Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on Wells Fargo bank.
Answered by Simon Kirby
Treasury Ministers and officials meet regularly with the Financial Conduct Authority to discuss relevant regulatory issues.
As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he has met representatives of Wells Fargo bank to discuss the selling of financial products by that bank.
Answered by Simon Kirby
The Chancellor has not met with representatives of Wells Fargo bank.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the reported £16 billion set aside by Lloyds Banking Group for the mis-selling of payment protection insurance.
Answered by Simon Kirby
Treasury Ministers and officials meet regularly with the Financial Conduct Authority to discuss relevant regulatory issues.
As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when (a) Government Ministers or civil servants and (b) representatives of the Bank of England last met representatives of Wells Fargo.
Answered by Simon Kirby
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. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:
The Bank of England is independent of Government, and so the Treasury is not in a position to comment on meetings held by its officials.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
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 alleged misselling of financial products by high street banks.
Answered by Simon Kirby
The Chancellor has meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department plans to investigate reports of misconduct by Royal Bank of Scotland relating to small business finance.
Answered by Simon Kirby
HM Treasury has no plans to investigate these reports. This is a matter for the Financial Conduct Authority, which is undertaking a review.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will conduct an investigation into the sales practices of Wells Fargo in the UK.
Answered by Simon Kirby
Investigations into the conduct of financial services in the United Kingdom are a matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.
The questions have been passed on to the FCA. The FCA will reply directly to the Honorable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the level of financial protection available to investors in mini-bonds not covered under the financial services compensation scheme.
Answered by Simon Kirby
The government is committed to regulating only where there is a clear case for doing so, in order to avoid putting additional costs on lenders that would ultimately lead to higher costs for businesses and consumers.
The marketing and promotion of mini-bonds is subject to financial promotion restrictions set out in the Financial Services and Markets Act (FSMA). Firms that fail to meet any of these requirements may be subject to enforcement action by the Financial Conduct Authority (FCA).
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to increase financial protection for investors within the UK who invest in mini-bonds.
Answered by Simon Kirby
The government is committed to regulating only where there is a clear case for doing so, in order to avoid putting additional costs on lenders that would ultimately lead to higher costs for businesses and consumers.
The marketing and promotion of mini-bonds is subject to financial promotion restrictions set out in the Financial Services and Markets Act (FSMA). Firms that fail to meet any of these requirements may be subject to enforcement action by the Financial Conduct Authority (FCA).