Results 1–20 of 2131 for speaker:John Glen

Written Answers — Treasury: Equitable Life Assurance Society: Compensation (16 Apr 2019)

John Glen: There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#cl osure-of-the-scheme.

Written Answers — Treasury: Cash Dispensing: Rural Areas (15 Apr 2019)

John Glen: The Government-established Payment Systems Regulator (PSR) is closely monitoring developments within ATM provision. The PSR regulates LINK, the scheme which runs the UK’s ATM network and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network. Additionally, LINK has put in place specific arrangements to protect...

Written Answers — Treasury: Cash Dispensing: Fees and Charges (15 Apr 2019)

John Glen: The Government-established Payment Systems Regulator (PSR) is closely monitoring developments within ATM provision. The PSR regulates LINK, the scheme which runs the UK’s ATM network and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network. LINK cancelled its third interchange fee reduction, due in January 2020,...

Written Answers — Treasury: Visas: Skilled Workers (12 Apr 2019)

John Glen: The Treasury has not made an assessment of the net fiscal impact of increasing the number of Tier 1 Exceptional Talent visas available. In 2018, the number of Exceptional Talent Visas granted was within the previous quota. The increase in quota ensures that we have sufficient headroom in the Exceptional Talent route to continue to attract highly skilled people from across the globe; and is...

Written Ministerial Statements — Treasury: Ministerial equivalence and exemption directions in financial services for the European Union and the European Economic Area (11 Apr 2019)

John Glen: The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541), includes a power for ministers, for up to twelve months after exit day, to make equivalence directions and exemption directions for the European Union and EEA member states. I have today laid before Parliament ministerial directions which exercise...

Written Ministerial Statements — Treasury: Operation of the UK’s Counter-Terrorist Asset Freezing Regime:1 October 2018 to 31 December 2018 (11 Apr 2019)

John Glen: Under the Terrorist Asset-Freezing etc. Act 2010 (TAFA 2010), the Treasury is required to prepare a quarterly report regarding its exercise of the powers conferred on it by Part 1 of TAFA 2010. This written statement satisfies that requirement for the period 1 October 2018 to 31 December 2018. This report also covers the UK’s implementation of the UN’s ISIL (Da’esh) and Al-Qaida asset...

British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair] (10 Apr 2019)

John Glen: It is a pleasure to serve under your chairmanship this morning, Mr Howarth. I thank the hon. Member for Blaenau Gwent (Nick Smith) for securing this important debate. I know he has engaged extensively and constructively with the Financial Conduct Authority on these matters over the past year. I was pleased to meet him in February to discuss how we can avoid a repeat of the unfortunate...

British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair] (10 Apr 2019)

John Glen: I have listened carefully to the hon. Gentleman’s interventions, and he is right to say that 6.6% of the 122,000 individuals who had those pensions did transfer out, and that, in general, the default option would not be to transfer out of a DB scheme. There is work going on to develop pathways. I am not clear, given that it is not my direct area of responsibility, about the status of that...

British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair] (10 Apr 2019)

John Glen: Following our meeting, I undertook to speak to Andrew Bailey, the chief executive. We are due to meet every few months, and our next meeting is imminent. I will speak to him about that. A number of live investigations are under way; I do not have investigative power myself, but I will take a close interest in those investigations. Individual companies—I will not name them—are being...

British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair] (10 Apr 2019)

John Glen: I am happy to respond to that intervention by saying that it is absolutely imperative that the FCA works with all bodies to hold those individuals to account and to take the appropriate action in the light of the evidence presented to it. This is urgent; the individuals who have suffered this experience expect that of the FCA, and I believe the FCA is keenly aware of that. The hon. Member for...

British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair] (10 Apr 2019)

John Glen: I have been trying to find the note that one of my officials kindly sent me on the quantum of insurance. My understanding is that FCA authorised and regulated firms must have insurance in place; if they do not, the FCA has it in its armoury to de-authorise. I listened carefully to the hon. Gentleman, and his point seemed to be on the amount of that insurance. I am happy to take that matter...

Written Answers — Treasury: Companies: Regulation (10 Apr 2019)

John Glen: This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. 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.

Written Answers — Treasury: Mortgages (10 Apr 2019)

John Glen: The FCA’s final report of the Mortgage Market Study found that there are high levels of consumer engagement, with over three quarters of consumers switching to a new mortgage deal within 6 months of moving onto a reversion rate. The Government has worked closely with the FCA to consider how to remove the regulatory barriers that prevent some customers, particularly those with inactive...

Written Answers — Treasury: Sentient Capital London (10 Apr 2019)

John Glen: This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. 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.

Written Answers — Treasury: Small Businesses: Loans (10 Apr 2019)

John Glen: The Government set out its position on the regulation of lending to small businesses in its response to the Treasury Select Committee’s SME Finance Report. This is available here: https://publications.parliament.uk/pa/cm201719/cmselect/cmtr easy/1873/187302.htm

Written Answers — Treasury: London Capital and Finance (10 Apr 2019)

John Glen: On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital & Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation. The...

Written Answers — Treasury: Mortgages: Islam (10 Apr 2019)

John Glen: The four banks serving the UK which offer Sharia-compliant home purchase plans are: Al Rayan Bank, United National Bank, Ahli United Bank and ABC International Bank.

Written Answers — Treasury: Equitable Life Assurance Society: Compensation (10 Apr 2019)

John Glen: Since 2010, we have taken more action than any previous government to resolve this issue by allocating up to £1.5bn, tax free, for payment to affected policyholders. There are no plans to allocate any further funds to the Equitable Life Payment Scheme, or reopen it.

Written Answers — Treasury: London Capital and Finance (10 Apr 2019)

John Glen: The Government takes very seriously the failure of London Capital and Finance (LCF). On 1 April, I wrote to the Chair at the Financial Conduct Authority, Charles Randell, to say I will use powers under the Financial Services Act 2012 to direct the FCA to launch an investigation into the events at LCF and the circumstances surrounding them. This followed a request to me from Charles Randell to...

Written Answers — Treasury: Equitable Life Assurance Society: Compensation (10 Apr 2019)

John Glen: The Equitable Life Payment Scheme published a final report in 2016 which set out the details of payments made and how the remaining funds will be allocated. A copy can be found at https://www.gov.uk/government/publications/equitable-life-pa yment-scheme-final-report


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