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65848

	registered interest
	date	03/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Fines
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what was the total sum of fines levied on companies in the financial services sector in each year from 2005 onwards.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL840
	answer	answer is ministerial correction date of answer 17/07/2014 answer text <p>This question has been passed on to the FCA. The FCA will reply to the Noble Lord directly by letter. A copy of the response will be placed in the Library of the House.</p> answering member printed Lord Deighton question first answered 17/07/2014 15:16:34 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

79717

	registered interest
	date	28/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Debts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the effectiveness of regulation of debt management companies.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1609
	answer	answer is ministerial correction date of answer 11/08/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, including the debt management industry, by transferring regulation from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The Government welcomes the binding rules the FCA has placed on debt management firms, including new prudential and client money requirements to better protect consumers’ money.</p><p> </p><p>Under the new regime the FCA has robust powers to protect borrowers – there is no limit to the fines which the FCA can levy and it can require firms to provide redress to consumers.</p><p> </p><p>The FCA will thoroughly assess every debt management firm’s fitness to trade as part of the authorisation process. The debt management industry has been called forward first for authorisation, from this October.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 11/08/2014 11:58:15 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

78264

	registered interest
	date	15/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Smuggling
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what estimate they have made of the revenue lost to the Exchequer as a result of smuggling between the United Kingdom and mainland Europe.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1159
	answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The information is not available. Tax gaps for alcohol, tobacco and oils were published in “Measuring Tax Gaps 2013”. These estimates cover all revenue losses and cannot be broken down to isolate losses as a result of smuggling between the UK and mainland Europe.</p><p> </p><p>“Measuring Tax Gaps 2013” can be accessed via the following page on the HMRC website:</p><p> </p><p> </p><p>https://www.gov.uk/government/collections/measuring-tax-gaps</p> answering member printed Lord Deighton question first answered 28/07/2014 11:04:44 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

58586

	registered interest
	date	05/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Secured Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the logbook loans industry.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL111
	answer	answer is ministerial correction date of answer 17/06/2014 answer text <p> </p><p>The Government has fundamentally reformed regulation of the consumer credit market, including logbook lenders, by transferring responsibility from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The Government is very concerned about evidence of consumer detriment in the logbook loan sector, as highlighted in the FCA's recent research paper.</p><p> </p><p>The FCA has identified logbook lenders as a higher risk industry, and as such they will be in the first phase of firms to require full authorisation. Logbook loan providers are also required to meet the FCA's binding rules, and the FCA has said that it “won't hesitate to take action” if they do not put their customers first.</p><p> </p><p> </p><p>In addition, the Government has asked the Law Commission to look at how to bring the highly complex legislation underpinning logbook loans up to date.</p> answering member printed Lord Deighton question first answered 17/06/2014 15:40:30 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark