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31321

	registered interest
	date	07/01/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name
	answering dept sort name
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with UKAR regarding the potential effect on customers of a rise in interest rates.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	182195
	answer	answer is ministerial correction date of answer 13/05/2014 answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 182196 question first answered 13/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

31322

	registered interest
	date	07/01/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name
	answering dept sort name
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of an interest rate rise on customers whose mortgages are held by UKAR; and what support is available to assist such customers to switch providers.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	182196
	answer	answer is ministerial correction date of answer 13/05/2014 answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 182195 question first answered 13/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

57840

	registered interest
	date	04/06/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	New Businesses: Disability
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, what assistance is available to disabled people who wish to start their own businesses.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	198945
	answer	answer is ministerial correction date of answer 09/06/2014 answer text <p> </p><p>We continue to work hard to provide the right support to make life easier for all people setting up and growing a business, including disabled people.</p><p> </p><p> </p><p> </p><p><a href="http://www.gov.uk/business" target="_blank">www.gov.uk/business</a> is the home for Government services and information online. One of the tools available is the 'Business Finance and Support Finder;' that can provide a customised source of government backed support and finance for business. The website <a href="http://www.greatbusiness.gov.uk/" target="_blank">www.greatbusiness.gov.uk</a> also provides support and advice for anyone trying to grow a business as well as for entrepreneurs starting out.</p><p> </p><p> </p><p> </p><p>In addition to on-line support, the Business Support Helpline (0300 456 3565) is available to provide a quick response on queries about starting a business, or a personalised and in-depth advice service for more complex needs. For those looking for start-up finance and advice there are Start-Up Loans: 19 loans worth a total of £53,855have been drawn down in Kilmarncock and Loudoun to date.</p><p> </p><p> </p><p> </p><p>Finally, the New Enterprise Allowance helps people claiming certain out of work benefits to start up their own business. As of March 2014, 7,420 disabled people (or a total of 40,420) had started a new business with the help of the NEA.</p><p> </p><p> </p><p> </p> answering member constituency West Suffolk answering member printed Matthew Hancock question first answered 09/06/2014 15:46:52 answering member 4070 label Biography information for Matt Hancock
	tabling member	4011 label Biography information for Cathy Jamieson

57836

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Small Businesses: Crowdfunding
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will commission an assessment of the amount of investment in small and medium-sized enterprises from peer-to-peer lending and crowdfunding platforms.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	198923
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>Crowdfunding and peer to peer lending are innovative new forms of finance that support competition in the business lending sector. The Government has taken a number of steps to support their growth.</p><p> </p><p>The Government has no current plans to commission an assessment of the amount of investment in small and medium-sized enterprises from peer to peer lending and crowdfunding platforms.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 11/06/2014 15:59:28 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62568

	registered interest
	date	18/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Small Businesses: Crowdfunding
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 11 June 2014, Official Report, column 160W, on venture capital, what steps he has taken to support crowdfunding and peer-to-peer (a) lending to and (b) investment in small businesses; and if he will assess the value of such forms of finance to the small and medium-size sector.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	201391
	answer	answer is ministerial correction date of answer 25/06/2014 answer text <p>Crowdfunding and peer to peer lending are innovative new forms of finance that support competition in the business lending sector.</p><p> </p><p>The Government has taken a number of steps to support their growth, including bringing peer to peer lending within the scope of the Financial Conduct Authority (FCA), and announcing that the range of products that can be held in stocks and shares ISAs will be expanded to include loans made through peer to peer platforms.</p><p> </p><p>The Government also operates two tax-advantaged venture capital schemes which are used by equity crowdfunding investors; the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS).</p><p> </p><p> </p><p>The Government has not made any assessment of the value of investment in small and medium sized businesses from peer to peer lending and crowdfunding platforms.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 25/06/2014 13:54:48 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

57838

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Social Media
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had on the development of guidance on the use of social media for promotion of financial services.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	198928
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The Financial Conduct Authority (FCA) is responsible for conduct supervision of regulated financial firms, including their responsible promotion of products and services.</p><p> </p><p>In 2010 the then Financial Services Authority issued some high-level guidelines on use of ‘new media' – including social media – for such promotions. Since April 2013 the FCA has been engaging with industry, looking further at how social media interacts with FCA rules, and has committed to issue further guidelines later this summer.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 11/06/2014 15:35:28 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62206

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to improve regulation of the shadow banking sector.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200642
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200643 200644 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62207

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effects of the shadow banking sector on the UK economy.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200643
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200642 200644 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62208

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to ensure the stability of the shadow banking sector.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200644
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.</p><p> </p><p>However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.</p><p> </p><p>Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.</p><p> </p><p>Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.</p><p> </p><p> </p><p>At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 200642 200643 question first answered 23/06/2014 15:19:45 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson

62214

	registered interest
	date	17/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to improve regulation of the UK securities market.
	tabling member constituency	Kilmarnock and Loudoun
	tabling member printed	Cathy Jamieson
	uin	200646
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Government has consistently taken action to improve regulation of financial markets since 2010.</p><p> </p><p>The Government put in place a new architecture for financial regulation through the Financial Services Act 2012, with the aim of delivering stability, protecting consumers and enhancing the integrity of financial markets. The Financial Policy Committee in the Bank of England is responsible for protecting and enhancing financial stability, while the <a href="http://en.wikipedia.org/wiki/Prudential_Regulation_Authority" target="_blank">Prudential Regulation Authority</a> is responsible for the prudential regulation of deposit-takers, insurers and certain investment firms. The <a href="http://en.wikipedia.org/wiki/Financial_Conduct_Authority" target="_blank">Financial Conduct Authority</a> is responsible for protecting consumers, promoting competition, and enhancing integrity in markets.</p><p> </p><p> </p><p>Following findings of attempted manipulation of LIBOR in summer 2012, the Government took quick action to make the administration of, and contribution to this key financial benchmark, a regulated activity. Furthermore, on 12 June 2014 the Government announced further steps to raise standards of conduct in the financial system with a joint review by the Treasury, the Bank of England and the Financial Conduct Authority into the way wholesale financial markets operate. Led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, the Review will run for 12 months, and will focus on those wholesale markets where the bulk of concerns about misconduct have arisen - fixed income, currency and commodity markets. The Terms of Reference for the Review have been published <a href="https://www.gov.uk/government/publications/fair-and-effective-markets-review-terms-of-reference/fair-and-effective-financial-markets-review-terms-of-reference" target="_blank">https://www.gov.uk/government/publications/fair-and-effective-markets-review-terms-of-reference/fair-and-effective-financial-markets-review-terms-of-reference</a></p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:11:20 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4011 label Biography information for Cathy Jamieson