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1168280

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will review the lending requirements for mortgages to ensure the affordability of rents and repayments in relation to the current salary multiplier requirement.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	84
	answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Financial Conduct Authority’s (FCA) ‘Mortgage Market Review’ regulations are based on the principle that mortgages should only be advanced where there is a reasonable expectation that borrowers can repay. To provide new mortgage loans, all lenders must conduct an affordability assessment which includes a robust income and expenditure analysis, and the lender must obtain evidence of that income to support this assessment. Lenders must also comply with rules set by the Financial Policy Committee (FPC) at the Bank of England, intended to manage financial stability risks from the housing market, including a limit of 15% of new lending above 4.5 Loan-to-Income (LTI), and a stress test for loans at 3% above the Standard Variable Rate.</p><p> </p><p>Both the FCA and the Bank of England keep their mortgage market regulations under review to ensure that they meet their objectives. In May 2016 the FCA conducted a review of the MMR, finding that the regulations had been implemented as desired protecting consumers without unduly restricting the availability of credit. The FCA’s Mortgages Market Study of March 2019 also found that the market is working well for consumers. The FPC most recently reviewed their housing tools in December 2019 in their Financial Stability Report, including the 4.5 LTI cap, finding that they have had a positive impact in upholding strong underwriting standards to prevent an increase in the number of highly indebted households, whilst having only a limited impact on mortgage availability.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 14:25:40 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1168342

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support people affected by the closure of Equitable Life.
	tabling member constituency	Portsmouth South
	tabling member printed	Mr Stephen Morgan
	type	WrittenParliamentaryQuestion
	uin	203
	answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>After nearly 5 years of operation which saw over £1 billion paid to nearly 1 million affected policyholders, the Equitable Life Payment Scheme closed to claims in 2015. Further guidance on the status of the Payment Scheme after closure is available at <a href="https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme" target="_blank">https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme</a>. There are no plans to reopen the Payment Scheme or review the funding allocation made to it.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 15:01:38 answering member 4051 label Biography information for John Glen
	tabling member	4653 label Biography information for Stephen Morgan

1168343

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pension Funds: Closures
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government has taken to prevent the closure of pension companies since the closure of Equitable Life.
	tabling member constituency	Portsmouth South
	tabling member printed	Mr Stephen Morgan
	type	WrittenParliamentaryQuestion
	uin	204
	answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Government implemented a new solvency regime, set out in the Solvency II Directive, which came into force on 1 January 2016. This risk-based regulatory system, under which UK insurance companies are regulated, was developed by the European Commission over approximately 15 years with input from the UK Government, regulators and industry.</p><p> </p><p>The Prudential Regulation Authority, the regulatory arm of the Bank of England, supervises UK insurance firms and groups under Solvency II. It has statutory objectives to promote the safety and soundness of the firms it regulates and contribute to securing an appropriate degree of protection for policyholders under the Financial Services and Markets Act 2000 (sections 2b and 2c).</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 14:59:05 answering member 4051 label Biography information for John Glen
	tabling member	4653 label Biography information for Stephen Morgan