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Results 1–20 of 653 for in the 'Written Answers' speaker:John Glen

Written Answers — Treasury: Financial Services: Payments (16 Jul 2018)

John Glen: In January 2018, European Union legislation (PSDII) introduced a mandatory ban on surcharging for the vast majority of consumer cards - Visa and MasterCard - with the Government extending the ban to all retail payment instruments. The intention is to make the rules around surcharging less confusing for customers and reduce the chances of the customer being taken advantage of by any...

Written Answers — Treasury: Insurance: Fees and Charges (16 Jul 2018)

John Glen: The Government is determined that insurers treat customers fairly, and firms are required to do so under Financial Conduct Authority (FCA) rules. In addition, the Equality Act 2010 prohibits insurers from discriminating on the basis of ethnic origin. The FCA is currently conducting detailed discovery work into pricing practices used by insurers to develop a clear understanding of current...

Written Answers — Treasury: Individual Savings Accounts (16 Jul 2018)

John Glen: During the first financial year 2017/18 there was no unauthorised withdrawal charge in place. The data for 2018/19 is not yet available, but HMRC will publish it in due course.

Written Answers — Treasury: Mortgages: Repossession Orders (16 Jul 2018)

John Glen: The Government has already taken a number of measures aimed at helping people avoid repossession, including the Support for Mortgage Interest loan, which is available to help vulnerable homeowners meet their mortgage interest costs; and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders. The Financial...

Written Answers — Treasury: Financial Services: Regulation (6 Jul 2018)

John Glen: It is the responsibility of the independent financial regulators, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator, to supervise firms’ compliance with financial sector regulations and, when necessary, take enforcement action against firms that breach the rules.

Written Answers — Treasury: Financial Services: ICT (6 Jul 2018)

John Glen: While the Government has not made the described assessment, the Government does recognise that people are increasingly moving away from cash and that the growth in the use of digital payments has been rapid. Cash continues to be important, especially for the more vulnerable members of society and the elderly, and for the day-to-day lives of many consumers and businesses in the UK. The...

Written Answers — Treasury: Financial Services: Powers of Attorney (6 Jul 2018)

John Glen: The Government believes that it is important that banks should identify their customers for their own commercial purposes and as part of the fight against financial crime. Each firm will have their own policies on identification, and Government does not prescribe those detailed policies. However, my previous answer on 2 July 2018 referred to the Joint Money Laundering Steering Group (JMLSG)...

Written Answers — Treasury: Children: Day Care (5 Jul 2018)

John Glen: I refer the member to the answer given to her question of 11 June 2018 [UIN 150246].

Written Answers — Treasury: Instalment Credit (5 Jul 2018)

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. This includes regular meetings with the Financial Conduct Authority (FCA) to discuss relevant regulatory issues. The government welcomed the FCA’s May update on high-cost credit, including a proposal to cap the...

Written Answers — Treasury: Personal Savings (5 Jul 2018)

John Glen: The Government is committed to supporting savers at all stages of life and has introduced a range of measures in recent years to help people build their savings in the way that is right for them. This year we are introducing a new Help to Save scheme to support working families on low incomes to build up a rainy-day fund, by offering a 50% bonus on up to £50 of monthly savings. We have...

Written Answers — Treasury: Halifax Bank of Scotland: Fraud (4 Jul 2018)

John Glen: This is a matter for the operationally independent Financial Conduct Authority (FCA). This report was provided to the FCA and the police at the time, in 2014. The FCA is currently investigating the extent and nature of the knowledge of the discovery of misconduct within HBOS Impaired Assets office in Reading and HBOS’ communications with the regulator after the initial discovery of...

Written Answers — Treasury: Visa (4 Jul 2018)

John Glen: We take the operational resilience of the finance sector and any detrimental impacts very seriously. HM Treasury works closely with the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively the ‘Financial Authorities’) – as well as other organisations where relevant such as the Payment Systems Regulator (PSR) - to...

Written Answers — Treasury: Health Insurance: Insurance Premium Tax (3 Jul 2018)

John Glen: The government regularly keeps all taxes under review. This includes Insurance Premium Tax.

Written Answers — Treasury: Metals and Stone: Theft (3 Jul 2018)

John Glen: The Government believes that it is important that everyone has access to suitable insurance products at the right price. As a rule, insurers use their claims experience and other industry-wide statistics to set the terms and price at which they will offer insurance cover. Insurers make a risk assessment based on the likelihood a claim being made and the potential cost of that claim. To...

Written Answers — Treasury: Bank Services: Fees and Charges (2 Jul 2018)

John Glen: Ministers have regular meetings with Ministerial colleagues and others as part of the process of policy development and delivery. As was the case with previous administrations, it is not the Government's practice to provide details of all such meetings. Decisions on overdraft fees and charges are a commercial matter for firms. The Financial Conduct Authority (FCA) requires firms to treat...

Written Answers — Treasury: Finanical Services: Powers of Attorney (2 Jul 2018)

John Glen: There are no specific regulations which require financial institutions, including banks, to request proof of power of attorney before that person withdraws money from a dependent’s bank account. However, the Money Laundering Regulations 2017 do require firms to identify and verify their customer’s identity when they establish a business relationship, for example, by opening a...

Written Answers — Treasury: Bank Services: Misconduct (28 Jun 2018)

John Glen: This is a matter for the operationally independent Financial Conduct Authority (FCA). The FCA continues to conduct an ongoing investigation into Royal Bank of Scotland’s Global Restructuring Group, focusing on whether there is any basis for enforcement action. The details of FCA enforcement actions are published on its website.

Written Answers — Treasury: LIBOR: Fraud (28 Jun 2018)

John Glen: The Serious Fraud Office began an investigation into the manipulation of interbank lending rates in 2012. In relation to EURIBOR, 11 individuals have been charged, five of whom are currently at trial. One defendant has pleaded guilty to the charges. There are currently European Arrest Warrants issued in respect of the remaining five suspects. In relation to LIBOR, 13 individuals have had...

Written Answers — Treasury: Bank Services: Fines (28 Jun 2018)

John Glen: The details of enforcement actions taken by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), including fines levied on banks, are published on their websites.

Written Answers — Treasury: Halifax Bank of Scotland: Fraud (28 Jun 2018)

John Glen: This is a matter for the operationally independent Financial Conduct Authority (FCA). This report was provided to the FCA and the police at the time, in 2014. The FCA is currently investigating the extent and nature of the knowledge of the discovery of misconduct within HBOS Impaired Assets office in Reading and HBOS’ communications with the regulator after the initial discovery of...


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