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1131004

	registered interest
	date	10/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that insurance companies do not unfairly discriminate against consumers with (a) historical and (b) current mental health conditions.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	262447
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The Government is determined that all insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules.</p><p> </p><p>The FCA has placed access and vulnerability at the core of the its Mission and Business Plan. For example, it is currently exploring options for signposting consumers with pre-existing and historic medical conditions, such as mental health conditions, to specialist travel insurance providers so that these consumers are better able to access suitable insurance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:27:04 answering member 4051 label Biography information for John Glen
	tabling member	4486 label Biography information for Hannah Bardell

1184405

	registered interest
	date	11/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what safeguards are in place to protect consumers from payday lenders that have gone into administration.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	28060
	answer	answer is ministerial correction date of answer 17/03/2020 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, including payday lending, by transferring responsibility to the Financial Conduct Authority (FCA) in 2014. This more robust regulatory system is helping to deliver the Government’s vision for a well-functioning and sustainable consumer credit market which is able to meet the needs of all consumers.</p><p> </p><p>Where the FCA has found issues with firms’ practices through its supervision process, it has acted. However, many complaints regarding payday lenders originate before the FCA was responsible for the regulation in this market.</p><p> </p><p>When a firm enters administration, assets are pooled and used to cover customer redress claims and administration costs with these claims being addressed in order of the creditor hierarchy. The payment of redress claims is a matter for the administrators.</p><p> </p><p>The Financial Services Compensation Scheme (FSCS) is the compensation scheme of last resort for customers of UK authorised financial services firms and is funded by a levy on industry. The FSCS is an independent non-governmental body and carries out its compensation function within rules set by the Prudential Regulation Authority (PRA) and the FCA. The FCA has 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. The full reasoning behind the FCA’s decision is set out in a letter from its Chief Executive to the Chair of the Treasury Select Committee on 15 February 2019.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 28061 question first answered 17/03/2020 10:37:01 answering member 4051 label Biography information for John Glen
	tabling member	4486 label Biography information for Hannah Bardell

1184406

	registered interest
	date	11/03/2020
	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, what plans the Financial Conduct Authority has for the Financial Services Compensation Scheme to cover payday lenders that mis-sell or go into administration.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	28061
	answer	answer is ministerial correction date of answer 17/03/2020 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, including payday lending, by transferring responsibility to the Financial Conduct Authority (FCA) in 2014. This more robust regulatory system is helping to deliver the Government’s vision for a well-functioning and sustainable consumer credit market which is able to meet the needs of all consumers.</p><p> </p><p>Where the FCA has found issues with firms’ practices through its supervision process, it has acted. However, many complaints regarding payday lenders originate before the FCA was responsible for the regulation in this market.</p><p> </p><p>When a firm enters administration, assets are pooled and used to cover customer redress claims and administration costs with these claims being addressed in order of the creditor hierarchy. The payment of redress claims is a matter for the administrators.</p><p> </p><p>The Financial Services Compensation Scheme (FSCS) is the compensation scheme of last resort for customers of UK authorised financial services firms and is funded by a levy on industry. The FSCS is an independent non-governmental body and carries out its compensation function within rules set by the Prudential Regulation Authority (PRA) and the FCA. The FCA has 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. The full reasoning behind the FCA’s decision is set out in a letter from its Chief Executive to the Chair of the Treasury Select Committee on 15 February 2019.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 28060 question first answered 17/03/2020 10:37:01 answering member 4051 label Biography information for John Glen
	tabling member	4486 label Biography information for Hannah Bardell

923496

	registered interest
	date	13/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to tackle the increase in household debt.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	153402
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The household debt-to-income ratio was 138% in Q4 2017, significantly below its pre-crisis high of 160% in Q1 2008. However, the government recognises the importance of supporting people who are over-indebted.</p><p> </p><p>The government is setting up a new Single Financial Guidance Body, which will provide consumers with a single point of contact for help with all financial matters, and commission high-quality, free to user debt advice.</p><p> </p><p>The government is also implementing a breathing space scheme, which will provide people with unmanageable debt a period of respite from creditor action of up to six weeks, in order to seek debt advice and enter into a sustainable debt solution.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/06/2018 15:14:25 answering member 4051 label Biography information for John Glen
	tabling member	4486 label Biography information for Hannah Bardell