Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what provision his Department has made in the sales prospectus for RBS for consequential losses arising from the FCA interest rate hedging product mis-selling redress scheme.
Answered by Harriett Baldwin
As detailed by the Chancellor in his speech to the Mansion House, the Government has decided to begin a sale of its shares in Royal Bank of Scotland (RBS).
The Government’s shareholding in RBS is managed at arm’s length from HM Treasury by UK Financial Investments (UKFI). UKFI will be responsible for the design and execution of any future sale.
Provision for the potential impact of regulatory fines or penalties is regularly published by RBS as part of the bank’s accounts process. This information is available to any prospective investor.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, for what reason personal independence payment claimants resident in North Wales who require a Capita assessment are given the option of attending clinics only in Cardiff and Swansea.
Answered by Justin Tomlinson - Minister of State (Department for Energy Security and Net Zero)
Capita offer all claimants in North Wales the opportunity to have the assessment conducted within their own home. Those claimants who wish to attend a clinic appointment are offered the nearest centre, which may include Cardiff and/or Swansea. Claimants are reimbursed their travel expenses.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the Connaught Income Fund Series 1 settlement negotiations.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.
On 10 March, the FCA provided an update on proceedings which can be found here:
https://www.fca.org.uk/news/fca-statement-on-connaught
The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will request the Financial Conduct Authority to ensure that its investigation into the Connaught Income Fund Series 1 will result in adequate compensation for investors in that fund; and if he will request a timescale for the payment of such compensation.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.
On 10 March, the FCA provided an update on proceedings which can be found here:
https://www.fca.org.uk/news/fca-statement-on-connaught
The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what representations he has received on the decision of the Financial Conduct Authority to withdraw from the Connaught Income Fund Series 1 settlement negotiations.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
I was very sorry to hear about the difficulties faced by investors in the Connaught Income Fund Series 1 and hope that the Financial Conduct Authority (FCA) are able to finalise their investigation promptly.
On 10 March, the FCA provided an update on proceedings which can be found here:
https://www.fca.org.uk/news/fca-statement-on-connaught
The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament. In view of the FCA’s independence it would not be appropriate for the Treasury to comment further on this ongoing investigation.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 10 March 2015 to Question 225793, for what reason the Driver and Vehicle Licensing Agency imposes a five per cent surcharge on people who pay by monthly direct debit, but does not do so on people who pay by annual direct debit.
Answered by Priti Patel
Motorists who buy a six month Vehicle Excise Duty (VED) licence have historically paid a ten per cent surcharge.
The Government has introduced a direct debit scheme for the payment of VED, to allow families and businesses to spread their tax payments. Under the scheme, the surcharge has been halved to five per cent when the tax is paid by six monthly and monthly instalments. The retention of a surcharge prevents a loss in VED revenue which would otherwise need to be made up elsewhere, by either increasing other taxes or reducing the Government’s investment in public services.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 23 January 2015 to Question 220917 and to the Answer of 26 January 2015 to Question 221596, what the surcharge is for payment by monthly direct debit for each licence administered by his Department.
Answered by David Gauke
The Driver and Vehicle Licensing Agency, an executive agency of the Department for Transport is responsible for administering Vehicle Excise Duty (VED) payments on behalf of HM Treasury. HM Treasury does not administer any other licences. Motorists who elect to pay VED by monthly direct debit pay a 5 per cent surcharge. The 5 per cent surcharge applies to payment of VED for cars, vans and motorcycles by monthly direct debit. No charge applies when paying by annual direct debit.
Asked by: Guto Bebb (Independent - Aberconwy)
Question
To ask the Secretary of State for Business, Innovation and Skills, when he plans to respond to the consultation, Regulatory and competition appeals: options for reform, which closed on 11 September 2013.
Answered by Jo Swinson
The Government is still considering some of the complex issues raised in the consultation before fully considering the way forward.
Steps have been taken to address one of the issues raised as part of the consultation. The Government has made provisions in the Consumer Rights Bill to allow for a widened pool of judges to sit as Chairs of the Competition Appeals Tribunal. This reform removes the time limit that judges can remain as Chairs and allows both Scottish judges and judges from the Queen’s Bench to be nominated as Chairs.
Asked by: Guto Bebb (Independent - Aberconwy)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, if he will make a comparative assessment of the effects of (a) judicial review standard and (b) merits-based appeals on the ability of Ofcom to carry out its functions.
Answered by Lord Vaizey of Didcot
The Government has already assessed the impacts of both standards of review. This was done as part of its analysis prior to consulting on options for reforming Regulatory and Competition Appeals in 2013.Asked by: Guto Bebb (Independent - Aberconwy)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, if he will make a comparative assessment of the cost of (a) legal fees and (b) legal advice relating to appeals of regulatory decisions to (i) Ofcom and (ii) other regulators in (A) 2013-14, (B) 2012-13 and (C) 2011-12.
Answered by Lord Vaizey of Didcot
There are no plans to make a comparative assessment. Information about legal costs relating to appeals of regulatory decisions can be sought directly from Ofcom and other economic regulators, who are independent from Government.