Written Question
Wednesday 22nd May 2024
Asked by:
Jacob Rees-Mogg (Conservative - North East Somerset)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the adequacy of the powers of the Financial Ombudsman Service to require companies to pay compensation to customers.
Answered by Bim Afolami
Parliament set up the Financial Ombudsman Service (FOS) to decide complaints quickly as an alternative to the courts – not to act as a law enforcer. However, firms that are regulated by the Financial Conduct Authority (FCA) are required under the FCA’s rules to co-operate with the ombudsman.
Following a consumer’s acceptance of the ombudsman’s final decision, this becomes binding on the firm. Firms are required to comply promptly with any decision that ombudsmen may make, including decisions on compensation.
If a firm fails to comply with the Ombudsman's decision, under the legislative framework, a complainant can enforce the decision through the courts. A money award can be recovered by execution of a county court order, while compliance with a direction is enforceable by way of an injunction. This does not require the merits of the case to be considered again by the court.
Written Question
Wednesday 22nd May 2024
Asked by:
Jacob Rees-Mogg (Conservative - North East Somerset)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take steps to require Ascot Lloyd to pay the amount of compensation to customers recommended by the Financial Ombudsman Service.
Answered by Bim Afolami
Parliament set up the Financial Ombudsman Service (FOS) to decide complaints quickly as an alternative to the courts – not to act as a law enforcer. However, firms that are regulated by the Financial Conduct Authority (FCA) are required under the FCA’s rules to co-operate with the ombudsman.
Following a consumer’s acceptance of the ombudsman’s final decision, this becomes binding on the firm. Firms are required to comply promptly with any decision that ombudsmen may make, including decisions on compensation.
If a firm fails to comply with the Ombudsman's decision, under the legislative framework, a complainant can enforce the decision through the courts. A money award can be recovered by execution of a county court order, while compliance with a direction is enforceable by way of an injunction. This does not require the merits of the case to be considered again by the court.
Speech in Commons Chamber - Wed 20 Feb 2019
Leaving the EU: Economic Impact of Proposed Deal
"As the Treasury’s forecasts before the referendum were woefully inaccurate, and the Office for Budget Responsibility was set up specifically to stop politicised reports coming out, would it not be better to consult a newspaper horoscope than Treasury forecasts?..."Jacob Rees-Mogg - View Speech
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Speech in Commons Chamber - Wed 28 Nov 2018
Leaving the EU: Economic Analysis
"I am sure that my right hon. Friend recalls the wild inaccuracy of the Treasury’s forecasts before the referendum—of a punishment Brexit and an increase in unemployment of 800,000—but is there not a major flaw in the document we have before us? Global trends have not been modelled, yet it …..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: Leaving the EU: Economic Analysis
Speech in Commons Chamber - Mon 22 Oct 2018
EU Customs Union and Draft Withdrawal Agreement: Cost
"Will my hon. Friend say whether, if we stayed in the customs union, any revenues that came from customs would be considered to be own resources?..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: EU Customs Union and Draft Withdrawal Agreement: Cost
Written Question
Wednesday 5th September 2018
Asked by:
Jacob Rees-Mogg (Conservative - North East Somerset)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, what information he holds on the current status of the EU's review of compensation due to Robert McCoy; what official UK involvement there has been in investigating the criminal allegations originally made by him; what legal support has been provided to him; if he will ensure that all outstanding anti-fraud cases relating to EU institutions and involving UK nationals as eye-witnesses are resolved as part of negotiations on the UK leaving the EU; and if she will make a statement.
Answered by Elizabeth Truss
The UK Government does not monitor official investigations or legal cases that the EU has initiated against its own staff, irrespective of nationality. The conduct of these investigations and cases is a matter for the EU.
Speech in Commons Chamber - Mon 16 Jul 2018
Taxation (Cross-border Trade) Bill
"The hon. Gentleman misunderstands amendment 73. One of the other amendments, which the Government have also accepted, would stop them having a Henry VIII power for a new customs union. If a new customs union were to be introduced by legislation, amendment 73 could be brought in under that customs …..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: Taxation (Cross-border Trade) Bill
Speech in Commons Chamber - Mon 16 Jul 2018
Taxation (Cross-border Trade) Bill
"May I first thank my right hon. Friend the Member for Putney (Justine Greening) for making what I thought was a remarkably gracious speech, in quite a fevered atmosphere, and for putting both sides of the case so generously and kindly?
I want to speak to the four new clauses …..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: Taxation (Cross-border Trade) Bill
Speech in Commons Chamber - Mon 16 Jul 2018
Taxation (Cross-border Trade) Bill
"I can merely appeal to how this was set out by my right hon. Friend the Secretary of State for Environment, Food and Rural Affairs, who said that we would not be part of the EU’s VAT regime. VAT is not collected at the border; it is collected via statements …..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: Taxation (Cross-border Trade) Bill
Speech in Commons Chamber - Mon 30 Apr 2018
Economic and Fiscal Outlook
"Does my right hon. Friend recall that the previous Labour shadow Chancellor accused the Government of going too far, too fast? He thought that throughout the period of austerity we should have been spending more, leaving us with even further debt. The Government are to be commended for their robust …..."Jacob Rees-Mogg - View Speech
View all Jacob Rees-Mogg (Con - North East Somerset) contributions to the debate on: Economic and Fiscal Outlook