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1129193

	registered interest
	date	03/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent steps he has taken to enable mortgage customers who were trapped when their mortgages were sold to vulture funds to take advantage of lower interest rates; and if he will launch an inquiry.
	tabling member constituency	Cardiff West
	tabling member printed	Kevin Brennan
	uin	259027
	answer	answer is ministerial correction date of answer 06/06/2019 answer text <p>The Treasury recognises that mortgage prisoners can be in a difficult and sometimes stressful situation. However, the servicer of these mortgages must be regulated by the Financial Conduct Authority (FCA). This means that customers are protected by the FCA’s principle of Treating Customers Fairly; their Mortgage Conduct of Business rules; and customers have recourse to the Financial Ombudsman Service.</p><p> </p><p>The Treasury has also worked closely with the FCA to consider how to remove the regulatory barriers that might prevent some customers from accessing better deals.</p><p> </p><p>The FCA are now consulting on changes that will move the required affordability assessment from an absolute test to a relative one. This will enable lenders to more easily accept switching consumers, providing they are up-to-date with repayments and are not borrowing more.</p><p> </p><p>The FCA consultation closes on 26 June 2019.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2019 13:14:54 answering member 4051 label Biography information for John Glen
	tabling member	1400 label Biography information for Kevin Brennan

1140851

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Claims Management Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to regulate complaints made by claims management companies on behalf of complainants on the same basis as independent and other financial advisors, banks and building societies.
	tabling member constituency	Cardiff West
	tabling member printed	Kevin Brennan
	uin	280141
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>The Financial Conduct Authority (FCA) has taken over regulation of claims management companies (CMCs). The FCA rules mean CMCs must meet the same basic standards as other FCA-regulated firms on conduct, as well as additional CMC-specific rules.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:34:16 answering member 4483 label Biography information for Rishi Sunak
	tabling member	1400 label Biography information for Kevin Brennan

1140852

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Funerals: Pre-payment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to bring pre-payment funeral plans under the regulation of the Financial Conduct Authority in line with other financial products.
	tabling member constituency	Cardiff West
	tabling member printed	Kevin Brennan
	uin	280142
	answer	answer is ministerial correction date of answer 25/07/2019 answer text <p>HM Treasury launched a call for evidence on the regulation of pre-paid funeral plans in June 2018. The call for evidence has confirmed that consumer detriment is present in the pre-paid funeral plan sector and that there is broad demand for the sector to come under compulsory regulation.</p><p> </p><p>Consequently, the government intends to bring the pre-paid funeral plan market within the remit of the Financial Conduct Authority and is currently consulting on the proposed legislative framework to implement this proposal. This will allow the FCA to establish a robust regulatory regime which will apply to all funeral plan providers, and improve protection for consumers.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 25/07/2019 15:37:02 answering member 4483 label Biography information for Rishi Sunak
	tabling member	1400 label Biography information for Kevin Brennan