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To ask the Chancellor of the Exchequer, how many claims for refunds from Wonga customers who were mis-sold higher risk loans remain outstanding; and if he will make an assessment of the potential merits of providing support from the public purse to those customers who only received 4.3 per cent...
To ask the Chancellor of the Exchequer, how many claims for refunds from Wonga customers who were mis-sold higher risk loans remain outstanding; and if he will make an assessment of the potential merits of providing support from the public purse to those customers who only received 4.3 per cent...
When a firm enters administration, assets are pooled and used to cover customer redress claims and administration costs. In the case of Wonga, the pooled assets are not sufficient to meet all of the redress claims. The administrator, Grant Thornton UK LLP, is therefore unable to pay out 100% of these claims and must address claims in order of the creditor hierarchy. The number of redress claims and the amounts due in the case of Wonga is a matter for the administrators.
The Financial Conduct Authority (FCA), who regulate payday loans, has the power to decide which activities are given Financial Services Compensation Scheme (FSCS) protection. In 2016, the FCA decided not to extend FSCS protection to most consumer credit activities because it believed other regulatory requirements were sufficient. The full reasoning behind the FCA’s decision is set out in a letter from their Chief Executive to the Chair of the Treasury Select Committee on 15 February 2019.
In the last month we have seen the Financial Times predicting that the Chancellor will miss his balanced budget target, and today we have seen zero growth in the economy. At the same time, Mr Dominic Cummings has demanded cuts in taxes and massive spending commitments, so the Chancellor has resorted to floating a possible raid on middle-income pensions, a mansion tax—once described as Marxist—and a 5% cuts round to find some money to pay for Mr Cummings’s demands. Yet in the real world out there, the victims of Wonga, the payday loan company, were told a fortnight ago that they would receive less than 5% of the compensation that they are owed. Will the Chancellor take a break from his arm-wrestling with Mr Cummings, and introduce measures to compensate the Wonga victims fully?
In the last month we have seen the Financial Times predicting that the Chancellor will miss his balanced budget target, and today we have seen zero growth in the economy. At the same time, Mr Dominic Cummings has demanded cuts in taxes and massive spending commitments, so the Chancellor has resorted to floating a possible raid on middle-income pensions, a mansion tax—once described as Marxist—and a 5% cuts round to find some money to pay for Mr Cummings’s demands. Yet in the real world out there, the victims of Wonga, the payday loan company, were told a fortnight ago that they would receive less than 5% of the compensation that they are owed. Will the Chancellor take a break from his arm-wrestling with Mr Cummings, and introduce measures to compensate the Wonga victims fully?
I think that I have to correct myself. I said that there was talent throughout the country, but, judging by what we have just heard, I do not think that that includes the Labour party.
There is all sorts of speculation about the Budget, and I am not going to respond to that. However, the right hon. Gentleman will know that when the Budget is published, it will be published alongside a report by the independent Office for Budget Responsibility. Those are the figures that are going to matter, not the ones that are speculated about in the press. As for growth, the right hon. Gentleman will also know that although there has been a fall in global growth, the International Monetary Fund forecasts that Britain will grow faster this year than France, Germany, Italy and Japan.
I think that I have to correct myself. I said that there was talent throughout the country, but, judging by what we have just heard, I do not think that that includes the Labour party.
There is all sorts of speculation about the Budget, and I am not going to respond to that. However, the right hon. Gentleman will know that when the Budget is published, it will be published alongside a report by the independent Office for Budget Responsibility. Those are the figures that are going to matter, not the ones that are speculated about in the press. As for growth, the right hon. Gentleman will also know that although there has been a fall in global growth, the International Monetary Fund forecasts that Britain will grow faster this year than France, Germany, Italy and Japan.
I think that I have to correct myself. I said that there was talent throughout the country, but, judging by what we have just heard, I do not think that that includes the Labour party.
There is all sorts of speculation about the Budget, and I am not going to respond to that. However, the right hon. Gentleman will know that when the Budget is published, it will be published alongside a report by the independent Office for Budget Responsibility. Those are the figures that are going to matter, not the ones that are speculated about in the press. As for growth, the right hon. Gentleman will also know that although there has been a fall in global growth, the International Monetary Fund forecasts that Britain will grow faster this year than France, Germany, Italy and Japan.
In the last month we have seen the Financial Times predicting that the Chancellor will miss his balanced budget target, and today we have seen zero growth in the economy. At the same time, Mr Dominic Cummings has demanded cuts in taxes and massive spending commitments, so the Chancellor has resorted to floating a possible raid on middle-income pensions, a mansion tax—once described as Marxist—and a 5% cuts round to find some money to pay for Mr Cummings’s demands. Yet in the real world out there, the victims of Wonga, the payday loan company, were told a fortnight ago that they would receive less than 5% of the compensation that they are owed. Will the Chancellor take a break from his arm-wrestling with Mr Cummings, and introduce measures to compensate the Wonga victims fully?
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support previous customers of Wonga who have outstanding complaints against that company since it entered administration.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support previous customers of Wonga who have outstanding complaints against that company since it entered administration.
Any outstanding complaints are being dealt with directly by the joint administrators of Wonga Group Limited. The joint administrators, along with the Financial Conduct Authority and the Financial Ombudsman have issued advice to former customers of Wonga on how to submit any complaints or claims and the process under which they will be dealt with.
To ask the right hon. Member for Meriden, representing the Church Commissioners, what progress the Church of England has made on bringing together organisations and people of good will to buy the Wonga loan book.
To ask the right hon. Member for Meriden, representing the Church Commissioners, what progress the Church of England has made on bringing together organisations and people of good will to buy the Wonga loan book.
I pay tribute to the right hon. Gentleman for his extensive work on this issue. The Archbishop of Canterbury has been in discussions with the charity and finance sectors about how to minimise the potential harm to Wonga’s former customers who are unable to pay back their loans. We are hopeful that debt collection best practice will be applied in recovering any outstanding debts.
I pay tribute to the right hon. Gentleman for his extensive work on this issue. The Archbishop of Canterbury has been in discussions with the charity and finance sectors about how to minimise the potential harm to Wonga’s former customers who are unable to pay back their loans. We are hopeful that debt collection best practice will be applied in recovering any outstanding debts.
I pay tribute to the right hon. Gentleman for his extensive work on this issue. The Archbishop of Canterbury has been in discussions with the charity and finance sectors about how to minimise the potential harm to Wonga’s former customers who are unable to pay back their loans. We are hopeful that debt collection best practice will be applied in recovering any outstanding debts.
To ask the right hon. Member for Meriden, representing the Church Commissioners, what progress the Church of England has made on bringing together organisations and people of good will to buy the Wonga loan book.
I thank the right hon. Lady for that reply. With reference to the written answer she gave me about how the commissioners are using their huge portfolio of funds to push firms in the right direction, does she accept that the list of firms whose annual general meetings the commissioners turned up at to push social justice was short and rather disappointing? Will she meet with me urgently to see how that programme can be extended?
I thank the right hon. Lady for that reply. With reference to the written answer she gave me about how the commissioners are using their huge portfolio of funds to push firms in the right direction, does she accept that the list of firms whose annual general meetings the commissioners turned up at to push social justice was short and rather disappointing? Will she meet with me urgently to see how that programme can be extended?
I am happy to meet with the right hon. Gentleman, and I would have been delighted to discuss his idea about the Wonga loan book before it was in the public domain. The Church of England paid close attention to his proposal and took the view that others are better placed to take the matter forward. However, going to AGMs is not the only intervention that Church Commissioners can make when trying to influence business and corporate policy in an ethical direction. That can also be done in writing and meetings do take place with a large number of companies.
I am happy to meet with the right hon. Gentleman, and I would have been delighted to discuss his idea about the Wonga loan book before it was in the public domain. The Church of England paid close attention to his proposal and took the view that others are better placed to take the matter forward. However, going to AGMs is not the only intervention that Church Commissioners can make when trying to influence business and corporate policy in an ethical direction. That can also be done in writing and meetings do take place with a large number of companies.
I am happy to meet with the right hon. Gentleman, and I would have been delighted to discuss his idea about the Wonga loan book before it was in the public domain. The Church of England paid close attention to his proposal and took the view that others are better placed to take the matter forward. However, going to AGMs is not the only intervention that Church Commissioners can make when trying to influence business and corporate policy in an ethical direction. That can also be done in writing and meetings do take place with a large number of companies.
I thank the right hon. Lady for that reply. With reference to the written answer she gave me about how the commissioners are using their huge portfolio of funds to push firms in the right direction, does she accept that the list of firms whose annual general meetings the commissioners turned up at to push social justice was short and rather disappointing? Will she meet with me urgently to see how that programme can be extended?
