Asked by: Lord Johnson of Marylebone (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to ensure the accuracy of information provided to his Department by HMRC on the 2019 Loan Charge.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Treasury has worked very closely with HMRC throughout the development of the policy. Officials in both departments work within the framework of the Civil Service Code, which sets out the standards of behaviour, including objectivity and honesty, by which Civil Servants must abide. The code is available here: https://www.gov.uk/government/publications/civil-service-code/the-civil-service-code.
More details on the tax policy making process are available here: https://webarchive.nationalarchives.gov.uk/20130102201052/http://www.hm-treasury.gov.uk/d/junebudget_tax_policy_making.pdf.
Asked by: Lord Johnson of Marylebone (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to make sure that adequate interim payments to third parties are made promptly by insurance companies after those companies have accepted liability.
Answered by John Glen
The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.
The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.
Asked by: Lord Johnson of Marylebone (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to stop insurance companies delaying interim payments to third parties to take advantage of potential changes to the Ogden discount rate.
Answered by John Glen
The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.
The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.
Asked by: Lord Johnson of Marylebone (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a legally binding code of conduct for insurance companies to protect (a) defendants and (b) claimants from the start of a third party claim to the final settlement.
Answered by John Glen
The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.
The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.