 billion (+/- £5 billion) Net Financing target.</p><p> </p><p>More broadly, it is important that Government takes into account taxpayer value considerations when making financing decisions. With gilt yields at low levels for the majority of the past year, the Government financing raised through NS&amp;I has been more expensive than that raised through gilt issuance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/06/2021 13:00:04 answering member 4051 label Biography information for John Glen
	tabling member	400 label Biography information for John Healey

1547663

	registered interest
	date	02/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector: Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of restrictions on transfers from public sector pension schemes to defined contribution schemes.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	101769
	answer	answer is ministerial correction date of answer 07/12/2022 answer text <p>The Government acknowledges that for unfunded Public Service Pension Schemes, outward transfers are limited under the Pensions Act 2015 to schemes where members cannot avail themselves of pension draw down flexibilities introduced by that Act. This is because draw down would increase the upfront cost of these unfunded schemes to taxpayers.</p><p> </p><p>Where members move on from their public service employer, they can generally choose to become deferred members of their current pension scheme, which will see their rights in reformed 2015 Public Service Pension Schemes accrued up to this point fully price protected through continuing revaluations up to retirement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/12/2022 15:09:45 answering member 4051 label Biography information for John Glen
	tabling member	4630 label Biography information for Ben Lake

1402020

	registered interest
	date	11/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Crime
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of the Serious Fraud Office's recommendation on making failure to prevent economic crime a criminal rather than a regulatory offence.
	tabling member constituency	Burnley
	tabling member printed	Antony Higginbotham
	uin	101854
	answer	answer is ministerial correction date of answer 19/01/2022 answer text <p>In response to calls that current law on economic crime may require reform, the Government carried out a Call for Evidence in 2017 and published its response in November 2020. This is an extremely complex area of the law and the public consultation unfortunately proved inconclusive.</p><p> </p><p>The Government has therefore asked the Law Commission to undertake an in-depth review of the laws around corporate criminal liability for economic crime and - if considered necessary - make recommendations on proportionate and appropriate options for reform. The Commission is aiming to publish an Options Paper shortly.</p><p> </p><p>It is important that we get this right, and any reforms must be proportionate and evidence-based. We intend to engage with the Law Commission on the findings of the review once it has concluded.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/01/2022 17:41:02 answering member 4051 label Biography information for John Glen
	tabling member	4833 label Biography information for Antony Higginbotham

1314465

	registered interest
	date	13/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services Compensation Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on extending the Financial Services Compensation Scheme to payday lending companies.
	tabling member constituency	Brent Central
	tabling member printed	Dawn Butler
	uin	1020
	answer	answer is ministerial correction date of answer 18/05/2021 answer text <p>The Financial Services Compensation Scheme (FSCS) is the compensation scheme of last resort for customers of failed UK-authorised financial services firms and is funded by a levy on the financial services industry. The FSCS is an independent non-governmental body and carries out its compensation function within rules set by the Prudential Regulation Authority and the Financial Conduct Authority (FCA), and they have the power to decide which activities are given 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.</p><p> </p><p>The FCA’s reasoning for not extending FSCS protection was set out in a letter on 15 February 2019 from its Chief Executive to the Chair of the Treasury Select Committee. This reasoning was that consumer credit firms did not generally hold client assets; losses to consumers had reduced since the FCA had taken over regulation of consumer credit; and, because the cost of providing FSCS cover for high-cost short-term credit would likely need to be subsidised by levies on other regulated firms. A copy of that letter can be found here: <a href="https://www.parliament.uk/globalassets/documents/commons-committees/treasury/correspondence/2017-19/fca-chief-executive-to-chair-re-wonga-150219.pdf" target="_blank">https://www.parliament.uk/globalassets/documents/commons-committees/treasury/correspondence/2017-19/fca-chief-executive-to-chair-re-wonga-150219.pdf</a>.</p><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 consumers of financial services are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2021 08:15:53 answering member 4051 label Biography information for John Glen
	tabling member	1489 label Biography information for Dawn Butler

