Asked by: Jared O'Mara (Independent - Sheffield, Hallam)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the effect of recent bank branch closures on (a) rural and suburban communities and (b) the community of Sheffield Hallam constituency.
Answered by 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 Review of Retail Banking Business Models. This analysis can be found in Annex 1 of the final report (https://www.fca.org.uk/publication/multi-firm-reviews/strategic-review-retail-banking-business-models-final-report.pdf)
Asked by: Jared O'Mara (Independent - Sheffield, Hallam)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will revise upwards the level of compensation paid to people who experienced financial loses as a result of the mismanagement of Equitable Life.
Answered by John Glen
Around £1.5bn tax free has already been allocated to the Equitable Life Payment Scheme, which closed to new claims in 2015. There are no plans to reopen the Payment Scheme or to allocate further funds to it.
Asked by: Jared O'Mara (Independent - Sheffield, Hallam)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will meet with representatives of NatWest to discuss the potential effect on that bank's elderly and vulnerable customers of the proposed closure of its Millhouses branch in Sheffield.
Answered by John Glen
The decision to open and close a bank branch remains a commercial judgement for banks, which the Government does not intervene in. However, the impact on communities must be understood, considered and mitigated where possible.
The Access to Banking Protocol Standard commits banks to ensure personal and business customers are better informed about branch closures and the reasons for them closing, along with the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. The Access to Banking Standard is monitored and enforced by the independent Lending Standards Board.
The independent financial services regulator - the Financial Conduct Authority (FCA) - requires firms to treat their customers fairly, including the elderly and the vulnerable, and has broad and robust powers to enforce breaches of its rules. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to deal with such customers appropriately.
Asked by: Jared O'Mara (Independent - Sheffield, Hallam)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many audits have been carried out by HMRC on British Airways in relation to its pilots' time away from base allowance in the last five years.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The administration of the tax system, including where appropriate the repayment of tax or duties, is a matter for HM Revenue and Customs. It would not be appropriate for Treasury Ministers to become involved in specific cases.