The government does not hold this data.<\/p>
<\/p>
Subject to scheme rules, individuals may be able to make early withdrawals from their personal pension in the event that they are expected to live less than a year. These withdrawals can be made free of tax provided certain conditions are met.<\/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" : "2019-09-09", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-09-09T11:37:49.28Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-09-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pensions: Chronic Illnesses"} , "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 estimate he has made of the number of people affected by terminal illness who are unable to claim their personal pensions early.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "286104"} , {"_about" : "http://data.parliament.uk/resources/1131377", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131377/answer", "answerText" : {"_value" : "
The administrators for London Capital & Finance (LCF) are currently estimating recoveries for investors affected by LCF\u2019s failure.<\/p>
The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF\u2019s administrators and the Financial Conduct Authority to understand more about LCF\u2019s activities and whether there are grounds for compensation.<\/p>
If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.<\/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" : "2019-06-17", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-17T14:30:39.143Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-11", "_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, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "263057"} , {"_about" : "http://data.parliament.uk/resources/1131378", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131378/answer", "answerText" : {"_value" : "
On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital & Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA\u2019s appointment of Dame Elizabeth Gloster to lead it.<\/p>
<\/p>
Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.<\/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" : "2019-06-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "263059"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-17T14:33:33.353Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services Compensation Scheme"} , "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 assessment he has made of the potential merits of making mini-bonds subject to the provisions of the Financial Services Compensation Scheme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "263058"} , {"_about" : "http://data.parliament.uk/resources/1131379", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131379/answer", "answerText" : {"_value" : "
On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital & Finance (LCF), a mini-bond issuer that entered administration on 30 January 2018, and approved the FCA\u2019s appointment of Dame Elizabeth Gloster to lead it.<\/p>
<\/p>
Alongside the independent investigation, the Government announced it would review a number of the wider policy questions raised by the events at LCF.<\/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" : "2019-06-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "263058"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-17T14:33:33.307Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Investment: Regulation"} , "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 assessment he has made of the potential merits of introducing Government regulations on mini-bonds.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "263059"} , {"_about" : "http://data.parliament.uk/resources/1125482", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1125482/answer", "answerText" : {"_value" : "
Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.<\/p>
<\/p>
Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority\u2019s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.<\/p>
<\/p>
In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.<\/p>
<\/p>
The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.<\/p>
<\/p>
That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK\u2019s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.<\/p>
<\/p>
HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.<\/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" : "2019-05-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "251932"} , {"_value" : "251933"} , {"_value" : "251934"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-13T14:27:34.797Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 assessment he has made of the adequacy of the safeguards and mechanisms put in place by his Department and the Financial Conduct Authority between 2012 and 2018 in respect of the sale of UKAR loans to ensure that loan holders were able to transfer or get better terms from other regulated lenders instead of those companies to whom AKAR had sold their loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "251931"} , {"_about" : "http://data.parliament.uk/resources/1125483", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1125483/answer", "answerText" : {"_value" : "
Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.<\/p>
<\/p>
Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority\u2019s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.<\/p>
<\/p>
In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.<\/p>
<\/p>
The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.<\/p>
<\/p>
That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK\u2019s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.<\/p>
<\/p>
HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.<\/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" : "2019-05-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "251931"} , {"_value" : "251933"} , {"_value" : "251934"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-13T14:27:34.893Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 assessment (a) his Department and (b) the Financial Conduct Authority have made of the legal responsibility of TSB and other banks whose organisation or subsidiary have bought loans from UKAR to allow people who had such loans but are not their customers to transfer or switch to another mortgage loan provider.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "251932"} , {"_about" : "http://data.parliament.uk/resources/1125484", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1125484/answer", "answerText" : {"_value" : "
Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.<\/p>
<\/p>
Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority\u2019s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.<\/p>
<\/p>
In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.<\/p>
<\/p>
The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.<\/p>
<\/p>
That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK\u2019s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.<\/p>
<\/p>
HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.<\/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" : "2019-05-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "251931"} , {"_value" : "251932"} , {"_value" : "251934"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-13T14:27:34.977Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 23 April 2019 to Question 243349, if he will publish the details of the proportion of Northern Rock mortgage holders' loans that were sold to (a) inactive and (b) unregulated lenders between 2011 and 2018.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "251933"} , {"_about" : "http://data.parliament.uk/resources/1125485", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1125485/answer", "answerText" : {"_value" : "
Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.<\/p>
<\/p>
Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority\u2019s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.<\/p>
<\/p>
In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.<\/p>
<\/p>
The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.<\/p>
<\/p>
That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK\u2019s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.<\/p>
<\/p>
HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.<\/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" : "2019-05-13", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "251931"} , {"_value" : "251932"} , {"_value" : "251933"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-13T14:27:35.057Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 discussions (a) he and (b) Ministers of his Department have had with the Financial Conduct Authority on whether Cerberus Capital Management is a fit and proper organisation to purchase mortgage loans from UK banks and his Department via UKAR.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "251934"} , {"_about" : "http://data.parliament.uk/resources/1111258", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1111258/answer", "answerText" : {"_value" : "
As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer\u2019s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders\u2019 risk appetites.<\/p>
<\/p>
The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.<\/p>
<\/p>
For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.<\/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" : "2019-04-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "243349"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-23T11:26:03.797Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 discussions his Department has had with the FCA on the adequacy of their mechanisms for monitoring the outcomes for mortgage holders whose loans have been sold on by UKAR to inactive lenders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "243348"} , {"_about" : "http://data.parliament.uk/resources/1111259", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1111259/answer", "answerText" : {"_value" : "
As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer\u2019s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders\u2019 risk appetites.<\/p>
<\/p>
The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR\u2019s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.<\/p>
<\/p>
HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.<\/p>
<\/p>
For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.<\/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" : "2019-04-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "243348"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-23T11:26:03.737Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "UK Asset Resolution"} , "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 assessment his Department has made of (a) the merits of the sale of £4.9 billion of former Northern Rock loans to Citibank on the ability of those mortgage loan holders to transfer or get better terms from other regulated lenders, (b) whether properties of Northern Rock mortgage holders' loans held under AKAR and sold between 2012 and 2018 were sold to (i) inactive and (ii) unregulated lenders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/465", "label" : {"_value" : "Biography information for Gordon Marsden"} } , "tablingMemberConstituency" : {"_value" : "Blackpool South"} , "tablingMemberPrinted" : [{"_value" : "Gordon Marsden"} ], "uin" : "243349"} ], "itemsPerPage" : 10, "next" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Gordon+Marsden&_page=1&max-ddpCreated=2019-09-03T23%3A09%3A51.563Z&answeringDeptId=14", "page" : 0, "startIndex" : 1, "totalResults" : 29, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }