Results 1–20 of 3076 for speaker:John Glen

Written Answers — Treasury: Mortgages: Coronavirus (21 Oct 2020)

John Glen: Following the Coronavirus outbreak, the Government worked quickly with lenders and financial regulators to give people access to payment holidays on their mortgages. This gives customers a much-needed respite period, where no repayments on these products are due. It was necessary to bring this temporary measure in, in order to give customers time to smooth out their finances that may have...

Written Answers — Treasury: Banks and Building Societies: Coronavirus (21 Oct 2020)

John Glen: The Government recognises the crucial role of challenger banks and building societies in providing customers with more choice on the high street and is committed to maintaining competition in financial services. HM Treasury officials have consistently engaged with regulators and representatives from the building society and challenger bank sectors on issues related to the COVID-19 pandemic. I...

Written Answers — Treasury: Wirecard: Insolvency (21 Oct 2020)

John Glen: The German merchant acquirer Wirecard AG entered administration in June. It has a UK subsidiary, Wirecard UK, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA ensures that payments firms make suitable safeguarding arrangements in compliance with the regulatory requirements as a condition of firms receiving FCA authorisation, protecting client money. ...

Written Answers — Treasury: Building Societies: Coronavirus (21 Oct 2020)

John Glen: The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government also recognises the important role played by building societies in supporting their local communities, particularly during the...

Written Answers — Treasury: Help to Save Scheme (21 Oct 2020)

John Glen: HM Revenue and Customs (HMRC) has published statistics on Help to Save accounts up to July 2020. These statistics show the total number of accounts opened now stands at 222,000 and there are 60,500 accounts that are yet to receive a deposit. The latest publication is available at: www.gov.uk/government/statistics/help-to-save-statistics. HMRC has recently issued regional press releases to...

Written Answers — Treasury: Banks: Closures (21 Oct 2020)

John Glen: The decision to maintain a presence on the high street is a commercial one for the management team of a bank and Government does not intervene in those decisions. The retail financial landscape is changing, as more consumers and businesses opt for the convenience, security, and speed of digital payments and digital banking. Banking service providers need to balance customer interests,...

Written Answers — Treasury: Question (20 Oct 2020)

John Glen: The government has provided unprecedented levels of support for workers and businesses across the food supply chain to protect against the current economic emergency. This includes the Dairy and Fisheries Response Funds provided to support our farmers and fisherman, the Eat Out to Help Out Scheme to back our pubs and restaurants, and the Job Support Scheme to protect jobs and livelihoods...

Written Answers — Treasury: Fiscal Policy: Coronavirus (20 Oct 2020)

John Glen: In responding to Covid-19 outbreak the government has announced unprecedented support for families, businesses, and self-employed people. The actions taken have been necessary to help limit any long-term economic scarring and to ensure the economy can recover quickly once the pandemic is over. The government is committed to delivering support within the existing macroeconomic framework,...

Written Answers — Treasury: Financial Services: Advisory Services (20 Oct 2020)

John Glen: The Treasury and the Financial Conduct Authority (FCA) both share the objective to ensure that the market for financial advice works well and are in regular discussions with one another about relevant developments in the market. We are aware of concerns about the effect of the increased Financial Services Compensation Scheme (FSCS) levy on financial advisers. We are working closely with the...

Written Answers — Treasury: Funerals: Pre-payment (20 Oct 2020)

John Glen: As part of the Budget, the Chancellor published the government’s response to its consultation on the pre-paid funeral plan sector. This can be found at: https://www.gov.uk/government/consultations/regulation-of-pr e-paid-funeral-plans-consultation-on-a-policy-proposal

Written Answers — Treasury: Pensions: Uprating (20 Oct 2020)

John Glen: The Retail Prices Index (RPI) is a measure of inflation with a number of shortcomings. To address these shortcomings, the UK Statistics Authority (UKSA) has made a proposal to reform RPI by bringing the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI. Owing to the use of RPI in specific index-linked gilts, prior to 2030 the...

Written Answers — Treasury: Debts: Coronavirus (20 Oct 2020)

John Glen: For mortgage payers, the Government has worked with mortgage lenders and the Financial Conduct Authority (FCA) to ensure the financial sector provides access to mortgage payment holidays. In addition, support for Mortgage Interest provides qualifying borrowers who cannot afford their mortgage interest with financial help, enabling them to stay in their homes. The Government has provided an...

Treasury: Equitable Life: Compensation (20 Oct 2020)

John Glen: In 2010, the Government set up a payment scheme to make payments of up to £1.5 billion to eligible policyholders. Since the scheme closed in 2016, the Government’s position on this issue has been clear: there is no further funding in addition to that £1.5 billion and this issue is considered closed.

Treasury: Equitable Life: Compensation (20 Oct 2020)

John Glen: The Government continue to pay out to annuitants who were in payment from 2010. Indeed, we have a £100 million contingency to ensure that they are properly provided for. The Government were completely transparent about the calculation methodology and worked with the action group, the Equitable Members Action Group, to give explanations to policyholders. We met actuaries to ensure that it was...

Treasury: People on Low Incomes: Covid-19 (20 Oct 2020)

John Glen: The Government have provided significant support to those on low incomes. We have introduced additional support through the welfare system, estimated by the OBR to be worth more than £9 billion this year, including increasing universal credit and working tax credit by £20 per week, as well as £500 million of local authority hardship funding and £500 payments for those in low income...

Treasury: People on Low Incomes: Covid-19 (20 Oct 2020)

John Glen: My hon. Friend is right to draw attention to the support that we have put in place, but also to the challenges that remain. In his own constituency, 14,500 have benefited from the furlough scheme, £28.4 million of business grants have been made available, and £20.3 million of business rates relief has been provided. Looking to the future, I can assure him that all Treasury Ministers will be...

Written Answers — Treasury: Cash Dispensing: Fees and Charges (19 Oct 2020)

John Glen: 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. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis. The Government recognises that cash remains important to millions of...

Written Answers — Treasury: Coronavirus: Liverpool City Region (19 Oct 2020)

John Glen: The government recognises that every region and community will be feeling the impact of this crisis and remains committed to helping the unemployed return to work and supporting those most vulnerable to job losses. We will continue to work closely with local areas to make sure that individuals and businesses are directed to the right support during this difficult period. To support those on...

Written Answers — Treasury: Mortgages: Coronavirus (19 Oct 2020)

John Glen: Following the Coronavirus outbreak, the Government worked quickly with lenders and financial regulators to give people access to payment holidays on their mortgages. This gives customers a much-needed respite period, where no repayments on these products are due. It was necessary to bring this temporary measure in, in order to give customers time to smooth out their finances that may have...

Written Ministerial Statements — Treasury: Future Regulatory Framework Review and Solvency II Review (19 Oct 2020)

John Glen: In the written statement Financial Services Update on 23 June [HCWS309], the Chancellor announced that the Government would commence the next stage of the Future Regulatory Framework (FRF) Review and bring forward a review of certain features of Solvency II, the prudential regulatory regime for insurance firms. The Government has today laid the first FRF consultation on the wider regulatory...


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