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Written Question
Equitable Life Assurance Society: Compensation
Tuesday 8th October 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will issue guidance on the recourse available to people in Crewe and Nantwich constituency who have either not been paid out for Equitable Life or who have received insufficient compensation.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.


Written Question
Elysian Fuels
Monday 9th September 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that constituents in Crewe and Nantwich constituency that were mis-sold investments in Elysian Fuels by James Hay will be compensated.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

Consumers with complaints of this kind may be able to refer their complaint to the Financial Ombudsman Service (FOS).

The FOS is an independent, non-governmental body, established to provide for the proportionate, prompt and informal resolution of consumer complaints against financial services firms. Whether or not an individual complaint can be taken to the FOS will ultimately depend on the individual details. The eligibility of a complaint would be a matter for the FOS to consider.


Written Question
London Capital and Finance: Insolvency
Tuesday 2nd July 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department taking following the collapse of London Capital & Finance to ensure that mini-bond holders in Crewe and Nantwich will be properly compensated.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The administrators for London Capital & Finance (LCF) are currently estimating recoveries for investors affected by LCF’s failure.

The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF’s administrators and the Financial Conduct Authority (FCA) to understand more about LCF’s activities and whether there are grounds for compensation.

The FSCS is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Prudential Regulation Authority (PRA) and the FCA, who are also independent of Government.

If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.


Written Question
Insurance: Misrepresentation
Tuesday 11th June 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the FCA has made of the potential merits of excluding vulnerable consumers, such as those claiming on behalf of a deceased person, from the deadline for claims for the mis-selling of PPI.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government has been clear that the mis-selling of Payment Protection Insurance (PPI) was wrong, and affected consumers should receive redress.

The deadline for making PPI claims and supporting consumers in making PPI claims are matters for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has therefore been passed on to the FCA who will reply directly to the honourable member. A copy of their response will be placed in the Library of the House.


Written Question
Insurance: Misrepresentation
Tuesday 11th June 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps (a) his Department and (b) the FCA is taking to raise awareness of the ability of the next-of-kin of deceased persons to bring a complaint for the mis-selling of PPI and their right to reclaim.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government has been clear that the mis-selling of Payment Protection Insurance (PPI) was wrong, and affected consumers should receive redress.

The deadline for making PPI claims and supporting consumers in making PPI claims are matters for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has therefore been passed on to the FCA who will reply directly to the honourable member. A copy of their response will be placed in the Library of the House.


Written Question
Equitable Life Assurance Society: Compensation
Tuesday 16th April 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will (a) undertake a review of the compensation afforded to people affected by Equitable Life and (b) issue guidance on recourse available to people affected in Crewe and Nantwich constituency that have (i) not been paid and (ii) received insufficient compensation.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.


Written Question
Debt Collection: Corruption
Monday 11th March 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent steps he has taken to (a) reform and (b) tackle widespread corruption in the debt collection industry.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The government transferred the regulation of debt collection industry acvtivity to the Financial Conduct Authority in 2014. FCA regulation of debt collection agencies (DCAs) provides strong protections for consumers.

In particular, DCAs under FCA regulation have to comply with the FCA’s high-level principle to treat customers fairly, offer appropriate forbearance, and signpost individuals to free, impartial debt advice should a consumer be in default, or in arrears difficulty.


Written Question
Child Benefit
Thursday 14th February 2019

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to increase the £50,000 earnings limit in respect of the High income benefit charge.

Answered by Elizabeth Truss

The adjusted net income threshold above which an individual becomes liable for the HICBC is £50,000. The government believes this is currently the correct level for the threshold, but as with all elements of tax policy this remains under review.


Written Question
VAT: Repayments
Friday 9th November 2018

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of levels of performance in processing and paying VAT refunds.

Answered by Mel Stride - Secretary of State for Work and Pensions

HMRC continually monitors its performance for processing and making VAT repayment returns (refunds). It processes around 2 million repayment returns annually. Over 90% of all repayments are authorised within 10 working days of receipt.

As part of its responsibilities for the care and management of the VAT system, HMRC is required to make reasonable enquiries prior to making a repayment to prevent VAT fraud, which is damaging to the UK economy. It gives high priority to checking repayment returns as it is aware of the importance of cash-flow to smaller businesses.

In circumstances where HMRC takes over 30 days to process a repayment return, a Repayment Supplement is paid. Repayment Supplement is due on less than 1% of repayments received.


Written Question
VAT: Repayments
Friday 9th November 2018

Asked by: Laura Smith (Labour - Crewe and Nantwich)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the new online service for VAT refunds on the time it takes to process and pay VAT refunds.

Answered by Mel Stride - Secretary of State for Work and Pensions

Making Tax Digital should not have an impact on the VAT refunds process nor on paying VAT refunds.