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>
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 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> 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> The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.<\/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>"}
, "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" : "2014-07-03", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "202688"}
, {"_value" : "202725"}
, {"_value" : "202726"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-03T15:49:59.5211979Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Conduct Authority"}
, "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 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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202724"}
, {"_about" : "http://data.parliament.uk/resources/64273", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/64273/answer", "answerText" : {"_value" : " 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> 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 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> 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> The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.<\/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>"}
, "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" : "2014-07-03", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "202688"}
, {"_value" : "202724"}
, {"_value" : "202726"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-03T15:49:59.2987757Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Conduct Authority"}
, "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 review the scope of the consumer credit regulatory powers of the Financial Conduct Authority.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202725"}
, {"_about" : "http://data.parliament.uk/resources/64279", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/64279/answer", "answerText" : {"_value" : " 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> 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 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> 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> The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.<\/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>"}
, "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" : "2014-07-03", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "202724"}
, {"_value" : "202725"}
, {"_value" : "202726"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-03T15:49:59.4081443Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Conduct Authority"}
, "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 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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202688"}
, {"_about" : "http://data.parliament.uk/resources/64283", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/64283/answer", "answerText" : {"_value" : " 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> 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 \u201cMiFID 2\u201d negotiations will impose significant limits on dark pool trading in the EU.<\/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" : "2014-07-03", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-03T15:42:29.7730669Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Markets: Regulation"}
, "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 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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202699"}
, {"_about" : "http://data.parliament.uk/resources/64303", "AnsweringBody" : [{"_value" : "Ministry of Defence"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/64303/answer", "answerText" : {"_value" : " The information is not held centrally and could be provided only at disproportionate cost.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1542", "label" : {"_value" : "Biography information for Philip Dunne"}
}
, "answeringMemberConstituency" : {"_value" : "Ludlow"}
, "answeringMemberPrinted" : {"_value" : "Mr Philip Dunne"}
, "dateOfAnswer" : {"_value" : "2014-07-03", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-03T13:58:05.7545062Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "11"}
, "answeringDeptShortName" : {"_value" : "Defence"}
, "answeringDeptSortName" : {"_value" : "Defence"}
, "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Nuclear Weapons"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Defence, if he will publish the titles of all reports covering the effects of the use of a UK nuclear weapon produced by (a) his Department and (b) the Atomic Weapons Establishment and its predecessor body for his Department in the last 30 years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202696"}
, {"_about" : "http://data.parliament.uk/resources/63953", "AnsweringBody" : [{"_value" : "Ministry of Justice"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/63953/answer", "answerText" : {"_value" : " The Ministry of Justice are entering into detailed discussions with Shared Services Connected Limited (SSCL) regarding the future delivery of their back office services, with the intention of awarding a contract in August 2014. We expect this to bringincreased savings and efficiency in back-office functions, provide further benefits across wider Government and offer better value for money to the tax payer.<\/p> <\/p> Prior to this decision, the two private sector options were compared against the option to remain a standalone organisation and assessed using evaluation criteria that considered IT, cost, staff impacts and the service to our customers. The assessments will not be published as they are commercially sensitive documents.<\/p> <\/p> We will continue to work with staff, trade unions and other stakeholders to assess any impacts on staff.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1496", "label" : {"_value" : "Biography information for Shailesh Vara"}
}
, "answeringMemberConstituency" : {"_value" : "North West Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Mr Shailesh Vara"}
, "dateOfAnswer" : {"_value" : "2014-06-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-06-30T16:42:44.9590396Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "54"}
, "answeringDeptShortName" : {"_value" : "Justice"}
, "answeringDeptSortName" : {"_value" : "Justice"}
, "date" : {"_value" : "2014-06-25", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Newport"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Justice, if he will publish all impact assessments his Department has made on privatising the Ministry of Justice Shared Services in Newport.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/545", "label" : {"_value" : "Biography information for Paul Flynn"}
}
, "tablingMemberConstituency" : {"_value" : "Newport West"}
, "tablingMemberPrinted" : [{"_value" : "Paul Flynn"}
], "uin" : "202381"}
, {"_about" : "http://data.parliament.uk/resources/63954", "AnsweringBody" : [{"_value" : "Ministry of Justice"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/63954/answer", "answerText" : {"_value" : " The Government already provides details of private sector bodies who work under contract with the Government. Since January 2011, as part of the Government's transparency programme, details of contracts above the value of £10,000 are published on Contracts Finder:<\/p>