Results 1–20 of 2044 for speaker:John Glen

Written Answers — Treasury: Occupational Pensions (15 Mar 2019)

John Glen: Assessing the harm caused by unsuitable pension transfer advice and identifying the most effective ways to reduce it is a key priority for the Financial Conduct Authority (FCA). Last year, the FCA issued new rules and guidance on improving the quality of pension transfer advice. These provide advisers with a framework to better enable them to give good quality advice so that consumers can...

Written Answers — Treasury: Cryptocurrencies (14 Mar 2019)

John Glen: The Government has considered its approach to cryptoassets through the Cryptoassets Taskforce - comprised of the Treasury, the Bank of England, and the Financial Conduct Authority (FCA)[1]. The Government will be consulting on its approach to cryptoassets this year. The FCA has issued consumer warnings highlighting the risks of cryptoassets and warning that any individual investing in...

Written Answers — Treasury: Mortgages: Islam (14 Mar 2019)

John Glen: The Government is committed to the availability of Islamic finance in the UK to ensure that no one is denied access to competitive financial products for reasons of faith. Sharia-compliant home purchase plans are enabled by regulations overseen by the Financial Conduct Authority (FCA). They are currently offered by four UK banks. Beyond the requirements set out in the FCA regulations,...

Written Answers — Treasury: Access to Cash Review (14 Mar 2019)

John Glen: The Government is committed to safeguarding access to cash. We have been engaging, and will continue to engage with, the regulators and industry to ensure people continue to have real choice over how they spend their money. Last year we conducted a call for evidence on cash and digital payments in the new economy. This sought to gather evidence on how changing preferences for cash and...

Written Answers — Treasury: Bank Services: Closures (14 Mar 2019)

John Glen: Banks are under no obligation in law to inform customers of the reasons for an account closure. In addition, under s333A of the Proceeds of Crime Act 2002, it is a criminal offence for a person who has made a disclosure to the appropriate authorities under Part 7 (in relation to suspicions of money laundering) to inform the customer that they have done so, where that could prejudice an...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: It is a pleasure to serve under your chairmanship, Sir Christopher. I congratulate the hon. Member for Bishop Auckland (Helen Goodman) on securing this debate; I recognise that she has taken a keen interest in the issue and has been a doughty campaigner on matters of childcare and child poverty, following her 11 months as a Minister in the last Labour Government. I also acknowledge and will...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: I am grateful for that question about the regional and income breakdown of the distribution of child trust funds. Such information is published by HMRC and discriminates by region and county and by whether additional contributions were made; no income distribution data is collected by HMRC. I am happy to look into the matter further; if I can give the hon. Gentleman any more information, I...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: The key question is how an individual child knows what they have. The hon. Lady’s allegation is that this money is lost, but it is not lost; it is just that the individuals have not come to the point at which they can engage with it, which will happen at age 16 when they get a letter with their national insurance number. At 16, they are allowed to make decisions about their investment...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: Well, that point has been made in other forums. I am just trying to respond completely to the points that have been raised generally.

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: The key point is that children have access to this money when they are 18, but can influence decisions about it from the age of 16, when they are paying tax and have a national insurance number. They will gain that access mechanism when they secure their national insurance number. The hon. Member for Bishop Auckland made a point about how this issue should be depicted on the form when...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: The point I am making is that all individuals, no matter what their background is, will gain access to the funds at the point when they can gain their national insurance number, by reference to the letter that has been provided. I have had extensive conversations with my officials, and I note the hon. Lady’s reference to bureaucrats. She worked for over 20 years at the Treasury—I have the...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: I do not think that the hon. Lady’s raising her voice in an aggressive manner is going to help anyone. I have just set out the Government’s position and explained the detail of the provision. The hon. Lady has extrapolated some figures from one piece of analysis by one of the providers, which is not a reliable way of carrying on. I have told her about the action we took in January. The...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: On behalf of the Under-Secretary of State for Education, my hon. Friend the Member for Stratford-on-Avon (Nadhim Zahawi), who is the Minister responsible for this area and is currently before a Select Committee, I would be very happy to offer a meeting with hon. Members to discuss this matter further. It is his responsibility, and I am sure he would be very happy to attend. We have made...

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: I understand that the hon. Lady is not satisfied with my response. Meeting with the Minister would probably be the best way forward.

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: The key point here is: when does somebody have access to make investment decisions as a young person? It is when they turn 16, and then they can access it when they are 18. Trying to overlap the letter with the mother when actually it is about the beneficiary, who is the child, is not the route to go down.

Leaving the Eu: Fishing: Child Trust Funds — [Sir Christopher Chope in the Chair] (13 Mar 2019)

John Glen: The best way forward would be for the hon. Lady, who is clearly shaking her head and dissatisfied, to meet my colleague from the Department for Education. Hopefully, that will provide her with the answers she needs. Question put and agreed to.

Written Answers — Treasury: Crowdfunding (13 Mar 2019)

John Glen: The Government has introduced a robust and proportionate regulatory regime for peer-to-peer (P2P) lending, balancing the need for consumer protection with allowing the sector to grow, innovate and provide competition in the lending market. The British Business Bank’s Small Business Finance Markets 2018/19 report sets out that P2P business lending increased to nearly £2.3bn in 2018, and...

Written Answers — Treasury: Banks: Closures (11 Mar 2019)

John Glen: The Treasury does not make assessments of the bank branch network. The decision to close a branch is a commercial issue for the management team of the bank. However, Government believes it is important the impact on communities must be understood, considered and mitigated where possible. The Financial Conduct Authority undertook an analysis of branch closures as part of their Strategic...

Written Answers — Treasury: Financial Conduct Authority (11 Mar 2019)

John Glen: The Government has taken steps to make the Financial Conduct Authority (FCA) accountable to HM Treasury, Parliament and the public. For example, under the Financial Services Act 2012, the FCA is required to produce annual reports and accounts which are laid before Parliament. It is subject to a full audit by the National Audit Office, which has the ability to launch VFM studies on the FCA....

Written Answers — Treasury: Financial Conduct Authority (11 Mar 2019)

John Glen: The Financial Services and Markets Act 2000 (FSMA) provides the Financial Conduct Authority (FCA) with immunity from liability in damages, including damages arising as a result of negligence. It is important, however, to bear in mind that this statutory immunity does not confer immunity from (i) claims that property rights protected by Article 1 Protocol 1 of the Human Rights Act 1998 have...


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