@prefix rdf: . @prefix xsd: . @prefix dcterms: . @prefix skos: . @prefix rdfs: . @prefix api: . @prefix parl: . parl:answer ; parl:answeringDeptId "14" ; parl:answeringDeptPrinted "Treasury" ; parl:answeringDeptShortName "Treasury" ; parl:answeringDeptSortName "Treasury" ; parl:hansardHeading "Financial Services Compensation Scheme: Credit" ; parl:houseId "1" ; parl:legislature ; parl:questionText "To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on extending the Financial Services Compensation Scheme to payday lending companies." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberConstituency "Sheffield Central" ; parl:tablingMemberPrinted "Paul Blomfield" ; parl:uin "151700" ; dcterms:date "2021-02-09"^^xsd:dateTime . parl:answer ; parl:answeringDeptId "14" ; parl:answeringDeptPrinted "Treasury" ; parl:answeringDeptShortName "Treasury" ; parl:answeringDeptSortName "Treasury" ; parl:hansardHeading "London Capital & Finance: Compensation" ; parl:houseId "1" ; parl:legislature ; parl:questionText "To ask the Chancellor of the Exchequer, with reference to his statement of 17 December 2020, what the eligibility criteria will be for further compensation for former London Capital and Finance bondholders." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberConstituency "Sheffield Central" ; parl:tablingMemberPrinted "Paul Blomfield" ; parl:uin "137914" ; dcterms:date "2021-01-14"^^xsd:dateTime . parl:answer ; parl:answeringDeptId "14" ; parl:answeringDeptPrinted "Treasury" ; parl:answeringDeptShortName "Treasury" ; parl:answeringDeptSortName "Treasury" ; parl:hansardHeading "Motor Vehicles: Insurance" ; parl:houseId "1" ; parl:legislature ; parl:questionText "To ask the Chancellor of the Exchequer, what recent discussions he has had with the motor insurance industry on the cost of insurance for young people." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberConstituency "Sheffield Central" ; parl:tablingMemberPrinted "Paul Blomfield" ; parl:uin "285013" ; dcterms:date "2019-09-02"^^xsd:dateTime . rdfs:label "Biography information for Paul Blomfield" . rdfs:label "Biography information for John Glen" . parl:answerText "

Treasury ministers and officials are in close contact with the insurance industry, and engage with the industry on a number of issues including pricing.

Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.

It is important that everyone has access to good insurance at the right price. The Government is determined that insurers treat customers fairly. The FCA sets the standards required of insurance firms in relation to their business to help ensure customers are treated in this manner.

" ; parl:answeringMember ; parl:answeringMemberConstituency "Salisbury" ; parl:answeringMemberPrinted "John Glen" ; parl:dateOfAnswer "2019-09-09"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2019-09-09T11:31:42.15Z"^^xsd:dateTime . parl:answer ; parl:answeringDeptId "14" ; parl:answeringDeptPrinted "Treasury" ; parl:answeringDeptShortName "Treasury" ; parl:answeringDeptSortName "Treasury" ; parl:hansardHeading "Debts" ; parl:houseId "1" ; parl:legislature ; parl:questionText "What assessment he has made of the change in the level of personal debt in the last 12 months." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberConstituency "Sheffield Central" ; parl:tablingMemberPrinted "Paul Blomfield" ; parl:uin "914840" ; dcterms:date "2021-04-27"^^xsd:dateTime . skos:prefLabel "House of Commons" . parl:answer ; parl:answeringDeptId "14" ; parl:answeringDeptPrinted "Treasury" ; parl:answeringDeptShortName "Treasury" ; parl:answeringDeptSortName "Treasury" ; parl:hansardHeading "UK-EU Trade and Cooperation Agreement" ; parl:houseId "1" ; parl:legislature ; parl:questionText "To ask the Chancellor of the Exchequer, what plans he has to publish an impact assessment of the Trade and Cooperation Agreement each quarter for 2021, with reference to (a) sectors of the economy and (b) all regions and nations of the UK." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberConstituency "Sheffield Central" ; parl:tablingMemberPrinted "Paul Blomfield" ; parl:uin "137197" ; dcterms:date "2021-01-13"^^xsd:dateTime . parl:answerText "

The Written Ministerial Statement of 17 December 2020 outlined the three main channels through which London Capital & Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme, and the Financial Conduct Authority’s Complaints Scheme.

