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1167212
star this property registered interest false remove filter
star this property date less than 2019-10-29more like thismore than 2019-10-29
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Mortgages more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of the number of existing mortgage prisoners that could benefit from the rule changes announced by the FCA on 28 October 2019. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 7072 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-11-04more like thismore than 2019-11-04
star this property answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
7073 more like this
7074 more like this
star this property question first answered
less than 2019-11-04T14:00:56.09Zmore like thismore than 2019-11-04T14:00:56.09Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1167213
star this property registered interest false remove filter
star this property date less than 2019-10-29more like thismore than 2019-10-29
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Mortgages more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what steps he will take to ensure that his officials contact existing vulture funds operating in the UK to ensure compliance with the new FCA regulations on mortgage prisoners. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 7073 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-11-04more like thismore than 2019-11-04
star this property answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
7072 more like this
7074 more like this
star this property question first answered
less than 2019-11-04T14:00:56.137Zmore like thismore than 2019-11-04T14:00:56.137Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1167214
star this property registered interest false remove filter
star this property date less than 2019-10-29more like thismore than 2019-10-29
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Mortgages more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what discussions he has had with representatives of groups acting on behalf of mortgage prisoners on the effect of the announcement made by the FCA on 28 October 2019. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 7074 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-11-04more like thismore than 2019-11-04
star this property answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
7072 more like this
7073 more like this
star this property question first answered
less than 2019-11-04T14:00:56.183Zmore like thismore than 2019-11-04T14:00:56.183Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1145159
star this property registered interest false remove filter
star this property date less than 2019-09-05more like thismore than 2019-09-05
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Companies: Pay more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what the total payroll is of companies in England that have a payroll (a) over and (b) under £3 million. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 287470 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-09-27more like thismore than 2019-09-27
star this property answer text <p>It is not possible to produce meaningful estimates of the paybills of employers in specific geographical areas. HMRC has information on where Pay As You Earn (PAYE) schemes are registered, though not on the workplaces of the employer. Many large employers will have various workplaces across the UK and will operate multiple PAYE schemes, or outsource their payroll to a payroll provider based in a different location.</p> more like this
star this property answering member constituency Hereford and South Herefordshire more like this
unstar this property answering member printed Jesse Norman more like this
star this property question first answered
less than 2019-09-27T13:58:55.747Zmore like thismore than 2019-09-27T13:58:55.747Z
star this property answering member
3991
star this property label Biography information for Jesse Norman more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1144492
star this property registered interest false remove filter
star this property date less than 2019-09-03more like thismore than 2019-09-03
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Pensions: Chronic Illnesses more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of the number of people affected by terminal illness who are unable to claim their personal pensions early. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 286104 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-09-09more like thismore than 2019-09-09
star this property answer text <p>The government does not hold this data.</p><p> </p><p>Subject to scheme rules, individuals may be able to make early withdrawals from their personal pension in the event that they are expected to live less than a year. These withdrawals can be made free of tax provided certain conditions are met.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property question first answered
less than 2019-09-09T11:37:49.28Zmore like thismore than 2019-09-09T11:37:49.28Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1131377
star this property registered interest false remove filter
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading London Capital & Finance: Insolvency more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 263057 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-17more like thismore than 2019-06-17
star this property answer text <p>The administrators for London Capital &amp; Finance (LCF) are currently estimating recoveries for investors affected by LCF’s failure.</p><p>The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF’s administrators and the Financial Conduct Authority to understand more about LCF’s activities and whether there are grounds for compensation.</p><p>If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property question first answered
less than 2019-06-17T14:30:39.143Zmore like thismore than 2019-06-17T14:30:39.143Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1131378
star this property registered interest false remove filter
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Financial Services Compensation Scheme more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of making mini-bonds subject to the provisions of the Financial Services Compensation Scheme. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 263058 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-17more like thismore than 2019-06-17
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN 263059 more like this
star this property question first answered
less than 2019-06-17T14:33:33.353Zmore like thismore than 2019-06-17T14:33:33.353Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1131379
star this property registered interest false remove filter
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Investment: Regulation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing Government regulations on mini-bonds. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 263059 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-17more like thismore than 2019-06-17
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.</p> more like this
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN 263058 more like this
star this property question first answered
less than 2019-06-17T14:33:33.307Zmore like thismore than 2019-06-17T14:33:33.307Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125482
star this property registered interest false remove filter
star this property date less than 2019-05-08more like thismore than 2019-05-08
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading UK Asset Resolution more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the safeguards and mechanisms put in place by his Department and the Financial Conduct Authority between 2012 and 2018 in respect of the sale of UKAR loans to ensure that loan holders were able to transfer or get better terms from other regulated lenders instead of those companies to whom AKAR had sold their loans. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 251931 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
251932 more like this
251933 more like this
251934 more like this
star this property question first answered
less than 2019-05-13T14:27:34.797Zmore like thismore than 2019-05-13T14:27:34.797Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125483
star this property registered interest false remove filter
star this property date less than 2019-05-08more like thismore than 2019-05-08
star this property answering body
Treasury more like this
unstar this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading UK Asset Resolution more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons remove filter
star this property question text To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority have made of the legal responsibility of TSB and other banks whose organisation or subsidiary have bought loans from UKAR to allow people who had such loans but are not their customers to transfer or switch to another mortgage loan provider. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden remove filter
star this property uin 251932 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
unstar this property answering member printed John Glen more like this
star this property grouped question UIN
251931 more like this
251933 more like this
251934 more like this
star this property question first answered
less than 2019-05-13T14:27:34.893Zmore like thismore than 2019-05-13T14:27:34.893Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this