To reduce future reliance on loan companies such as Wonga, what is the Church of England doing to encourage personal financial education in its schools?
To reduce future reliance on loan companies such as Wonga, what is the Church of England doing to encourage personal financial education in its schools?
That is a good question. We obviously want to try to prevent the sort of situation that has arisen for Wonga’s customers. The Church of England’s primary focus is on tackling indebtedness in three ways: teaching children about financial literacy through the Just Finance Foundation, working to increase access to responsible credit, and supporting organisations such as Christians Against Poverty, which provides advice and debt counselling.
That is a good question. We obviously want to try to prevent the sort of situation that has arisen for Wonga’s customers. The Church of England’s primary focus is on tackling indebtedness in three ways: teaching children about financial literacy through the Just Finance Foundation, working to increase access to responsible credit, and supporting organisations such as Christians Against Poverty, which provides advice and debt counselling.
That is a good question. We obviously want to try to prevent the sort of situation that has arisen for Wonga’s customers. The Church of England’s primary focus is on tackling indebtedness in three ways: teaching children about financial literacy through the Just Finance Foundation, working to increase access to responsible credit, and supporting organisations such as Christians Against Poverty, which provides advice and debt counselling.
To reduce future reliance on loan companies such as Wonga, what is the Church of England doing to encourage personal financial education in its schools?
What else can be done to get more Church of England investment into ethical businesses? Could the Church play a hands-on role in assisting ethical businesses in some of our most disadvantaged communities?
What else can be done to get more Church of England investment into ethical businesses? Could the Church play a hands-on role in assisting ethical businesses in some of our most disadvantaged communities?
The Church Commissioners are advised by the ethical investment advisory group and a very clear direction is given to asset managers about the sectors of the economy that the Church will not invest in on ethical grounds—for example, pornography and tobacco. The Church has recently played very close attention to the practice of the extractive industries and has had not a little success through its shareholder engagement in getting companies involved to change their policy towards tackling climate change.
The Church Commissioners are advised by the ethical investment advisory group and a very clear direction is given to asset managers about the sectors of the economy that the Church will not invest in on ethical grounds—for example, pornography and tobacco. The Church has recently played very close attention to the practice of the extractive industries and has had not a little success through its shareholder engagement in getting companies involved to change their policy towards tackling climate change.
The Church Commissioners are advised by the ethical investment advisory group and a very clear direction is given to asset managers about the sectors of the economy that the Church will not invest in on ethical grounds—for example, pornography and tobacco. The Church has recently played very close attention to the practice of the extractive industries and has had not a little success through its shareholder engagement in getting companies involved to change their policy towards tackling climate change.
What else can be done to get more Church of England investment into ethical businesses? Could the Church play a hands-on role in assisting ethical businesses in some of our most disadvantaged communities?
I beg to move,
That this House—
(1) approves the Second Report of the Committee on Privileges (House of Commons Paper No. 672);
(2) endorses the recommendation in paragraph 12; and
(3) accordingly suspends Justin Tomlinson from the service of the House for a period of two sitting days, beginning on Tuesday 11 October.
The...
I beg to move,
That this House—
(1) approves the Second Report of the Committee on Privileges (House of Commons Paper No. 672);
(2) endorses the recommendation in paragraph 12; and
(3) accordingly suspends Justin Tomlinson from the service of the House for a period of two sitting days, beginning on Tuesday 11 October.
The...
I thank the Leader of the House for his statement. On this, my first appearance as shadow Leader of the House, I would also like to thank my predecessor, my hon. Friend the Member for Newport West (Paul Flynn), for his hard work. I agree with the Leader of the...
I thank the Leader of the House for his statement. On this, my first appearance as shadow Leader of the House, I would also like to thank my predecessor, my hon. Friend the Member for Newport West (Paul Flynn), for his hard work. I agree with the Leader of the...
This case came to light when Wonga contacted the Parliamentary Commissioner for Standards in June 2015 to say that he had evidence that appeared to show that two years earlier the hon. Member for North Swindon (Justin Tomlinson) had provided a draft report by the Committee of Public Accounts to...
This case came to light when Wonga contacted the Parliamentary Commissioner for Standards in June 2015 to say that he had evidence that appeared to show that two years earlier the hon. Member for North Swindon (Justin Tomlinson) had provided a draft report by the Committee of Public Accounts to...