1242591

	registered interest
	date	12/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services Compensation Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will raise the FSCS compensation rate of £85,000 at the end of the transition period.
	tabling member constituency	Newton Abbot
	tabling member printed	Anne Marie Morris
	uin	102085
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Prudential Regulation Authority (PRA) is responsible for setting the UK’s deposit protection limit. The current limit of £85,000 has been in place since 2017 and protects more than 97% of eligible depositors’ accounts. <strong> </strong></p><p> </p><p>There are currently no plans for the coverage level to change. However, from the end of the transition period the PRA will be required to review the limit at least once every five years and may adjust the limit following such a review, subject to HM Treasury approval.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 14:42:59 answering member 4051 label Biography information for John Glen
	tabling member	4249 label Biography information for Anne Marie Morris

1314472

	registered interest
	date	13/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Lenders: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions he has had with representatives of the Financial Conduct Authority on ensuring that adjudicator rulings are included in consideration for compensation when payday lending companies go into administration.
	tabling member constituency	Brent Central
	tabling member printed	Dawn Butler
	uin	1021
	answer	answer is ministerial correction date of answer 18/05/2021 answer text <p>Where a high-cost credit firm enters administration, customers with outstanding compensation claims, including those which result from an adjudication by the Financial Ombudsman Service, become unsecured creditors in the administration, and so will be paid after secured creditors and preferential creditors.</p><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 consumers of financial services are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2021 08:26:19 answering member 4051 label Biography information for John Glen
	tabling member	1489 label Biography information for Dawn Butler

1242430

	registered interest
	date	12/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business and Unemployment: Oldham
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the correlation between local lockdown restrictions and (a) business survival rates and (b) unemployment in Oldham since 1 March 2020.
	tabling member constituency	Oldham West and Royton
	tabling member printed	Jim McMahon
	uin	102140
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>No assessment can be made on the correlation between local lockdown restrictions and business survival or unemployment rates since 1 March 2020, as business count and unemployment data at a local authority level will not be published until 2021.</p><p>The government recognises that every region and community will be feeling the impact of this crisis and remains committed to helping the unemployed return to work and supporting those most vulnerable to job losses. We will continue to work closely with local areas to make sure that individuals and businesses are directed to the right support during this difficult period.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 12:03:30 answering member 4051 label Biography information for John Glen
	tabling member	4569 label Biography information for Jim McMahon

1242554

	registered interest
	date	12/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Advisory Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with the Financial Conduct Authority on the effect of the Financial Services Compensation Scheme levy on client-focused independent financial advisers.
	tabling member constituency	Darlington
	tabling member printed	Peter Gibson
	uin	102169
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>The Treasury and the Financial Conduct Authority (FCA) both share the objective to ensure that the market for financial advice works well and are in regular discussions with one another about relevant developments in the market. We are aware of concerns about the effect of the increased Financial Services Compensation Scheme (FSCS) levy on financial advisers. We are working closely with the FCA, who are monitoring the issue and engaging with the financial advice sector to understand their concerns.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 20/10/2020 09:25:44 answering member 4051 label Biography information for John Glen
	tabling member	4754 label Biography information for Peter Gibson

1242438

	registered interest
	date	12/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending the protection from adverse entries on credit reference agency files for people who have taken mortgage holidays to beyond 31 October 2020.
	tabling member constituency	St Albans
	tabling member printed	Daisy Cooper
	uin	102182
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>Following the Coronavirus outbreak, the Government worked quickly with lenders and financial regulators to give people access to payment holidays on their mortgages. This gives customers a much-needed respite period, where no repayments on these products are due. It was necessary to bring this temporary measure in, in order to give customers time to smooth out their finances that may have taken a hit by the pandemic. We were clear from the start, that anyone taking one of these payment holidays should not suffer a worsening arrears status.</p><p> </p><p>The FCA published guidance on mortgage payment holidays on 14 September setting out that firms should continue to provide support through tailored forbearance options for those borrowers that are facing ongoing financial difficulties. This could include granting new mortgage payment holidays. As part of this guidance any forbearance granted beyond 31 October will be reflected on the consumer’s credit file in the usual manner. As borrowers still requiring assistance after 31 October could be in serious financial distress the FCA believe it is right that lenders are able to understand their financial position in order to lend responsibly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 14:44:40 answering member 4051 label Biography information for John Glen
	tabling member	4769 label Biography information for Daisy Cooper