The statement also announced that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders . The Government will announce further details, including the eligibility criteria, in due course.

" ; parl:answeringMember ; parl:answeringMemberConstituency "Salisbury" ; parl:answeringMemberPrinted "John Glen" ; parl:dateOfAnswer "2021-01-19"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2021-01-19T08:07:22.467Z"^^xsd:dateTime . parl:answerText "

The Government is committed to understand the impact of COVID-19 on personal debt levels and to help people access the support they need to get their finances back on track.

The Government works closely with the Money and Pensions Service (MaPS) to monitor financial difficulty through an annual survey and notes the Financial Conduct Authority’s biennial Financial Lives Survey.

The latest findings from the Financial Lives Survey were published in February 2021. The findings include the impact of Covid-19 on people’s finances.

" ; parl:answeringMember ; parl:answeringMemberConstituency "Salisbury" ; parl:answeringMemberPrinted "John Glen" ; parl:dateOfAnswer "2021-04-27"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2021-04-27T12:36:02.627Z"^^xsd:dateTime . parl:answerText "

The Financial Services Compensation Scheme (FSCS) is the compensation scheme of last resort for customers of failed UK-authorised financial services firms and is funded by a levy on the financial services industry. The FSCS is an independent non-governmental body and carries out its compensation function within rules set by the Prudential Regulation Authority and the Financial Conduct Authority (FCA), they have the power to decide which activities are given FSCS protection. In 2016, the FCA decided not to extend FSCS protection to most consumer credit activities because it believed other regulatory requirements were sufficient.

The FCA’s reasoning for not extending FSCS protection was set out in a letter on 15 February 2019 from its Chief Executive to the Chair of the Treasury Select Committee. This reasoning was that consumer credit firms did not generally hold client assets; losses to consumers had reduced since the FCA had taken over regulation of consumer credit; and, because the cost of providing FSCS cover for high-cost short-term credit would likely need to be subsidised by levies on other regulated firms. A copy of that letter can be found here: https://www.parliament.uk/globalassets/documents/commons-committees/treasury/correspondence/2017-19/fca-chief-executive-to-chair-re-wonga-150219.pdf.

Treasury ministers and officials meet regularly with the FCA, and the Government will continue to work closely with the FCA to ensure consumers of financial services are treated fairly.

" ; parl:answeringMember ; parl:answeringMemberConstituency "Salisbury" ; parl:answeringMemberPrinted "John Glen" ; parl:dateOfAnswer "2021-02-16"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2021-02-16T14:30:00.577Z"^^xsd:dateTime . parl:answerText "

The Government does not intend to produce an Impact Assessment. We have consistently said that it would be impossible for a single model, number or scenario to capture that complexity or represent the varying impacts that will be felt across different parts of the economy.

The Government has secured a deal that will benefit families and businesses across the UK, we can now take full advantage of the opportunities available to us.

" ; parl:answeringMember ; parl:answeringMemberConstituency "Salisbury" ; parl:answeringMemberPrinted "John Glen" ; parl:dateOfAnswer "2021-01-18"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2021-01-18T10:56:59.427Z"^^xsd:dateTime . a api:Page ; "10"^^xsd:long ; "1"^^xsd:long ; "5"^^xsd:long ; dcterms:isPartOf ; api:definition ; api:extendedMetadataVersion ; api:items ( ) ; api:page "0"^^xsd:long ; . a api:ListEndpoint ; dcterms:hasPart ; api:definition .