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To ask Her Majesty’s Government whether they have received indications of concern from the Financial Conduct Authority about the mis-selling of annuities as a result of failure to take into account health issues; and whether they have taken into account the same risk to those converting pension balances to a...
To ask Her Majesty’s Government whether they have received indications of concern from the Financial Conduct Authority about the mis-selling of annuities as a result of failure to take into account health issues; and whether they have taken into account the same risk to those converting pension balances to a...
In December 2014, the Financial Conduct Authority (FCA) published its thematic review on non-advised annuities sales. This found evidence that firms’ sales practices were contributing to consumers potentially buying the wrong annuity for their circumstances, particularly in not buying an enhanced (higher return) annuity when they may be eligible for one, for example if they have a medical condition.
The FCA is asking firms that participated in the review to conduct further work to determine whether its findings in relation to enhanced annuities are indicative of a widespread problem. The FCA will then review this additional evidence, and will consider what action to take.
The government’s new free and impartial pensions guidance service – Pension Wise – will encourage consumers seeking to take advantage of the new pensions freedoms to properly consider their health as part of their retirement income decision. The new pension flexibilities come into force on 6 April 2015, and the FCA has announced that, from that date, firms will have to provide retirement risk warnings to consumers at the point when they have decided they wish to take a specific action and access their defined contribution pension savings. For example, where a consumer says they would like to purchase an annuity and the provider identifies that the consumer has poor health, the provider should inform the consumer that they could be eligible for a better value annuity.
Order—on both sides of the Chamber. It is a gross discourtesy to the hon. Gentleman and to his constituents. The hon. Gentleman’s question will be heard.
Order—on both sides of the Chamber. It is a gross discourtesy to the hon. Gentleman and to his constituents. The hon. Gentleman’s question will be heard.
A young couple in my constituency were persuaded by Mr Steven Macsporran of the Advice Centre for Mortgages to put a legacy they had into a flat to rent in Turkey. He was an agent for ROPUK. They got no flat and lost £47,000. The Financial Ombudsman Service said that it could not give any advice because it was unregulated advice. Does the Prime Minister agree that that company, and companies like it, should not be allowed to advertise themselves as being regulated by the Financial Conduct Authority if they give such advice, and is it not time we dealt with this rip-off Britain problem?
A young couple in my constituency were persuaded by Mr Steven Macsporran of the Advice Centre for Mortgages to put a legacy they had into a flat to rent in Turkey. He was an agent for ROPUK. They got no flat and lost £47,000. The Financial Ombudsman Service said that it could not give any advice because it was unregulated advice. Does the Prime Minister agree that that company, and companies like it, should not be allowed to advertise themselves as being regulated by the Financial Conduct Authority if they give such advice, and is it not time we dealt with this rip-off Britain problem?
First, I pay tribute to the hon. Gentleman, who is standing down at the election. He has been a Member of Parliament for—[Interruption.] He is not?
First, I pay tribute to the hon. Gentleman, who is standing down at the election. He has been a Member of Parliament for—[Interruption.] He is not?
First, I pay tribute to the hon. Gentleman, who is standing down at the election. He has been a Member of Parliament for—[Interruption.] He is not?
A young couple in my constituency were persuaded by Mr Steven Macsporran of the Advice Centre for Mortgages to put a legacy they had into a flat to rent in Turkey. He was an agent for ROPUK. They got no flat and lost £47,000. The Financial Ombudsman Service said that it could not give any advice because it was unregulated advice. Does the Prime Minister agree that that company, and companies like it, should not be allowed to advertise themselves as being regulated by the Financial Conduct Authority if they give such advice, and is it not time we dealt with this rip-off Britain problem?
I am not.
I am not.
I am sorry. Let me rephrase that. [Interruption.] I want to defend my team, because this is my 146th appearance at the Dispatch Box for Prime
Minister’s questions, and they normally get these things right. Let me pay tribute to the hon. Gentleman anyway and wish him luck in the current battle he has in his constituency.
We have all heard such cases in our constituency surgeries, from people who put their money into timeshare schemes with companies that subsequently turned out to be disreputable. We have all then had the challenge of getting those companies properly uncovered and regulated. I will look into the specific case and write to him, either in his capacity as an MP or whatever it is after the election.
I am sorry. Let me rephrase that. [Interruption.] I want to defend my team, because this is my 146th appearance at the Dispatch Box for Prime
Minister’s questions, and they normally get these things right. Let me pay tribute to the hon. Gentleman anyway and wish him luck in the current battle he has in his constituency.