1242470

	registered interest
	date	12/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Fiscal Policy: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of applying Modern Monetary Theory principles to his fiscal policies when responding to the covid-19 outbreak.
	tabling member constituency	North Down
	tabling member printed	Stephen Farry
	uin	102217
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>In responding to Covid-19 outbreak the government has announced unprecedented support for families, businesses, and self-employed people. The actions taken have been necessary to help limit any long-term economic scarring and to ensure the economy can recover quickly once the pandemic is over.</p><p> </p><p>The government is committed to delivering support within the existing macroeconomic framework, which is essential for ensuring the UK’s economic credibility. The government’s immediate response to COVID-19 will continue to be funded by additional borrowing, through the government’s normal debt management operations.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/10/2020 09:27:22 answering member 4051 label Biography information for John Glen
	tabling member	4856 label Biography information for Stephen Farry

1242836

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxis: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what financial support is available for self-employed taxi drivers who have been told by NHS England to self-isolate due to underlying health reasons and who have been told that they do not qualify for bounce back loans because they do not have business bank accounts.
	tabling member constituency	Sefton Central
	tabling member printed	Bill Esterson
	uin	102772
	answer	answer is ministerial correction date of answer 16/10/2020 answer text <p>The government is committed to supporting self-employed individuals through any period in which they have to self-isolate. Self-employed individuals may be eligible for “new style” Contributory Employment and Support Allowance (ESA) if they are incapable of work due to Covid-19, including those who are required to self-isolate according to Government guidance. We have made it easier for people to claim new style ESA by removing the seven-day waiting period which means people can get support from day one. If they are on a low-income, they may also be entitled to a £500 self-isolation payment.</p><p> </p><p>Individuals who are self-isolating can also access the wider support which the government has made available to self-employed people. In addition to bounce back loans, self-employed individuals may be eligible for the Self-Employment Income Support Scheme (SEISS) which remains open for applications and has recently been extended. The SEISS Grant Extension will last for 6 months, from November 2020 to April 2021.</p><p> </p><p>This support for the self-employed is in addition to a comprehensive welfare offer: according to OBR estimates, the government has injected a further £9.3bn into the welfare system to support individuals who are unable to work or on a low income, including the self-employed. For those on low incomes, the government has relaxed the UC minimum income floor for all self-employed claimants.</p><p> </p><p>The Government launched Bounce Back Loans on 4<sup>th</sup> May 2020 to ensure that the smallest businesses can access loans of up to £50,000 in a matter of days. However, decisions regarding which products, like business bank accounts, to offer remain at the discretion of lenders, and the Government does not intervene in these decisions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/10/2020 13:03:10 answering member 4051 label Biography information for John Glen
	tabling member	4061 label Biography information for Bill Esterson

1243088

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wirecard: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to ensure that a repeat of the Wirecard collapse could not occur in the UK.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102777
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102778 102779 102780 102781 102782 question first answered 21/10/2020 09:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243089

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wirecard: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of the regulatory response to the collapse of Wirecard; and if he will make a statement.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102778
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102777 102779 102780 102781 102782 question first answered 21/10/2020 09:28:55 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243090

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wirecard: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the implications of the Wirecard collapse for (a) UK financial regulation and (b) future financial services regulation.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102779
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102777 102778 102780 102781 102782 question first answered 21/10/2020 09:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243092

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Payments
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to help protect UK-based challenger banks and other financial institutions from the potential future collapse of a payment processor company.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102780
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102777 102778 102779 102781 102782 question first answered 21/10/2020 09:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243095

