Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.<\/p>
In its July 2017 review of high-cost credit, the FCA concluded that it had concerns about both arranged and unarranged overdrafts. On 31 January 2018 the FCA published an update on its review, confirming it had seen evidence of consumer harm and would be undertaking further analysis to identify the extent of that harm, and how it might be resolved. The FCA has committed to publishing the results of this analysis in May 2018. The FCA also confirmed that overdrafts would be considered as part of its wider Strategic Review of Retail Business Banking Models and that it would look to consult on any further remedies towards the end of 2018, taking into account the findings of the Strategic Review.<\/p>
The Government supports the FCA\u2019s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-03-27", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "133487"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-27T10:33:49.413Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-03-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services: Fees and Charges"} , "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 assessment his Department has made of the effect of overdraft charges on the finances of vulnerable people.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"} } , "tablingMemberConstituency" : {"_value" : "East Renfrewshire"} , "tablingMemberPrinted" : [{"_value" : "Paul Masterton"} ], "uin" : "133486"} , {"_about" : "http://data.parliament.uk/resources/867512", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/867512/answer", "answerText" : {"_value" : "
Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.<\/p>
In its July 2017 review of high-cost credit, the FCA concluded that it had concerns about both arranged and unarranged overdrafts. On 31 January 2018 the FCA published an update on its review, confirming it had seen evidence of consumer harm and would be undertaking further analysis to identify the extent of that harm, and how it might be resolved. The FCA has committed to publishing the results of this analysis in May 2018. The FCA also confirmed that overdrafts would be considered as part of its wider Strategic Review of Retail Business Banking Models and that it would look to consult on any further remedies towards the end of 2018, taking into account the findings of the Strategic Review.<\/p>
The Government supports the FCA\u2019s work in this area and will continue to work with it to ensure that all consumers who use high-cost credit products are treated fairly.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-03-27", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "133486"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-27T10:33:49.473Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-03-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bank Services: Fees and Charges"} , "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 steps his Department is taking to reduce the level of fees for unauthorised overdraft fees.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"} } , "tablingMemberConstituency" : {"_value" : "East Renfrewshire"} , "tablingMemberPrinted" : [{"_value" : "Paul Masterton"} ], "uin" : "133487"} , {"_about" : "http://data.parliament.uk/resources/862155", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/862155/answer", "answerText" : {"_value" : "
Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. This includes regular meetings with regulators, consumer organisations, and industry \u2013 including LINK and the Payment Systems Regulator \u2013 to discuss relevant issues, such as access to cash.<\/p>
<\/p>
Details of ministerial and permanent secretary meetings with external organisations are published on a quarterly basis and are available at:<\/p>
<\/p>
https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel<\/p>
<\/p>
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK, and will continue to engage with a range of stakeholders to ensure that it is maintained.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-03-20", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "132575"} , {"_value" : "132580"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-20T16:08:14.19Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-03-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cash Dispensing: Fees and Charges"} , "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 discussions his Department has had with consumer groups on the effect on consumers of LINK's proposals to reduce the interchange fee.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"} } , "tablingMemberConstituency" : {"_value" : "East Renfrewshire"} , "tablingMemberPrinted" : [{"_value" : "Paul Masterton"} ], "uin" : "132574"} , {"_about" : "http://data.parliament.uk/resources/862156", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/862156/answer", "answerText" : {"_value" : "
Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. This includes regular meetings with regulators, consumer organisations, and industry \u2013 including LINK and the Payment Systems Regulator \u2013 to discuss relevant issues, such as access to cash.<\/p>
<\/p>
Details of ministerial and permanent secretary meetings with external organisations are published on a quarterly basis and are available at:<\/p>
<\/p>
https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel<\/p>
<\/p>
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK, and will continue to engage with a range of stakeholders to ensure that it is maintained.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-03-20", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "132574"} , {"_value" : "132580"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-20T16:08:14.237Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-03-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cash Dispensing"} , "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 discussions he has had with LINK and the Payment Systems Regulator on LINK's ability to guarantee the protections outlined in its Financial Inclusion Programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"} } , "tablingMemberConstituency" : {"_value" : "East Renfrewshire"} , "tablingMemberPrinted" : [{"_value" : "Paul Masterton"} ], "uin" : "132575"} , {"_about" : "http://data.parliament.uk/resources/862161", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/862161/answer", "answerText" : {"_value" : "
Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. This includes regular meetings with regulators, consumer organisations, and industry \u2013 including LINK and the Payment Systems Regulator \u2013 to discuss relevant issues, such as access to cash.<\/p>
<\/p>
Details of ministerial and permanent secretary meetings with external organisations are published on a quarterly basis and are available at:<\/p>
<\/p>
https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel<\/p>
<\/p>
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK, and will continue to engage with a range of stakeholders to ensure that it is maintained.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2018-03-20", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "132574"} , {"_value" : "132575"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-20T16:08:14.127Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-03-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cash Dispensing"} , "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 discussions he has had with the Payment Systems Regulator on the future provision of ATMs and wider issues related to consumers' access to cash.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4625", "label" : {"_value" : "Biography information for Paul Masterton"} } , "tablingMemberConstituency" : {"_value" : "East Renfrewshire"} , "tablingMemberPrinted" : [{"_value" : "Paul Masterton"} ], "uin" : "132580"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 6, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }