On 1 April, I announced that I will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital & Finance and the circumstances surrounding them. This followed a request to me from the FCA Chair, Charles Randell, to launch such an investigation.<\/p>
<\/p>
The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation will be communicated in due course.<\/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" : "2019-04-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-08T14:18:58.86Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "London Capital & Finance: Insolvency"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will publish the timetable for the review of London Capital and Finance following its collapse.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4616", "label" : {"_value" : "Biography information for Rosie Duffield"} } , "tablingMemberConstituency" : {"_value" : "Canterbury"} , "tablingMemberPrinted" : [{"_value" : "Rosie Duffield"} ], "uin" : "240623"} , {"_about" : "http://data.parliament.uk/resources/1109076", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1109076/answer", "answerText" : {"_value" : "
The level of pay has continually increased since 2010, with average weekly earnings increasing by 20% over this period. Regular wages are currently growing at their fastest pace in over a decade and have outstripped inflation for 11 consecutive months. We\u2019ve just seen another above inflation increase in the National Living Wage, to £8.21, meaning a full-time worker on the NLW will be earning £690 more over the coming year.<\/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" : "2019-04-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-08T14:33:01.863Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-02", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pay"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment his Department has made of trends in the levels of pay since 2010.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/308", "label" : {"_value" : "Biography information for Mr Jim Cunningham"} } , "tablingMemberConstituency" : {"_value" : "Coventry South"} , "tablingMemberPrinted" : [{"_value" : "Mr Jim Cunningham"} ], "uin" : "239859"} , {"_about" : "http://data.parliament.uk/resources/1109101", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1109101/answer", "answerText" : {"_value" : "
Following significant further progress made by the Royal Bank of Scotland (RBS) in resolving its legacy issues, Budget 2018 set out the government\u2019s intention to undertake a full disposal of the RBS shareholding by 2023-24, subject to market conditions and achieving value for money. This built on the intention set out at Autumn Budget 2017 to dispose of around £15 billion of shares by 2022/23.<\/p>
Returning RBS to private ownership is the right policy for taxpayers, customers and the wider economy. It was never the intention that government would be a permanent shareholder in RBS. The government intervened in RBS to protect ordinary savers and businesses, and to prevent the collapse of a bank which was vital to the functioning of the UK economy and financial system. It was not a speculative investment designed to make a profit.<\/p>
<\/p>
The government keeps the timing and method of future disposals under constant review but will only undertakes sales when it can achieve fair value \u2013 that is, when the share price accurately reflects the current and future prospects of RBS. RBS is a fundamentally different, smaller and more sustainable bank today compared to 2008. As a result, we have to accept that the shares are worth less than the price the then government paid for them.<\/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" : "2019-04-08", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "240103"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-08T14:30:24.73Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-02", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Royal Bank of Scotland"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what conditions were used to determine the planned disposal of Royal Bank of Scotland (RBS) shares by 2023-24; what alternative proposals were assessed (a) for the disposal of shares by 2023-24 and (b) during the planning of the earlier proposal for disposal of RBS shares by 2022-23; and what assessment he has made of the potential merits of maintaining majority public ownership of RBS in the short, medium and long term.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4658", "label" : {"_value" : "Biography information for Alex Sobel"} } , "tablingMemberConstituency" : {"_value" : "Leeds North West"} , "tablingMemberPrinted" : [{"_value" : "Alex Sobel"} ], "uin" : "240102"} , {"_about" : "http://data.parliament.uk/resources/1109103", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1109103/answer", "answerText" : {"_value" : "
Following significant further progress made by the Royal Bank of Scotland (RBS) in resolving its legacy issues, Budget 2018 set out the government\u2019s intention to undertake a full disposal of the RBS shareholding by 2023-24, subject to market conditions and achieving value for money. This built on the intention set out at Autumn Budget 2017 to dispose of around £15 billion of shares by 2022/23.<\/p>
Returning RBS to private ownership is the right policy for taxpayers, customers and the wider economy. It was never the intention that government would be a permanent shareholder in RBS. The government intervened in RBS to protect ordinary savers and businesses, and to prevent the collapse of a bank which was vital to the functioning of the UK economy and financial system. It was not a speculative investment designed to make a profit.<\/p>
<\/p>
The government keeps the timing and method of future disposals under constant review but will only undertakes sales when it can achieve fair value \u2013 that is, when the share price accurately reflects the current and future prospects of RBS. RBS is a fundamentally different, smaller and more sustainable bank today compared to 2008. As a result, we have to accept that the shares are worth less than the price the then government paid for them.<\/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" : "2019-04-08", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "240102"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-08T14:30:24.767Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-02", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Royal Bank of Scotland"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, pursuant to the Answer of 26 February 2019, to Question 222650 on Royal Bank of Scotland, how the Treasury will determine at which point and under what conditions the disposal of RBS shares will represent value for money for the taxpayer such that they will at that time be disposed of.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4658", "label" : {"_value" : "Biography information for Alex Sobel"} } , "tablingMemberConstituency" : {"_value" : "Leeds North West"} , "tablingMemberPrinted" : [{"_value" : "Alex Sobel"} ], "uin" : "240103"} , {"_about" : "http://data.parliament.uk/resources/1108678", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1108678/answer", "answerText" : {"_value" : "
On 25 March, the Government laid a Written Ministerial Statement (HCWS1442) in response to the Financial Conduct Authority\u2019s (FCA) review of the retained provisions of the Consumer Credit Act.<\/p>
<\/p>
The Statement explained that the Government will consider the report and whether further reform of the consumer credit regulatory regime is needed.<\/p>
<\/p>