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Payments
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to make it easier for UK-based financial institutions to work with multiple payment processors.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102781
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102777 102778 102779 102780 102782 question first answered 21/10/2020 09:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243098

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 pandemic on the UK challenger banks sector; and if he will make a statement.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102782
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money.</p><p> </p><p>Shortly after the entry into administration of Wirecard AG, the FCA temporarily blocked the distribution of funds from the UK subsidiary, Wirecard UK, to ensure client monies were properly safeguarded. Wirecard UK is being wound down but the business will continue to trade while alternative arrangements are being made with its card providers.</p><p> </p><p>Payments in the UK have seen rapid change over recent years, including the growth of firms like Wirecard UK. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.</p><p> </p><p>Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. A Call for Evidence is the first stage in this review, open until 20 October.</p><p> </p><p>The Government recognises the crucial role of challenger banks in providing customers with more choice and is committed to maintaining competition in financial services. We recognise the COVID-19 crisis has been difficult for many firms, including challenger banks, and we continue to engage regularly with the sector to understand how firms are being impacted.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102777 102778 102779 102780 102781 question first answered 21/10/2020 09:28:56 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243100

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Building Societies: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 pandemic on UK building societies; and if he will make a statement.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102783
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government also recognises the important role played by building societies in supporting their local communities, particularly during the COVID-19 pandemic. In April 2020, I wrote to building society and credit union trade bodies to thank frontline staff for their efforts to continue to provide essential services to their members.</p><p> </p><p>HM Treasury has regularly engaged with regulators and representatives from the building society and credit union sectors to understand the impact of the COVID-19 pandemic. I have engaged with representatives from both sectors through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period. I also attended a roundtable of building society chief executives hosted by the Building Societies Association in July 2020, to discuss experiences of COVID-19 and future priorities. HM Treasury officials have also been engaging with the Building Society Association on a regular basis to understand the impact of the COVID-19 pandemic and discuss the application of relevant measures to the sector.</p><p> </p><p>Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has also set up a £5 million resilience fund to support credit unions and community development finance institutions in England.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102784 question first answered 21/10/2020 09:04:00 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243101

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 pandemic on the UK Credit Union sector; and if he will make a statement.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102784
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government also recognises the important role played by building societies in supporting their local communities, particularly during the COVID-19 pandemic. In April 2020, I wrote to building society and credit union trade bodies to thank frontline staff for their efforts to continue to provide essential services to their members.</p><p> </p><p>HM Treasury has regularly engaged with regulators and representatives from the building society and credit union sectors to understand the impact of the COVID-19 pandemic. I have engaged with representatives from both sectors through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period. I also attended a roundtable of building society chief executives hosted by the Building Societies Association in July 2020, to discuss experiences of COVID-19 and future priorities. HM Treasury officials have also been engaging with the Building Society Association on a regular basis to understand the impact of the COVID-19 pandemic and discuss the application of relevant measures to the sector.</p><p> </p><p>Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has also set up a £5 million resilience fund to support credit unions and community development finance institutions in England.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 102783 question first answered 21/10/2020 09:04:00 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1243102

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks and Building Societies: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the report entitled Coronavirus Survey Report, published by the APPG on Challenger Banks and Building Societies, if he will make an assessment of the potential merits of the recommendations in that report; and if he will make a statement.
	tabling member constituency	Staffordshire Moorlands
	tabling member printed	Karen Bradley
	uin	102785
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>The Government recognises the crucial role of challenger banks and building societies in providing customers with more choice on the high street and is committed to maintaining competition in financial services.</p><p>HM Treasury officials have consistently engaged with regulators and representatives from the building society and challenger bank sectors on issues related to the COVID-19 pandemic. I have regularly engaged with representatives from the building society sector through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period.</p><p>The Government recognises that the COVID-19 crisis has been difficult for many organisations, including challenger banks and building societies.</p><p>That is why in April 2020, I wrote to thank frontline staff for their efforts to continue to provide essential services to their members.</p><p> </p><p>We have considered the Coronavirus Survey Report produced by the APPG on Challenger Banks and Building Societies and thank the APPG for taking the time to produce the report. The Government remains committed to ensuring that challenger institutions have an appropriate environment to grow and offer more robust competition to the established players. The government will continue working with the regulators to ensure the UK has a highly competitive banking sector, working in the interests of all consumers and businesses right across the country. We will continue to work closely with challenger institutions and building societies as we consider the next steps in our economic recovery</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 21/10/2020 09:32:54 answering member 4051 label Biography information for John Glen
	tabling member	4110 label Biography information for Dame Karen Bradley

