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46936

	registered interest
	date	03/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what proportion of contraband cigarettes entering the UK were originally manufactured in the UK.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	195150
	answer	answer is ministerial correction date of answer 08/04/2014 answer text <p>The information requested is not available. HM Revenue &amp; Customs records data on seizures of illicit products but this does not include the country of manufacture.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 08/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
	tabling member	545 label Biography information for Paul Flynn

60430

	registered interest
	date	06/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Recycling
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what fiscal steps he has taken to promote the circular economy and sustainable use of resources.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	199547
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The £8 per tonne escalator in the standard rate of landfill tax has been extremely successful in reducing waste sent to landfill and providing certainty to the industry to invest in alternative technologies which help to ensure a more sustainable use of resources. Budget 2014 provided further certainty on the future of both the standard and lower rates by confirming that they will not be eroded by inflation in future years.</p><p> </p><p>Budget 2014 also announced an additional £5m of funding to tackle waste crime, which will assist in the Environment Agency's drive to ensure effective compliance and enforcement with waste legislation.</p><p> </p><p> </p><p> </p> answering member constituency Loughborough answering member printed Nicky Morgan question first answered 11/06/2014 15:54:40 answering member 4027 label Biography information for Baroness Morgan of Cotes
	tabling member	545 label Biography information for Paul Flynn

64279

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will bring foward legislative proposals to amend the statutory powers of the Financial Conduct Authority (FCA) to permit the FCA to investigate alleged illegal actions undertaken before its creation.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202688
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202724 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64283

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Business, Innovation and Skills on the regulation of the practice of dark pool trading by high frequency bank traders.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202699
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>Treasury Ministers regularly meet with Ministers in other departments as part of normal Government business. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings and discussions.</p><p> </p><p> </p><p>Dark pool trading is subject to regulation under the markets in financial instruments directive (2004/39/EC) (MiFID). The new MiFIR Regulation (600/2014/EU) recently agreed as part of the “MiFID 2” negotiations will impose significant limits on dark pool trading in the EU.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:42:29 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64272

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which powers and responsibilities the Financial Conduct Authority has not inherited from the Office of Fair Trading; and which financial regulatory body has inherited each such power and responsibility.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202724
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202725 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64273

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Conduct Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will review the scope of the consumer credit regulatory powers of the Financial Conduct Authority.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202725
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202726 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

64274

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Wonga
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what requirement will be placed on Wonga to track down the address of each customer due financial compensation for unfair and misleading debt collection practices.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	202726
	answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.</p><p> </p><p>More generally, the Government has ensured that the FCA has inherited the OFT's powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA's powers in relation to misconduct which occurs under the new regulatory regime.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>The FCA has also inherited the OFT's power to fine, although the OFT's power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 202688 202724 202725 question first answered 03/07/2014 15:49:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

65986

	registered interest
	date	07/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Business: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will request UK Financial Investments Ltd to investigate the reasons why banks in receipt of financial support from the public purse have used deceptive practices to recover loans through sending of the letters purporting to be from law firms which do not exist.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	204120
	answer	answer is ministerial correction date of answer 15/07/2014 answer text <p>The Government deplores the use of deceptive practices to recover loans. The Financial Conduct Authority (FCA) is the regulator responsible for the conduct of banks. It is for the FCA rather than UKFI to consider whether to take action against banks in relation to debt recovery practices.</p><p> </p><p>It is the responsibility of the banks involved to respond to any concerns raised by customers or regulators.</p><p> </p><p> </p><p>The role of UK Financial Investments Ltd (UKFI) is to manage the Government's shareholdings. As an engaged shareholder, UKFI acts to ensure that the banks have sound long-term strategies which produce value for the taxpayer, and that they are effectively managed and properly governed. However, it does not interfere in day-to-day operations.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 15/07/2014 14:03:29 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn

155738

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Avoidance: Luxembourg
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will make it his policy to investigate the offshoring by British based companies to registered addresses in Luxembourg for the purposes of reducing tax paid in the UK.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214430
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>This Government is already aware of this and other practices, and has been relentless in its crackdown on tax avoidance, and has taken a range of action to prevent avoidance at the outset, and to detect and counter it effectively where it persists.</p><p> </p><p> </p><p> </p><p>The UK is working with the OECD Forum on Harmful Tax Practices (FHTP), where it was an agreement was reached last May requiring the disclosure of information about tax rulings provided by tax authorities to companies to other countries affected by these, and that greater transparency in relation to these rulings was required. A framework for this was agreed that will require tax authorities to disclose these rulings to other tax authorities within 3 months. Countries will also be required to report annually to the OECD FHTP on the number of rulings exchanged and with which countries. Through these initiatives we will be able to gather the information relevant to tax avoidance schemes.</p><p> </p><p> </p><p> </p><p>In addition, the UK is working with the G20, OECD and other countries to take forward the Base Erosion and Profit Shifting (BEPS) project. Phase one of the BEPS project is now complete, with participants reaching agreement on seven reports which have been produced by the OECD and put to G20 Finance Ministers. The seven 2014 outputs represent substantial progress reflecting the work of the technical working groups as well as the input received from business, civil society organisations and other stakeholders.</p><p> </p><p> </p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 24/11/2014 16:47:17 answering member 1529 label Biography information for Mr David Gauke
	tabling member	545 label Biography information for Paul Flynn

156128

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will takes steps to ensure that banks fined by the Financial Conduct Authority for improper trading on the FOREX exchange do not recover the fines from increased bank charges to customers of retail high street branches.
	tabling member constituency	Newport West
	tabling member printed	Paul Flynn
	uin	214496
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p>The Director of the Serious Fraud Office opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries in any way.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 214586 question first answered 24/11/2014 17:29:19 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	545 label Biography information for Paul Flynn