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65630

registered interest
date	03/07/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Individual Voluntary Arrangements
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the value of publishing the average total debt of individuals subject to individual voluntary arrangements.
tabling member constituency	Walthamstow
tabling member printed	Stella Creasy
uin	204045
answer	answer is ministerial correction date of answer 09/07/2014 answer text <p>Individual voluntary arrangements (IVAs) are supervised by licensed insolvency practitioners, who are required to notify the Insolvency Service of the registration of new IVAs, the name, date of birth and address of the individual, and the date of completion or termination of the IVA. They are not required to provide information on the amount of debt, so it is not possible to publish such information.</p><p> </p> answering member constituency East Dunbartonshire answering member printed Jo Swinson question first answered 09/07/2014 16:09:41 answering member 1513 label Biography information for Jo Swinson
tabling member	4088 label Biography information for Stella Creasy

65631

registered interest
date	03/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Consumers: Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect on (a) consumers and (b) endorsement of consumer protection law of the hand-over of investigations from the Office of Fair Trading to the Financial Conduct Authority.
tabling member constituency	Walthamstow
tabling member printed	Stella Creasy
uin	204046
answer	answer is ministerial correction date of answer 09/07/2014 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the <a href="http://en.wikipedia.org/wiki/Office_of_Fair_Trading" target="_blank">Office of Fair Trading</a> (<a href="http://en.wikipedia.org/wiki/OFT" target="_blank">OFT</a>) to the <a href="http://en.wikipedia.org/wiki/Financial_Conduct_Authority" target="_blank">Financial Conduct Authority</a> (<a href="http://en.wikipedia.org/wiki/FCA" target="_blank">FCA</a>) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.</p><p> </p><p>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> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the <a href="http://en.wikipedia.org/wiki/Consumer_Credit_Act" target="_blank">Consumer Credit Act</a> 1974.</p><p> </p><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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 09/07/2014 15:30:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4088 label Biography information for Stella Creasy