1242992

	registered interest
	date	13/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of extending mortgage holidays beyond 31 October 2020 for people who remain financially affected by the covid-19 restrictions.
	tabling member constituency	Kingston upon Hull West and Hessle
	tabling member printed	Emma Hardy
	uin	102914
	answer	answer is ministerial correction date of answer 21/10/2020 answer text <p>Following the Coronavirus outbreak, the Government worked quickly with lenders and financial regulators to give people access to payment holidays on their mortgages. This gives customers a much-needed respite period, where no repayments on these products are due. It was necessary to bring this temporary measure in, in order to give customers time to smooth out their finances that may have taken a hit by the pandemic.</p><p> </p><p>The FCA published guidance on mortgage payment holidays on 14 September setting out that firms should continue to provide support through tailored forbearance options for those borrowers that are facing ongoing financial difficulties. This could include granting new mortgage payment holidays. As part of this guidance any forbearance granted beyond 31 October will be reflected on the consumer’s credit file in the usual manner. As borrowers still requiring assistance after 31 October could be in serious financial distress the FCA believe it is right that lenders are able to understand their financial position in order to lend responsibly.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 21/10/2020 09:34:48 answering member 4051 label Biography information for John Glen
	tabling member	4645 label Biography information for Emma Hardy

1174960

	registered interest
	date	30/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Gold: Armenia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the International Finance Corporation decision to support the Amulsar gold mining project in Armenia.
	tabling member constituency	Hemsworth
	tabling member printed	Jon Trickett
	uin	10297
	answer	answer is ministerial correction date of answer 04/02/2020 answer text <p>I refer the Honourable Member to the response from the Department for International Development given to his question of 30 January (UIN10298).</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/02/2020 16:38:07 answering member 4051 label Biography information for John Glen
	tabling member	410 label Biography information for Jon Trickett

1329295

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Disease Control
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Answer of 29 April 2021 to Question 188144 on Government Assistance: Coronavirus, what work (a) has been completed, (b) is in progress and (c) is planned on using the experience gained by his Department during the covid-19 pandemic to inform contingency plans for potential future pandemics, including recurrences of covid-19; and if he will make a statement.
	tabling member constituency	Houghton and Sunderland South
	tabling member printed	Bridget Phillipson
	uin	10346
	answer	answer is ministerial correction date of answer 09/06/2021 answer text <p>Thanks to people’s hard work and sacrifice, supported by the success of the vaccine rollout, there is now a path to reopening the economy. We will continue to take a flexible but cautious approach as we review restrictions, ensuring support reflects the easing of restrictions to enable the economy to bounce back as quickly as possible.</p><p> </p><p>The Treasury looks to learn from experience on a continuous basis across all areas of Department business, including its response to the Covid-19 pandemic. We keep all impacts and policies under review.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/06/2021 13:15:29 answering member 4051 label Biography information for John Glen
	tabling member	4046 label Biography information for Bridget Phillipson

