John Glen: Throughout the COVID-19 pandemic, there has been unprecedented demand for banking services, this accompanied with working restrictions due to social distancing has meant banks have faced significant capacity pressures which has limited their ability to meet demand for bank accounts, among other things. Banks continue to work hard to meet this demand. Ultimately, the decisions about what...
John Glen: We are considering all appropriate and effective means of constraining the finances of the Lukashenko regime. The UK has already made more than 100 sanctions designations in response to the fraudulent elections and subsequent human rights violations in Belarus and remains committed to taking action against those responsible for the continued suppression of democracy, human rights and...
John Glen: Appointments to the Monetary Policy Committee are made on merit following fair and open competition. Appointments have come from diverse educational and professional backgrounds to ensure the committee benefits from a wide range of expertise.
John Glen: Decisions concerning the pricing and availability of loans, including application requirements, remain commercial decisions for lenders and the Government does not seek to intervene. For individuals applying for new credit, it remains important that lenders are able to carry out proper checks to ensure that they are not lending in an unaffordable way, especially if, for example, a...
John Glen: This question has been passed on to the Financial Conduct Authority (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.
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. Local authorities have significant freedoms to choose what investments they make and how to finance them. The Government funded £617m for the...
John Glen: The number of protected Child Trust Funds in Wales can only be made available at a disproportionate cost.
John Glen: Regulatory rules, known as Strong Customer Authentication (SCA), apply to UK banks and other UK payment service providers. These rulesâ¯aim to improve security and reduce fraud by ensuring that the person requesting accessâ¯to a payment account, or trying to make a payment, is either the payer or someone to whom they have given consent. The Financial Conduct Authority (FCA) is responsible...
John Glen: Throughout the COVID-19 pandemic, there has been unprecedented demand for banking services, this accompanied with working restrictions due to social distancing has meant banks have faced significant capacity pressures which has limited their ability to meet demand for bank accounts, among other things. Banks continue to work hard to meet this demand. Ultimately, the decisions about what...
John Glen: At the 2021 Spring Budget the Chancellorâ¯announced changes to increase the legal single contactless payment limit from⯣45 to £100, and the cumulative transaction limit from £130â¯to £300.â¯The legal contactless payment limits are set by the Financial Conduct Authority (FCA) through the Strong Customer Authentication rules, andâ¯the FCAâ¯has the power to amendâ¯these...
John Glen: The Help to Buy: ISA scheme aims to help those struggling to save enough to get onto the housing ladder. The property price cap allows the Government to target support at the first-time buyers who need it the most. The scheme includes a higher property value cap of £450,000 for properties in London compared to £250,000 anywhere else in the UK. The latest statistics show that since the...
John Glen: Appointments to the Monetary Policy Committee are made on merit following fair and open competition. In the last 5 years appointments have come from diverse educational and professional backgrounds to ensure the committee benefits from a wide range of expertise.
John Glen: Throughout the pandemic, the Government has sought to protect people’s jobs and livelihoods while also supporting businesses of all sizes across the UK. We put in place an economic support package totaling £352 billion through the furlough and self-employed income support schemes, as well as support for businesses of all sizes through grants and loans, business rates and VAT relief, and a...
John Glen: It is normal practice when a government department proposes to undertake a contingent liability in excess of £300,000 and for which there is no statutory authority, for the Minister concerned to present a departmental Minute to parliament, giving particulars of the liability created and explaining the circumstances. I wish to notify Parliament of a contingent liability that has been created...
John Glen: The Community Access to Cash Pilots are an industry-led initiative taking place in eight locations across the UK. These pilots are trialling and testing sustainable solutions for ensuring that communities can conveniently withdraw and deposit cash, and identifying ways basic banking services can be better delivered. The pilots include Bank Hubs in Cambuslang and Rochford, which industry...
John Glen: On 26 June the FCA issued a consumer warning stating that due to the imposition of requirements, Binance Markets Limited is not currently permitted to undertake any regulated activities without the FCA’s prior written consent. The FCA asked Binance.com to display the consumer warning on their website. The FCA’s announcement relates to the UK entity (Binance Markets Limited) and does not...
John Glen: Decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies. It would be inappropriate for the Government to intervene in the processes that accompany such commercial decisions. However, the Government has always been clear - throughout the pandemic - that lenders should remain open to new customers where it is operationally...
John Glen: The UK, like many countries globally, is actively exploring the potential role of central bank digital currencies, which would be an electronic form of central bank money that could be used by households and businesses to make payments. The Bank of England published a discussion paper in March 2020, which consideredâ¯the possibility of a retailâ¯central bank digital currency. At Fintech...
John Glen: The Government recognises the importance of cash to the daily lives of millions of people and businesses across the UK, including those who may be on low incomes or vulnerable. That is why at the March 2020 Budget, the Government committed to legislating to protect access to cash and ensuring that the UK’s cash infrastructure is sustainable in the longer term. On 1 July 2021, the...
John Glen: Technical discussions on the text of the Memorandum of Understanding on financial services regulatory cooperation between the UK and EU have concluded. The Memorandum of Understanding, once signed, will establish the Joint UK-EU Financial Regulatory Forum, which will serve as a platform to facilitate dialogue on financial services issues. This is an important step toward normalising the...