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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

1143809

	registered interest
	date	02/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Electronic Publishing: VAT
	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 for the UK's literacy rates of removing VAT from digital products.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	285366
	answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government keeps all taxes under review, including VAT.</p><p> </p><p>Any amendments to the VAT regime as it applies to physical publications and e-publications must be carefully assessed against policy, economic and fiscal considerations. Any representations on this issue will be considered as part of the fiscal events process.</p><p> </p><p>The impact on literacy of any reduction of VAT on e-publications is likely to depend on commercial decisions about the extent to which any tax saving would lead to price reductions for consumers, and any associated behavioural changes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 285367 question first answered 05/09/2019 14:25:16 answering member 3991 label Biography information for Jesse Norman
	tabling member	4486 label Biography information for Hannah Bardell

1143810

	registered interest
	date	02/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Electronic Publishing: VAT
	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 potential effect of zero-rating VAT on digital publications on the literacy of (a) young boys and (b) children on free schools meals who prefer to read on screen.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	285367
	answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government keeps all taxes under review, including VAT.</p><p> </p><p>Any amendments to the VAT regime as it applies to physical publications and e-publications must be carefully assessed against policy, economic and fiscal considerations. Any representations on this issue will be considered as part of the fiscal events process.</p><p> </p><p>The impact on literacy of any reduction of VAT on e-publications is likely to depend on commercial decisions about the extent to which any tax saving would lead to price reductions for consumers, and any associated behavioural changes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 285366 question first answered 05/09/2019 14:25:16 answering member 3991 label Biography information for Jesse Norman
	tabling member	4486 label Biography information for Hannah Bardell

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

1104961

	registered interest
	date	25/03/2019
	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, pursuant to the Answer of 19 April 2018 to Question 135229 on Public Sector: Pensions, what progress has been made by responsible Departments in implementing the necessary regulatory changes arising from the Walker v. Innospec Limited judgement.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	236560
	answer	answer is ministerial correction date of answer 28/03/2019 answer text <p>Departments responsible for the Police, Firefighters’, NHS, Local Government and Armed Forces pension schemes have made the necessary regulatory changes arising from the Walker v. Innospec Limited judgment. Departments responsible for the Teachers’ and Civil Service pension schemes are in the process of doing so.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 28/03/2019 13:18:27 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	4486 label Biography information for Hannah Bardell