1174841

	registered interest
	date	30/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Advisory Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to introduce penalties in respect of negligent independent financial advice on transferring pensions.
	tabling member constituency	Blaenau Gwent
	tabling member printed	Nick Smith
	uin	10347
	answer	answer is ministerial correction date of answer 06/02/2020 answer text <p>The Government works closely with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure that the market for pensions advice works fairly.</p><p> </p><p>The FCA already has considerable powers to take enforcement action where consumers are harmed by poor financial advice and where an FCA authorised firm has breached FCA rules. The FCA has the power to impose a range of sanctions, including fines on firms or individuals, requirements to carry out redress exercises, and bans on firms or individuals. There are currently no plans to introduce further penalties in respect of negligent pensions transfer advice.</p><p> </p><p>If the FCA suspects that criminal fraud has been committed, the FCA will refer the case to the relevant authorities for further action to be taken. The FCA can also take action through the courts against firms or individuals who carry out regulated activity without authorisation.</p><p> </p><p>The FCA have recently consulted on a number of interventions in the Defined Benefit (DB) pensions transfer market to reduce the number of consumers transferring their pensions when it is not in their best interests. The FCA are in the process of considering the feedback they have received and plan to publish a Policy Statement on the outcome in the first quarter of 2020.</p><p> </p><p>In addition, the Department for Work and Pensions are introducing legislation, through the Pension Schemes 2019-20 Bill, to allow regulations to be made to stipulate the destinations and circumstances under which a pension scheme member will have a right to transfer their pension savings to another pension scheme. This will further protect members from pension scams by helping trustees of occupational pension schemes ensure transfers are made to safe and not fraudulent schemes.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/02/2020 17:10:36 answering member 4051 label Biography information for John Glen
	tabling member	3928 label Biography information for Nick Smith

1174842

	registered interest
	date	30/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to raise professional indemnity cover limits which independent financial advisers are required to have to practise.
	tabling member constituency	Blaenau Gwent
	tabling member printed	Nick Smith
	uin	10348
	answer	answer is ministerial correction date of answer 06/02/2020 answer text <p>The requirement for Independent Financial Advisers (IFAs) to hold adequate Professional Indemnity Insurance (PII) cover is an important element in protecting consumers who receive financial advice. The Financial Conduct Authority’s (FCA) handbook sets out the various requirements around the PII cover that IFAs are required to hold.</p><p> </p><p>There is no intention to raise the minimum PII cover levels for IFAs at present. The minimum limit of indemnity of PII is specified by FCA rules and European legislation such as the Insurance Distribution Directive (IDD), depending upon the type of IFA. The UK is no longer a Member State of the European Union. However, both the UK and the EU are committed to a period of transition – lasting until the end of 2020 – where common rules for businesses and consumers will remain in place, including the IDD.</p><p> </p><p>Many IFAs are in scope of the IDD, because they undertake life assurance type transactions. IDD limits are reviewed every five years via regulatory technical standards and were last reviewed in November 2019 and the revised limits, which have increased slightly, will apply to IFAs that are IDD firms from 12 June 2020.</p><p> </p><p>The FCA are continuing work to examine consumer harms, and potential claims that may arise from certain business activities carried out by IFAs; and these findings may prompt a further examination of the minimum levels of indemnity in the future.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/02/2020 16:56:33 answering member 4051 label Biography information for John Glen
	tabling member	3928 label Biography information for Nick Smith

1329478

	registered interest
	date	04/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Government Departments: Theleme Partners
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what work (a) Theleme Partners LLP (OC347655) and (b) partners in that company have undertaken for (i) his Department, (ii) other Departments and (iii) organisations for whose operations he is responsible to Parliament since 13 February 2020.
	tabling member constituency	Houghton and Sunderland South
	tabling member printed	Bridget Phillipson
	uin	10355
	answer	answer is ministerial correction date of answer 09/06/2021 answer text <p>No work was undertaken by this company for HM Treasury, HM Revenue and Customs and their Executive Agencies in the timeframe requested.</p><p> </p><p>Information for other Treasury Arms Length Bodies is not centrally available.</p><p> </p><p>Procurement decisions for these bodies are made independently of HM Treasury, with each accountable officer ensuring compliance with the regulations.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/06/2021 12:56:37 answering member 4051 label Biography information for John Glen
	tabling member	4046 label Biography information for Bridget Phillipson

1243499

	registered interest
	date	14/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of mortgage holidays taken during the covid-19 outbreak on the credit ratings of mortgage prisoners.
	tabling member constituency	Glasgow North
	tabling member printed	Patrick Grady
	uin	103551
	answer	answer is ministerial correction date of answer 19/10/2020 answer text <p>Following the Coronavirus outbreak, the Government worked quickly with lenders and financial regulators to give people access to payment holidays on their mortgages. This gives customers a much-needed respite period, where no repayments on these products are due. It was necessary to bring this temporary measure in, in order to give customers time to smooth out their finances that may have taken a hit by the pandemic.</p><p> </p><p>The FCA issued guidance to all firms that engage in mortgage activities, this includes all borrowers whose mortgage is in a closed book or owned by an inactive lender.</p><p> </p><p>We were clear from the start, that anyone taking a one of these payment holiday should not suffer a worsening arrears status.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/10/2020 14:00:45 answering member 4051 label Biography information for John Glen
	tabling member	4432 label Biography information for Patrick Grady

1402702

	registered interest
	date	13/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what (a) correspondence and (b) other information his Department holds on the basis on which the Economic Secretary to the Treasury decided not to take forward the Financial Services Authority regulation of administering a regulated contract on 2 January 2013.
	tabling member constituency	Thirsk and Malton
	tabling member printed	Kevin Hollinrake
	uin	103605
	answer	answer is ministerial correction date of answer 20/01/2022 answer text <p>In January 2011, the Government announced its intention to introduce further regulation in relation to the sale of regulated mortgage contracts to unregulated firms. Following a review, the Government decided that it would not take forward legislation but would instead keep the position of contracts sold to unregulated firms under review and return to legislation if there was sufficient evidence of consumer detriment.</p><p> </p><p>The Government remains open to further regulation but is yet to see evidence that any consumer harm has occurred under the current regulatory regime that would have been prevented by the proposed regulation. Under the current regulatory regime, firms administering regulated mortgages, including third-party administrators, must be regulated. This means that they are subject to relevant provisions of the Financial Conduct Authority’s Mortgage Conduct of Business requirements, including provisions regarding the fair treatment of customers in arrears. It is also worth noting that further regulation of this kind would not necessarily enable borrowers to switch to a cheaper mortgage deal or to materially lower the interest rates they pay.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/01/2022 12:03:45 answering member 4051 label Biography information for John Glen
	tabling member	4474 label Biography information for Kevin Hollinrake

1243387

	registered interest
	date	14/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing: Fees and Charges
	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 representatives of banks on the provision of free-to-use ATMs; and if he will make a statement.
	tabling member constituency	Putney
	tabling member printed	Fleur Anderson
	uin	103636
	answer	answer is ministerial correction date of answer 19/10/2020 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis.</p><p> </p><p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. The Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, the Government published a Call for Evidence on 15 October seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p>LINK, the scheme that runs the UK’s largest ATM network, has existing arrangements in place to protect free-to-use ATMs that do not have another free-to-use ATM or Post Office within 1 kilometre. LINK’s members have also made £5 million available to fund ATMs at the request of communities with poor access to cash.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/10/2020 14:02:30 answering member 4051 label Biography information for John Glen
	tabling member	4788 label Biography information for Fleur Anderson

1243563

	registered interest
	date	14/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Coronavirus: Liverpool City Region
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what impact assessment has been made of the potential effect of tier 3 covid-19 restrictions on the economy of the Liverpool City Region; and what further economic support he will provide to that region in response to those restrictions.
	tabling member constituency	Liverpool, West Derby
	tabling member printed	Ian Byrne
	uin	103648
	answer	answer is ministerial correction date of answer 19/10/2020 answer text <p>The government recognises that every region and community will be feeling the impact of this crisis and remains committed to helping the unemployed return to work and supporting those most vulnerable to job losses. We will continue to work closely with local areas to make sure that individuals and businesses are directed to the right support during this difficult period. To support those on low incomes throughout the outbreak, the government has created a package of temporary welfare measures, including a £20 per week increase in the Universal Credit standard allowance and an increase in the Local Housing Allowance.</p><p>The Local Restrictions Support Grant scheme will provide businesses in England which are forced to close due to local restrictions with up to £3,000 per month, depending on their rateable value.</p><p>Additionally, and from 1 November, in line with the Jobs Support Scheme, businesses in England which have been forced to close on a national basis or which have not been able to reopen since the national lockdown was introduced in March, will also be eligible for these grants.</p><p>In order to protect jobs and UK businesses, we are expanding the Job Support Scheme for businesses legally required to temporarily close their premises as a direct result of Coronavirus restrictions. The Government will provide employers with a grant for employees unable to work, covering two thirds of their usual wages and subject to a cap. Support will be available to eligible businesses from 1 November for 6 months, with a review in January.</p><p>The Prime Minister also announced on Monday that a further £1bn will be made available to LAs in England to support them during this unprecedented time; and that up to £465m would be provided to LAs at High or Very High Alert through the Contain Outbreak Management Fund. This is in addition to the more than £4.8bn of funding which has already been provided to LAs in England to help them manage the impacts of Covid.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/10/2020 14:02:54 answering member 4051 label Biography information for John Glen
	tabling member	4831 label Biography information for Ian Byrne

1243561

	registered interest
	date	14/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts: Developing Countries
	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 his Chinese counterpart on debt relief for developing countries in response to the covid-19 pandemic.
	tabling member constituency	Loughborough
	tabling member printed	Jane Hunt
	uin	103659
	answer	answer is ministerial correction date of answer 22/10/2020 answer text <p>In April 2020, G20 Finance Ministers approved the Debt Service Suspension Initiative (DSSI) to pause debt repayments from the poorest countries in 2020. On 14 October the Chancellor met with his G20 counterparts, including China, to agree an extension of the DSSI for 6 months. The G20 also agreed in principle a Common Framework on future debt treatments beyond the DSSI which will ensure fair, timely and sustainable debt reductions on a case by case basis when needed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/10/2020 09:21:43 answering member 4051 label Biography information for John Glen
	tabling member	4839 label Biography information for Jane Hunt

1243997

	registered interest
	date	15/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how may members of credit unions there are, by region of the UK.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	104022
	answer	answer is ministerial correction date of answer 23/10/2020 answer text <p>According to the latest data on credit unions published by the Prudential Regulation Authority, the membership of credit unions in the first quarter of 2020 by region of the UK is given below:</p><p> </p><table><tbody><tr><td><p><strong>Region</strong></p></td><td><p><strong>Membership</strong></p></td></tr><tr><td><p>England</p></td><td><p>923,321</p></td></tr><tr><td><p>Wales</p></td><td><p>81,766</p></td></tr><tr><td><p>Scotland</p></td><td><p>423,554</p></td></tr><tr><td><p>Northern Ireland</p></td><td><p>707,271</p></td></tr></tbody></table><p> </p><p>Neither HM Treasury, the Prudential Regulation Authority nor the Financial Conduct Authority collect information on the membership of credit unions on a local level. The data on overall credit union membership is available online and can be found here: <a href="https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest" target="_blank">https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest</a></p><p> </p><p>In order to offer mortgage products, a credit union must hold special mortgage permissions. Any credit union can apply for these permissions, providing that they can demonstrate they can meet the requirements set out by the Financial Conduct Authority for mortgage lenders. Credit unions also need to comply with the maximum loan value limits set out by the Prudential Regulation Authority.</p><p> </p><p>Currently, 4 UK credit unions hold mortgage permissions. These are Glasgow Credit Union, ScotWest Credit Union, Capital Credit Union and No1 Copperpot Credit Union. The first three are based in Scotland, while membership of No1 CopperPot Credit Union is open to UK police officers and staff. In total, these credit unions have approximately over 140,000 members. We are unable to provide data on the membership of the individual credit unions.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 104023 question first answered 23/10/2020 08:47:39 answering member 4051 label Biography information for John Glen
	tabling member	177 label Biography information for Gareth Thomas