Individual lenders, both banks and companies that offer credit products, make their own commercial decisions on late payment fees for their products. In doing so, they must comply with the rules and principles of the Financial Conduct Authority (FCA), as the regulator for consumer credit firms. This includes ensuring firms are \u2018treating customers fairly\u2019 and that any fees and charges levied on borrowers in financial difficulty are fair and do no more than cover their costs. The FCA can impose tough sanctions, such as banning products, imposing unlimited fines and ordering firms to pay money back to customers, where wrongdoing is found.<\/p>
<\/p>
The FCA also issued \u2018Tailored Support Guidance\u2019 in January 2021 which was based on FCA rules and principles and provides guidance on the FCA\u2019s expectations of firms when supporting borrowers in financial difficulty, including providing tailored forbearance. In June 2022, the FCA confirmed that this guidance remains relevant for borrowers in financial difficulties due to the rising cost of living.<\/p>
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More broadly, the government understands that people across the UK are worried about the cost of living, and are seeing their disposable incomes decrease as they spend more on the essentials. That is why the government has announced £37 billion of support for the cost of living this financial year. The government is continuing to keep cost of living pressures under review and focus support on the most vulnerable whilst also ensuring that any actions are fiscally responsible.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2022-11-07", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-11-07T16:43:26.857Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-11-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Fees and Charges"} , "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 impact of late payment fees charged by (a) companies and (b) banks on people during the cost of living crisis.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4797", "label" : {"_value" : "Biography information for James Murray"} } , "tablingMemberConstituency" : {"_value" : "Ealing North"} , "tablingMemberPrinted" : [{"_value" : "James Murray"} ], "uin" : "76132"} , {"_about" : "http://data.parliament.uk/resources/1538294", "AnsweringBody" : [{"_value" : "Women and Equalities"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1538294/answer", "answerText" : {"_value" : "
Since May 2022, the Government has launched a support service open to all victims or those at risk of conversion practices regardless of their background or circumstances. The Government has committed up to £360,000 over three years to this service. The service includes a helpline, instant messaging service, and website to enable people to get the support they need.<\/p>
More widely, the Government remains committed to protecting everyone from these practices. We are carefully considering the responses to the public consultation which closed earlier this year and will respond in due course.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4032", "label" : {"_value" : "Biography information for Stuart Andrew"} } , "answeringMemberConstituency" : {"_value" : "Pudsey"} , "answeringMemberPrinted" : {"_value" : "Stuart Andrew"} , "dateOfAnswer" : {"_value" : "2022-11-07", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "74732"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-11-07T09:45:34.487Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "31"} , "answeringDeptShortName" : {"_value" : "Women and Equalities"} , "answeringDeptSortName" : {"_value" : "Women and Equalities"} , "date" : {"_value" : "2022-11-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Conversion Therapy"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Minister for Women and Equalities, what recent steps her Department has taken to progress the Government plans published in its background briefing to the Queen\u2019s Speech on further exploring the issue of transgender conversion practices.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4797", "label" : {"_value" : "Biography information for James Murray"} } , "tablingMemberConstituency" : {"_value" : "Ealing North"} , "tablingMemberPrinted" : [{"_value" : "James Murray"} ], "uin" : "76133"} , {"_about" : "http://data.parliament.uk/resources/1536284", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1536284/answer", "answerText" : {"_value" : "
Work to conclude the Health and Social Care Levy (HSCL) is ongoing, so a final quantification of the cost of changes to HMRC\u2019s IT systems as a result of the HSCL and the costs of any extra support staff required is not yet available. A full estimate is still intended to be published once work is concluded.<\/p>
<\/p>
The cost of changes arising from the reversal of the HSCL and in-year reductions to National Insurance rates are currently being quantified, and an estimate will be made available in due course.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"} } , "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"} , "answeringMemberPrinted" : {"_value" : "Victoria Atkins"} , "dateOfAnswer" : {"_value" : "2022-10-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "72471"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-10-31T13:36:31.25Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-10-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Health and Social Care Levy and National Insurance Contributions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the Answer of 8 March 2022 to Question 134097 on Health and Social Care Levy and National Insurance Contributions, if he will publish the further estimate of the cost for changes to HMRC\u2019s IT systems and extra support staff.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4797", "label" : {"_value" : "Biography information for James Murray"} } , "tablingMemberConstituency" : {"_value" : "Ealing North"} , "tablingMemberPrinted" : [{"_value" : "James Murray"} ], "uin" : "72470"} , {"_about" : "http://data.parliament.uk/resources/1536285", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1536285/answer", "answerText" : {"_value" : "
Work to conclude the Health and Social Care Levy (HSCL) is ongoing, so a final quantification of the cost of changes to HMRC\u2019s IT systems as a result of the HSCL and the costs of any extra support staff required is not yet available. A full estimate is still intended to be published once work is concluded.<\/p>
<\/p>
The cost of changes arising from the reversal of the HSCL and in-year reductions to National Insurance rates are currently being quantified, and an estimate will be made available in due course.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"} } , "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"} , "answeringMemberPrinted" : {"_value" : "Victoria Atkins"} , "dateOfAnswer" : {"_value" : "2022-10-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "72470"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-10-31T13:36:31.297Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-10-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Health and Social Care Levy "} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Economic Secretary to the Treasury to the debate on the Health and Social Care Levy (Repeal) Bill on 11 October 2022, Official Report, column 95, what estimate he has made of the cost of changes arising from the Bill.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4797", "label" : {"_value" : "Biography information for James Murray"} } , "tablingMemberConstituency" : {"_value" : "Ealing North"} , "tablingMemberPrinted" : [{"_value" : "James Murray"} ], "uin" : "72471"} , {"_about" : "http://data.parliament.uk/resources/1524366", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1524366/answer", "answerText" : {"_value" : "
It is not possible to provide reliable data for expected future spend on an annual basis as all future spend remains subject to HMRC internal business planning rounds, which are currently in progress. Costs for some programmes beyond this year at least may change as a result.<\/p>
<\/p>