We have all heard such cases in our constituency surgeries, from people who put their money into timeshare schemes with companies that subsequently turned out to be disreputable. We have all then had the challenge of getting those companies properly uncovered and regulated. I will look into the specific case and write to him, either in his capacity as an MP or whatever it is after the election.
A young couple in my constituency were persuaded by Mr Steven Macsporran of the Advice Centre for Mortgages to put a legacy they had into a flat to rent in Turkey. He was an agent for ROPUK. They got no flat and lost £47,000. The Financial Ombudsman Service said that it could not give any advice because it was unregulated advice. Does the Prime Minister agree that that company, and companies like it, should not be allowed to advertise themselves as being regulated by the Financial Conduct Authority if they give such advice, and is it not time we dealt with this rip-off Britain problem?
Q11
.
Michael Connarty (Linlithgow and East Falkirk) (Lab):
A young couple in my constituency—[Interruption.]
Q11
.
Michael Connarty (Linlithgow and East Falkirk) (Lab):
A young couple in my constituency—[Interruption.]
I begin by expressing my personal gratitude to you, Mr Speaker, for selecting this important subject for an Adjournment debate this evening. The Ark pension schemes were put in place a few years ago to offer an apparently lawful method by which participants could realise a substantial proportion of their...
I begin by expressing my personal gratitude to you, Mr Speaker, for selecting this important subject for an Adjournment debate this evening. The Ark pension schemes were put in place a few years ago to offer an apparently lawful method by which participants could realise a substantial proportion of their...
I congratulate the right hon. Member for Blackburn (Mr Straw) on securing the debate and on setting out his case so clearly and with such forensic skill, which has been a characteristic of his role as a Member of Parliament for some 36 years.
As the right hon. Gentleman outlined, the...
I congratulate the right hon. Member for Blackburn (Mr Straw) on securing the debate and on setting out his case so clearly and with such forensic skill, which has been a characteristic of his role as a Member of Parliament for some 36 years.
As the right hon. Gentleman outlined, the...
Of course I accept, as does, I think, everyone in this House, that if we are going to have arrangements by which people are able to save up for their retirement and to gain tax advantages in doing so, we cannot, in principle, have a situation where, in advance of...
Of course I accept, as does, I think, everyone in this House, that if we are going to have arrangements by which people are able to save up for their retirement and to gain tax advantages in doing so, we cannot, in principle, have a situation where, in advance of...
The right hon. Gentleman puts his constituent’s case very well. In the situation as he describes it, it is hard not to be sympathetic to an individual placed in that position. However, the law is very clear that a loan payment of this sort constitutes a “payment”, and certain consequences...
The right hon. Gentleman puts his constituent’s case very well. In the situation as he describes it, it is hard not to be sympathetic to an individual placed in that position. However, the law is very clear that a loan payment of this sort constitutes a “payment”, and certain consequences...
It may be that the Minister is coming to my fourth question, but I would be grateful to know whether it is correct, as my constituent claims, that Ark held out that it was regulated by HMRC and the Pensions Regulator. If that is correct, does he believe that any...
It may be that the Minister is coming to my fourth question, but I would be grateful to know whether it is correct, as my constituent claims, that Ark held out that it was regulated by HMRC and the Pensions Regulator. If that is correct, does he believe that any...
I reassure the right hon. Gentleman that I will turn to his fourth question in a moment, but before I do I hope it will be helpful if I first say a little more about what HMRC is doing in this area, and then I will deal with his question...
I reassure the right hon. Gentleman that I will turn to his fourth question in a moment, but before I do I hope it will be helpful if I first say a little more about what HMRC is doing in this area, and then I will deal with his question...
Agreed to on question.
Agreed to on question.
To ask the Secretary of State for Business, Innovation and Skills, for what reasons publication of the final report on the review of enforcement of the Consumer Protection from Unfair Trading Regulations 2008 in respect of copycat packaging has been delayed; and when he plans to publish that report.
To ask the Secretary of State for Business, Innovation and Skills, for what reasons publication of the final report on the review of enforcement of the Consumer Protection from Unfair Trading Regulations 2008 in respect of copycat packaging has been delayed; and when he plans to publish that report.
I regret that it has not yet proved possible to publish the report. The detailed and full responses we received have led to officials making further inquiries into a number of issues. It is important that the views of interested parties are properly considered, and that we take the necessary time to do this. We will issue the report as soon as possible.
To ask the Secretary of State for Business, Innovation and Skills, what timetable the Government has in place to provide civil injunctive powers to businesses, in respect of copycat packaging, under the Consumer Protection from Unfair Trading Regulations 2008.
To ask the Secretary of State for Business, Innovation and Skills, what timetable the Government has in place to provide civil injunctive powers to businesses, in respect of copycat packaging, under the Consumer Protection from Unfair Trading Regulations 2008.
No timetable has been set as no decision has been taken to provide civil injunctive powers for businesses, in respect of copycat packaging, under the Consumer Protection from Unfair Trading Regulations 2008. We will issue a report on this subject as soon as possible.
To ask the Secretary of State for Business, Innovation and Skills, which organisations the Minister for (a) Intellectual Property and (b) Employment Relations and Consumer Affairs has met to discuss the review of enforcement of the Consumer Protection from Unfair Trading Regulations 2008 in respect of copycat packaging.
To ask the Secretary of State for Business, Innovation and Skills, which organisations the Minister for (a) Intellectual Property and (b) Employment Relations and Consumer Affairs has met to discuss the review of enforcement of the Consumer Protection from Unfair Trading Regulations 2008 in respect of copycat packaging.
Neither my noble Friend the Minister for Intellectual Property nor I have met with any organisations to discuss this review. However, officials have met with a number of organisations which responded to our Call for Evidence on this issue including at a stakeholder event organised last year.
To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to raise consumers' awareness of their rights following poor service from fact-checking websites for Government-provided services such as the EHIC card.
To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to raise consumers' awareness of their rights following poor service from fact-checking websites for Government-provided services such as the EHIC card.
As the focal point of delivery of all government-funded consumer advice and information, the Citizens Advice Service is a one stop shop where consumers can find advice about their rights from a team of consumer advice experts but if they feel they have had poor service from a fact checking websites.
Citizens Advice and Citizens Advice Scotland can advise on consumers’ rights under the Consumer Protection from unfair Trading Regulations (CPRs). These regulations set out broad rules outlining when commercial practices are unfair. These fall into three main categories:
- Misleading practices, like false or deceptive information or descriptions, or being misleading by leaving out important information.
- Aggressive sales techniques that use harassment, coercion or undue influence.
- Conduct below a level which may reasonable be expected towards consumers (honest market practice/good faith).
Consumers can contact Citizens Advice consumer helpline on 03454 04 05 06 or use the website: www.adviceguide.org.uk.
In addition, anyone wishing to report a copycat website can find information on GOV.UK - Avoid and report Internet Scams and Phishing, which provides information for common services affected including tax and passports.
As the member for Colne Valley was advised by my right honourable Friend the Minister for the Cabinet Office on 26th February, the Government is working with search engine providers and others such as the Advertising Standards Authority (ASA) and National Trading Standards Board (NTSB) to address the problems that can arise from misleading / copycat websites in relation to official government online services.
The Advertising Standards Associations (ASA) has responsibility for ensuring compliance with the British Code of Advertising, Sales Promotion and Direct Marketing. Complaints about misleading advertisements can be made through ASA’s website at: www.asa.org.uk.
However, the best place to access official government services remains GOV.UK, the single website for government. Action is taken against websites that pass themselves off as Government sites, or claim to be acting on behalf of the Government when they are not. Last year four search warrants were executed on properties in England. The operation led to the arrest of five individuals and disrupted the operation of at least 25 copycat websites.
To ask the Secretary of State for Business, Innovation and Skills, what steps his Department is taking to resolve the mis-selling of Enterprise Finance Guarantee loans to small business by the Royal Bank of Scotland.
To ask the Secretary of State for Business, Innovation and Skills, what steps his Department is taking to resolve the mis-selling of Enterprise Finance Guarantee loans to small business by the Royal Bank of Scotland.
The Enterprise Finance Guarantee (EFG) is a valuable programme that helps viable businesses get access to finance where they have insufficient security or an inadequate track record. Since launch, EFG has supported SMEs by enabling over 23,000 loans with a total value of some £2.4bn (as at 31 December 2014) and has a significant wider economic benefit. Funding for up to a further £500 million of lending was made available for 2015/16 in the 2014 Autumn Statement.
Following evidence of concerns of lending by the Royal Bank of Scotland (RBS) in August 2014, the Department asked RBS to instigate an internal review into this issue. The findings of that review and a proposed course of action were presented at a meeting with the British Business Bank in December 2014, and senior executives from RBS met my right hon. Friend the Secretary of State for Business, Innovation and Skills on 14 January 2015. I have asked the British Business Bank – which now administers the programme on behalf of the Department – to continue to closely monitor the action being taken by RBS to address these issues. I have been given assurance from RBS that they will put right any cases where they are at fault to ensure that no detriment is suffered by either the borrower or the taxpayer.