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89490

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will take steps to prohibit credit reference agencies from selling payday customer details to marketing agencies and lead generators.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207340
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89491

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect on credit scores of increased data sharing by payday lenders.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207339
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207340 207341 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

89494

	registered interest
	date	29/08/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will instruct the Financial Conduct Authority to require credit reference agencies to report their data to the Authority for enforcement purposes.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	207341
	answer	answer is ministerial correction date of answer 08/09/2014 answer text <p>The Government has made clear to lenders that credit data sharing is key to proper affordability assessments and promoting a competitive market, and more progress on recording and using payday lending data in real time is vital to addressing problems around multiple loans.</p><p> </p><p>Having access to comprehensive real-time data about their customers’ outstanding commitments may help avoid consumers taking out a loan which they cannot afford to repay.</p><p> </p><p>The FCA has already made clear to payday lenders and credit reference agencies (CRAs) in its policy statement, published in February, that they must identify and remove any data sharing blockages involving payday lenders as a matter of urgency.</p><p> </p><p>In its consultation on the cap on the cost of payday loans, published in July, the FCA stated it expects to see more than 90% of current market participants - by market share and volume of loans - participating in real-time market-wide data sharing by November 2014, and more than 90% of loans being reported in real time. In order to improve the coverage of real-time databases, firms will also need to share data with more than one CRA.</p><p> </p><p>The FCA stated that it will request information from firms and CRAs in order to get an accurate picture of whether the standards it has proposed have been met by November. If the FCA does not see sufficient progress by November or CRA coverage does not improve, it will consult on the introduction of data sharing requirements. It has also placed a requirement on firms to provide product sales data on high-cost short-term credit agreements every three months once they are authorised.</p><p> </p><p> </p><p>Credit reference agencies must ensure that that their use of personal data is compliant with the Data Protection Act 1998 (DPA). The Information Commissioner’s Office is an independent UK supervisory authority that oversees and enforces compliance with the DPA.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 207339 207340 207344 207380 question first answered 08/09/2014 15:45:34 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane