Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate (a) his Department and (b) the or the FCA has made of the amount funding UK banks have allocated to the payment of compensation to people that were mis-sold both PPI and non-insurance debt waiver or debt freeze products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The regulation of payment protection insurance (PPI) and debt freeze and waiver products is a matter for the Financial Conduct Authority (FCA). We have passed the Honourable Gentleman’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery, including regular meetings with the FCA to discuss relevant regulatory issues.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate (a) his Department and (b) the or the FCA has made of the amount of compensation been paid to people that were mis-sold both PPI and non-insurance debt waiver or debt freeze products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The regulation of payment protection insurance (PPI) and debt freeze and waiver products is a matter for the Financial Conduct Authority (FCA). We have passed the Honourable Gentleman’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery, including regular meetings with the FCA to discuss relevant regulatory issues.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate (a) his Department and (b) the Financial Conduct Authority has made of the number of people that were miss-sold PPI and separately (i) non-insurance debt waiver and (ii) freeze products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The regulation of payment protection insurance (PPI) and debt freeze and waiver products is a matter for the Financial Conduct Authority (FCA). We have passed the Honourable Gentleman’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery, including regular meetings with the FCA to discuss relevant regulatory issues.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Financial Conduct Authority's (FCA's) Final Notice on the mis-selling by Vanquis Bank of its repayment option plan, whether other banks are being investigated by the FCA for potentially mis-selling similar products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
This is an operational matter for the Financial Conduct Authority (FCA) as the regulator of consumer credit, who are operationally independent from Government. The questions have been passed on to the FCA.
For legal and public interest reasons, the FCA do not generally disclose publicly whether or not they are taking action against a regulated firm, an insurer or an individual person.
The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he is aware of any potential cases of banks mis-selling debt (a) waiver and (b) freeze products on a scale similar to that of Vanquis Bank.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
This is an operational matter for the Financial Conduct Authority (FCA) as the regulator of consumer credit, who are operationally independent from Government. The questions have been passed on to the FCA.
For legal and public interest reasons, the FCA do not generally disclose publicly whether or not they are taking action against a regulated firm, an insurer or an individual person.
The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether (a) he and (b) the Financial Conduct Authority plan to investigate the potential mis-selling of debt waiver or debt freeze products by other banks similar to those produced by Vanquis Bank.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
This is an operational matter for the Financial Conduct Authority (FCA) as the regulator of consumer credit, who are operationally independent from Government. The questions have been passed on to the FCA.
For legal and public interest reasons, the FCA do not generally disclose publicly whether or not they are taking action against a regulated firm, an insurer or an individual person.
The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Financial Conduct Authority's Final Notice on Vanquis Bank, what assessment (a) he and (b) the FCA have made of the potential merits of updating the Financial Services Authority and Office of Fair Trading's 2013 joint guidance on the conduct of firms selling and administering payment protection products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
This is an operational matter for the Financial Conduct Authority (FCA) as the regulator of consumer credit, who are operationally independent from Government. The questions have been passed on to the FCA.
For legal and public interest reasons, the FCA do not generally disclose publicly whether or not they are taking action against a regulated firm, an insurer or an individual person.
The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to support economic growth outside London and the South East.
Answered by Simon Kirby
Creating an economy that works for everyone is a key priority of this Government. At the Autumn Statement, the government announced allocations worth £1.8bn from the Local Growth Fund to all English regions, including £556 million for the North of England. This is on top of the £122.2 million York, North Yorkshire and Humber LEP have already received. We remain committed to the Northern Powerhouse and Midlands Engine and are investing £13 billion in transport across the North over the course of this parliament.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the proposed 36 month stamp duty grace period for people transitioning from one property to another will apply retrospectively.
Answered by David Gauke
The Government appreciates that there may be circumstances where an individual sells a property which was a main residence and then experiences a delay before purchasing a new main residence. Where an individual is replacing a main residence, the higher rates of Stamp Duty Land Tax should not apply to the purchase of a new main residence within 36 months of the disposal of a previous main residence.
In addition to this, the 36 month time period will commence from 25 November 2015 for those who had sold a previous main residence prior to the Spending Review and Autumn Statement 2015, in order to provide additional transitional support.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to provide tax reliefs similar to those provided to businesses that contribute to flood defence schemes to landowners and farmers who assist in managing flood risk through soil management, investment in flood defences and water storage.
Answered by David Gauke
The Government keeps all tax policy under review. Any changes in tax policy are announced by the Chancellor at the Budget or Autumn Statement.
At the Spending Review the Government confirmed that Defra’s £2.3bn, six-year flood defence capital programme will be protected, which will invest in over 1,500 schemes by 2021 to better protect 300,000 homes. The programme will also deliver economic benefits of £30bn in avoided damage over the next 50 years, and reduce overall flood risk in England by 5%.
Following Storm Desmond and Storm Eva the Government has announced over £200m of funding to support households and businesses, and repair damaged flood defences and roads. Council tax and business rate relief has also been announced for affected households and firms.