Asked by: Peter Bottomley (Conservative - Worthing West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, in which year there were first references in his Department's publications to actual and anticipated public revenues from the use of fixed-odds betting terminals in high street premises; and if he will estimate the public revenues in each of the last 15 years, together with the estimates for the next three years, if the maximum stake on such terminals were (a) £2, (b) £5, (c) £10, (d) £20 and (e) £100.
Answered by Andrew Jones
Total receipts from Betting and Gaming duties are published here:
https://www.uktradeinfo.com/Statistics/Pages/TaxAndDutybulletins.aspx
A separate breakdown for revenue from Fixed Odds Betting Terminals is not available.
Asked by: Peter Bottomley (Conservative - Worthing West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds on changes in the level of use of personal contracts for agreements in the last five years; what assessment he has made of the reasons for those changes; and if he will extend the provisions of the Consumer Credit Act 1974 to enable full payment ahead of time to personal contract hire agreements; and if he will make a statement.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Government is committed to supporting businesses to offer their customers choice about how they pay for goods and services. Payment by instalments can provide consumers with a helpful way to spread the costs of household goods and services, and this can be an important budgeting tool for consumers.
The Government took action in 2015 to exempt credit that is provided free of interest and charges over less than 12 months from Financial Conduct Authority (FCA) regulation, unless 12 or more repayments are due.
To be exempt from FCA regulation, the credit agreement must not be a conditional sale, hire purchase or pawn agreement, and must not finance the purchase of land. The credit agreement must finance the purchase of specific goods or services, must be for a fixed amount, and must contain no charges, interest or administration fees.
The provisions within the Consumer Credit Act 1974 (CCA) to enable full payment ahead of time do not apply to agreements which fall under this exemption. The CCA provides important safeguards to protect consumers, and so the exemption is limited to agreements which meet the specified criteria. The Government has no plans to modify this exemption.
Asked by: Peter Bottomley (Conservative - Worthing West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much funding of the Financial Ombudsman Service came directly from the levy on the Office of Fair Trading licences on consumer credit firms in (a) 2011, (b) 2012 and (c) 2013; how this funding will be levied in future; and if he will make a statement.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Financial Ombudsman Service (FOS) is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the Financial Conduct Authority (FCA), who approve the FOS budget and fee rules. This question has been passed on to the FOS, and the FOS 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: Peter Bottomley (Conservative - Worthing West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the expected increase in the fees and levies on regulated consumer credit firms that will go towards the funding of the Money Advice Service and Financial Ombudsman Service in (a) 2015, (b) 2016 and (c) 2017 under the new Financial Conduct Authority regulated fees and levies regime.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Financial Conduct Authority (FCA) consumer credit regulatory regime is far better resourced and has wider objectives than the previous Office of Fair Trading (OFT) regime. The FCA is an independent, non-governmental body, and it is entirely funded by the fees it charges on the financial services industry. As a result, specific questions around fees are a matter for the FCA.
The Financial Ombudsman Service (FOS) is funded by a combination of industry levy and case fees. The FOS is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the FCA (who approve the FOS budget and fee rules). The FOS budget is proposed by FOS annually and approved by the FCA.
The Money Advice Service's (MAS) budget is proposed by MAS annually, based on demand for money and debt advice, and approved by the FCA. Consumer credit firms will pay the MAS levy once authorised by the FCA. The FCA has approved MAS's 2014/15 budget, but MAS's budget for future years has not yet been determined.