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990273

	registered interest
	date	18/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will undertake a review of the operation of the Financial Conduct Authority rules to ensure a cap on excessive early exit charges since April 2017.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	181192
	answer	answer is ministerial correction date of answer 23/10/2018 answer text <p>The Government continues to work closely with the FCA to ensure there is a competitive, innovative retirement income market and that customers are treated fairly and benefit from appropriate protections.</p><p> </p><p>After the pension freedoms were introduced in April 2015, some consumers were facing early exit charges of 5% or more of the fund value. Consequently, the Government legislated for the FCA to introduce a cap on early exit charges, which came into force from 31 March 2017. The Government estimated that the 1% cap introduced by the FCA would lead to savings for consumers of £42.7m between 2017 and 2020.</p><p> </p><p>The Government has no plans to undertake a review of the operation of the early exit charge cap at this time.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/10/2018 14:26:03 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

989473

	registered interest
	date	17/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Pensions: Tax Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the amount of higher rate tax relief claimed by people with personal pensions in each of the last ten years for which figures are available.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	180657
	answer	answer is ministerial correction date of answer 22/10/2018 answer text <p>Information on the cost of pensions tax relief is published in the HM Revenue and Custom (HMRC) National Statistics table ‘Registered pension schemes: cost of tax relief’, available on GOV.UK, please find the link below:</p><p> </p><p><a href="https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief" target="_blank">https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief</a></p><p> </p><p>Estimates of the number of people making contributions into personal pensions and the value of their contributions by different income levels can be found in Table 3.8 at the link below:</p><p> </p><p><a href="https://www.gov.uk/government/statistics/deductions-and-reliefs-2010-to-2011" target="_blank">https://www.gov.uk/government/statistics/deductions-and-reliefs-2010-to-2011</a></p><p> </p><p>Estimates for previous years can be found in the national archives:</p><p> </p><p><a href="http://webarchive.nationalarchives.gov.uk/20121102223513/http:/hmrc.gov.uk/stats/income_distribution/menu-by-year.htm" target="_blank">http://webarchive.nationalarchives.gov.uk/20121102223513/http://hmrc.gov.uk/stats/income_distribution/menu-by-year.htm</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 22/10/2018 16:27:45 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

933997

	registered interest
	date	02/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what fiscal plans he has to increase the level of personal savings in this Parliament.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	159532
	answer	answer is ministerial correction date of answer 05/07/2018 answer text <p>The Government is committed to supporting savers at all stages of life and has introduced a range of measures in recent years to help people build their savings in the way that is right for them.</p><p> </p><p>This year we are introducing a new Help to Save scheme to support working families on low incomes to build up a rainy-day fund, by offering a 50% bonus on up to £50 of monthly savings. We have also increased the ISA allowance by a record amount to £20,000 and introduced a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Thanks to these measures over 95% of people pay no tax on their savings income.</p><p> </p><p>Alongside savings measures, the Government has made significant progress on reducing taxes so that working families can take home more of what they earn. As a result of increases to the personal allowance, a typical basic rate taxpayer will pay £1,075 less income tax in 2018-19, compared to 2010-11.</p><p> </p><p>The Chancellor of the Exchequer keeps all tax policy under review to be considered as part of the budget process.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 05/07/2018 15:34:34 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

909367

	registered interest
	date	22/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	National Fund
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will make an assessment of the potential merits of appointing a small group of fund managers to oversee the National Fund to ascertain its growth potential over the next 25 years.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	146772
	answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>The National Fund is a charitable trust set up in 1928 for the purpose of accumulating income sufficient to discharge the National Debt. According to expert evidence, there is no realistic prospect of the Fund ever amounting to a sum sufficient to pay off the whole of the National Debt.</p><p> </p><p>The Attorney General has applied to the High Court for the National Fund to be released, with the proceeds used for reducing the National Debt. This use of the funds is in keeping with the fund’s original intention. It is for the High Court to determine the Attorney General’s application.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/06/2018 12:29:28 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

890325

	registered interest
	date	24/04/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of firms that operate self-invested personal pension schemes for individuals which have ceased operating within the past two years.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	137489
	answer	answer is ministerial correction date of answer 27/04/2018 answer text <p>HMRC does not hold the information requested. HMRC does not hold information that allows them to identify self-invested personal pensions separate from overall personal pensions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/04/2018 10:01:12 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

886141

	registered interest
	date	18/04/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	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 ensure that Asset Fund Managers automatically switch small investors' funds into less costly management options in compliance with Financial Conduct Authority guidance.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	136336
	answer	answer is ministerial correction date of answer 23/04/2018 answer text <p>The Financial Conduct Authority (FCA) sets the overall conduct standards for asset managers, including the requirement to treat customers fairly. The FCA has a broad suite of supervision and enforcement powers, to ensure financial services businesses comply with their rules.</p><p> </p><p>Following a comprehensive Market Study, the FCA have published new rules and guidance, aimed at driving better competition in the sector and allowing customers to find better value services. Specifically, the new regulations will require firms to publicly report on whether clients should be moved to lower cost share classes, where they are invested in more expensive classes which are otherwise the same. They will also make it easier for investors to be switched on to less costly management options by removing the need to secure express consent from investors.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2018 15:53:49 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

885243

	registered interest
	date	17/04/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Individual Savings Accounts
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the change in the ratio of investments in stocks and shares ISAs to cash ISAs has been in each of the last five years.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	136108
	answer	answer is ministerial correction date of answer 23/04/2018 answer text <p>HMRC publishes annual statistics on new subscriptions and total savings in cash and stocks and shares Individual Savings Accounts (ISAs). These are available on the GOV.UK website: <a href="https://www.gov.uk/government/collections/individual-savings-accounts-isa-statistics" target="_blank">https://www.gov.uk/government/collections/individual-savings-accounts-isa-statistics</a></p><p> </p><p>These statistics consider investments in ISAs in a number of ways, including: the number of accounts subscribed to, the amounts subscribed and the total market value of funds.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2018 09:11:55 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

868365

	registered interest
	date	21/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether paragraph 2.1 of the Financial Conduct Authority's (FCA) Principles for Business applies to (a) all firms authorised by the FCA and (b) firms engaged in regulated activities which are not authorised by the FCA.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	133585
	answer	answer is ministerial correction date of answer 26/03/2018 answer text <p>Under the Financial Services and Markets Act 2000, any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorised or registered by the FCA, unless they are exempt. It is a criminal offence to carry out regulated activities if a firm is not authorised or exempt.</p><p> </p><p>All FCA regulated firms must adhere to the Principles for Businesses, as set out in the FCA Handbook.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/03/2018 13:05:38 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

820844

	registered interest
	date	11/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Insurance: Equality
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how he plans to enact the principle of equal treatment between men and women in the access to and supply of goods and services in respect of insurance services.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	122262
	answer	answer is ministerial correction date of answer 16/01/2018 answer text <p>The government believes that it is important that consumers have access to suitable insurance products at the right price.</p><p> </p><p>Although various factors can impact on availability, pricing and terms of insurance policies, the Equality Act 2010 (Amendment) Regulations 2012 state that insurers cannot price risk on the grounds of gender alone.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for regulating and supervising the financial services industry, including insurance firms. The FCA continues to actively investigate issues surrounding access to financial services. It recently opened its ‘future approach to consumers’ consultation paper, which includes a focus on understanding access to and exclusion from financial services.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/01/2018 16:47:34 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell