The Government legislated in the Banking Reform Act 2013 to require the Financial Conduct Authority (FCA) to introduce a cap on the cost of high-cost short-term credit, including payday loans, in order to protect consumers from excessive costs. In designing the cap, the FCA will take into account the interest rate and other fees and charges which may be incurred in relation to a high-cost loan.<\/p>
<\/p>
As part of the FCA's powers to cap the cost of credit in the Financial Services Act 2012, the Government gave the FCA specific powers to prevent a lender enforcing a credit agreement and recovering the debt, if the agreement contravenes its rules on the cost of credit. It can also require that any money or property transferred under the credit agreement must be returned.<\/p>
<\/p>
The FCA is currently conducting analysis to inform the design of the cap; it has committed to publishing its proposed rules which implement the cap in July. The FCA plans to publish final rules in the autumn and all lenders must be compliant with the cap by 2 January 2015. The Government supports the FCA's proposed timetable for implementing the cap: it allows the FCA appropriate time to conduct analysis, consult on its proposals and ensure that firms are fully compliant by January. It also allows the FCA to draw on the insight of the Competition and Markets Authority's study into payday lenders in designing the cap.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2014-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "195597"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-04-29T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to make personal debt charged at an APR of over 30 per cent unrecoverable; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/372", "label" : {"_value" : "Biography information for Austin Mitchell"} } , "tablingMemberConstituency" : {"_value" : "Great Grimsby"} , "tablingMemberPrinted" : [{"_value" : "Austin Mitchell"} ], "uin" : "195592"} , {"_about" : "http://data.parliament.uk/resources/47126", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/47126/answer", "answerText" : {"_value" : "
The Government legislated in the Banking Reform Act 2013 to require the Financial Conduct Authority (FCA) to introduce a cap on the cost of high-cost short-term credit, including payday loans, in order to protect consumers from excessive costs. In designing the cap, the FCA will take into account the interest rate and other fees and charges which may be incurred in relation to a high-cost loan.<\/p>
<\/p>
As part of the FCA's powers to cap the cost of credit in the Financial Services Act 2012, the Government gave the FCA specific powers to prevent a lender enforcing a credit agreement and recovering the debt, if the agreement contravenes its rules on the cost of credit. It can also require that any money or property transferred under the credit agreement must be returned.<\/p>
<\/p>
The FCA is currently conducting analysis to inform the design of the cap; it has committed to publishing its proposed rules which implement the cap in July. The FCA plans to publish final rules in the autumn and all lenders must be compliant with the cap by 2 January 2015. The Government supports the FCA's proposed timetable for implementing the cap: it allows the FCA appropriate time to conduct analysis, consult on its proposals and ensure that firms are fully compliant by January. It also allows the FCA to draw on the insight of the Competition and Markets Authority's study into payday lenders in designing the cap.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2014-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "195592"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-04-29T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, if he will bring forward proposals to limit the interest rate payable on payday loans; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/372", "label" : {"_value" : "Biography information for Austin Mitchell"} } , "tablingMemberConstituency" : {"_value" : "Great Grimsby"} , "tablingMemberPrinted" : [{"_value" : "Austin Mitchell"} ], "uin" : "195597"} , {"_about" : "http://data.parliament.uk/resources/47157", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/47157/answer", "answerText" : {"_value" : "
HM Treasury have not transferred any jobs to the private sector as a result of privatisations or outsourcing since May 2010.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2014-04-29", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-04-29T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, how many jobs have been transferred from the public to the private sector as a result of privatisations or outsourcing by his Department since May 2010.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4263", "label" : {"_value" : "Biography information for Lucy Powell"} } , "tablingMemberConstituency" : {"_value" : "Manchester Central"} , "tablingMemberPrinted" : [{"_value" : "Lucy Powell"} ], "uin" : "195516"} , {"_about" : "http://data.parliament.uk/resources/47160", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/47160/answer", "answerText" : {"_value" : "
The guidelines for the sales of assets and land belonging to HM Revenue and Customs are contained in \u201cManaging Public Money\u201d published by HM Treasury.<\/p>
<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"} } , "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"} , "answeringMemberPrinted" : {"_value" : "Mr David Gauke"} , "dateOfAnswer" : {"_value" : "2014-04-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-04-28T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what guidelines exist for the sale of assets and land belonging to HM Revenue and Customs.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3971", "label" : {"_value" : "Biography information for Charlie Elphicke"} } , "tablingMemberConstituency" : {"_value" : "Dover"} , "tablingMemberPrinted" : [{"_value" : "Charlie Elphicke"} ], "uin" : "195490"} , {"_about" : "http://data.parliament.uk/resources/47162", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/47162/answer", "answerText" : {"_value" : "
Under this Government's transparency programme, contracts are published on Contracts Finder which is available at: https://www.gov.uk/contracts-finder<\/a>.<\/p> <\/p> In addition all Departments publish details of transactions above £25,000. Data for HM Treasury can be found at:<\/p> www.gov.uk/government/collections/25000-spend<\/a><\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"}
}
, "answeringMemberConstituency" : {"_value" : "South Northamptonshire"}
, "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"}
, "dateOfAnswer" : {"_value" : "2014-04-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-04-29T12:00:00.00Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, which five companies were used most often to provide temporary workers for his Department in the last financial year; and how much in agency fees was paid to each of them.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/422", "label" : {"_value" : "Biography information for Mr Chris Leslie"}
}
, "tablingMemberConstituency" : {"_value" : "Nottingham East"}
, "tablingMemberPrinted" : [{"_value" : "Chris Leslie"}
], "uin" : "195563"}
, {"_about" : "http://data.parliament.uk/resources/47163", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/47163/answer", "answerText" : {"_value" : " This information is not available, as the requested breakdowns have not been collated in this way.<\/p> <\/p> The Government routinely publishes distributional analysis of the cumulative impact of all its measures \u2013 which includes any offsetting reductions to benefits as a result of changes to tax \u2013 in the \u201cImpact on Households\u201d document, the most recent of which accompanied Budget 2014.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4027", "label" : {"_value" : "Biography information for Baroness Morgan of Cotes"}
}
, "answeringMemberConstituency" : {"_value" : "Loughborough"}
, "answeringMemberPrinted" : {"_value" : "Nicky Morgan"}
, "dateOfAnswer" : {"_value" : "2014-04-28", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-04-28T12:00:00.00Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-04-07", "_datatype" : "dateTime"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, if he will estimate the average net change in household income, taking account of consequential changes to benefits and tax credits, for (a) single earner households (i) without children, (ii) with one child and (iii) with two or more children and (b) two-earner couple households (i) without children, (ii) with one child and (iii) with two or more children in receipt of universal credit or other tax credits or in-work benefits as a result of the increase in the personal allowance in (1) 2014-15, (2) 2015-16 and (3) 2016-17.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1610", "label" : {"_value" : "Biography information for Mr William Bain"}
}
, "tablingMemberConstituency" : {"_value" : "Glasgow North East"}
, "tablingMemberPrinted" : [{"_value" : "Mr William Bain"}
], "uin" : "195598"}
, {"_about" : "http://data.parliament.uk/resources/47164", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/47164/answer", "answerText" : {"_value" : " The provisional award Child and Working Tax Credits statistics for December 2013, split by geography, are available at:<\/strong><\/p> https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/266640/1312_Geog_sent.xls<\/a><\/p> <\/p> Table 2 breaks down Tax Credit claimants by Region and Table 4 by constituency. Those in receipt of WTC are presented within the \u2018WTC and CTC' and \u2018With no children' columns.<\/strong><\/p> <\/p> Figures for the current financial year are not yet available, but HMRC are due to publish the next provisional tax credits national statistics for April 2014 on 25 April. <\/strong><\/p> Forecasts of tax credit claimant numbers are not available.<\/strong><\/p> <\/p> Official statistics on Universal Credit were published on 19 March and can be found at:<\/strong><\/p> https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293502/universal-credit-first-release-mar14.pdf<\/a><\/p> <\/p> DWP announced plans for the next stage of implementation on 5 December, and these were set out in a written ministerial statement (WMS). The WMS can be found here:<\/strong><\/p> <\/p> https://www.gov.uk/government/news/universal-credit-progress<\/a><\/p> <\/p>