argyrotsipi/train-dataset huggingface dataset:
Grenfell Tower Fire — House of Commons, 2019-06-06
Topic: Housing
Christopher Laurie Malthouse (Conservative, Centre-right): As I am sure the hon. Gentleman understands, fire safety policy does not fall within my remit and is effectively a Home Office issue. I did recently meet representatives of the fire service, who said that this policy is under constant review but remains valid. However, I am happy to write to him with details of what the Government are doing with regard to "stay put". I understand the concern that that policy has produced in the light of the Grenfell disaster and it is important that we are transparent about it. As I have said, I am more than happy to write to him with some details. On building safety, we are determined to bring forward meaningful legislative reform. Just today, we launched a consultation on the new building safety regulatory system. The written ministerial statement was not actually laid, as the hon. Member for Croydon North (Mr Reed) said during the debate. It was raised at 10.30. I asked Doorkeepers to distribute it if they could, and it is now available for Members to read if they wish. In that review, we have accepted all 53 of Dame Judith Hackitt’s recommendations and in some areas we intend to go further. What we are proposing is a radically new building and fire safety system—a system that puts residents’ safety at its very heart. It will be a challenging but essential step to help drive the long-term culture change that we need and restore confidence in our country’s building safety system.
Grenfell Tower Fire — House of Commons, 2019-06-06
Topic: Housing
Christopher Laurie Malthouse (Conservative, Centre-right): I am grateful to the Chair of the Select Committee for raising this issue. The hon. Member for Croydon North also implied that we were not willing to look at other buildings retrospectively or indeed at buildings below 18 metres, or at hospital or schools or whatever it might be. What we are trying to do is fix a starting point, but then design a system that allows for flexibility in response to evidence and research in the future. One lesson is that, obviously, as building technology develops and new issues emerge, the system must have the ability to respond. That is what we are seeking to do in the consultation. Certainly, we are open to representations as part of the consultation about whether the scope should be widened. I hope that the Committee will respond.
Grenfell Tower Fire — House of Commons, 2019-06-06
Topic: Housing
Christopher Laurie Malthouse (Conservative, Centre-right): The issue of retrospection is obviously a difficult one from a regulatory point of view. One of the things that we have said is that all building owners have a duty to ensure that the buildings that they own are safe. If that means that they have to take remedial action retrospectively to comply, to make it safe, then they should do so. The question of liability, as the hon. Gentleman knows, is also a difficult one. Nevertheless, in the light of the reformed building regulations, it will be for building owners to review whether the buildings that they are maintaining and owning are safe and to take appropriate action. As I said, we have accepted all 53 of Dame Judith Hackitt’s recommendations and we will be going further. Indeed, we may well go further in scope in the light of the issues that are brought forward The final matter raised by a number of Members, particularly the hon. Member for Westminster North (Ms Buck), was the issue of the residents’ voice, the social housing Green Paper and, indeed, the place of social housing in our society. One of the most important legacies of Grenfell must be the rebalancing of the relationship between residents in social housing and their landlords. After the tragedy, we spoke to almost 1,000 people, including the bereaved and survivors of Grenfell Tower. It came through in those conversations, time after time, that residents feel excluded from the discussion about their homes; they feel that their voices are not being heard. I reject the idea that people in social housing can expect only a second-class system. This has been and is fundamentally wrong. Last August, we published our Green Paper, "A new deal for social housing", and our response and action plan will be published in due course. I have given commitments in the various meetings that I have had around the country that there will be change on that too Nothing can undo the pain and devastation caused by the fire at Grenfell Tower. We remain determined to do right by the victims and survivors of the tragedy, and to provide a legacy of real change for them—to deliver fundamental reform, to end the stigma attached to social housing and to honour the memories of those who lost their lives. I thank everybody who has participated in the debate, and share the determination across the House to ensure that nothing like Grenfell can ever happen again.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Brett Charles Anthony Elphicke (Conservative, Centre-right): I thank the hon. Lady for that powerful point. Like me, she is a member the Treasury Select Committee and has been pressing for us to explore this matter on the Committee in greater depth. She has been a true champion on behalf of mortgage prisoners. As the House can see, it is a subject that has crossed the political partisan divide to become an issue on which we need to work together collaboratively to provide a solution and resolution.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Brett Charles Anthony Elphicke (Conservative, Centre-right): The hon. Gentleman is absolutely right. He has long been deeply concerned on this issue, and he is right that it is better for the banks to sell to other regulated entities and that there ought to be an element of compulsion, which is why regulation needs to be considered The all-party group on fair business banking and finance has been looking at what can be done to protect small business borrowers. I hope that my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake), the chair of the APPG, will address that point in greater detail because it is important. We need to make sure that there are protections against foreclosures and covenant-hunting through a financial services tribunal Capitalism is vital to the success of our economy and a cornerstone of our way of life, but it must be tempered by responsibility and fairness. We want people to work hard and enjoy success, but we will not tolerate people being taken advantage of. The purpose of this motion is to set the mortgage prisoners free, to protect small businesses from needless foreclosures, to ensure that we deliver fairness for all borrowers and recognise the massive contribution that they make to our economy, and to ensure that this country always puts the consumer interest before the corporate interest.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Kevin Paul Hollinrake (Conservative, Centre-right): In the Minister’s response to the hon. Gentleman’s question about why the loans were sold to an inactive lender, or a non-regulated entity, he said that no bids were received from an active lender. Would another option have been not to sell that debt at all, rather than to sell it to an inactive, unregulated lender that could not provide a service to the people who are subject to these loans?
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
William Grant (Conservative, Centre-right): It is a pleasure to follow the hon. Member for Bethnal Green and Bow (Rushanara Ali), and I congratulate my hon. Friend the Member for Dover (Charlie Elphicke) on securing this important debate. I know he feels strongly about this issue, and I understand that his ten-minute rule Bill has been taken up by the Government. This is an emotive topic for nearly 200,000 of our constituents who find themselves trapped with an unaffordable mortgage, in many cases simply because they happened to be mortgaged to a financial institution that foundered during the financial crisis. The majority, although not all, were with Northern Rock or Bradford & Bingley For the most part, those families did everything correctly. They saved for their future and made every mortgage payment on time, yet they remain trapped with interest rates of around 5%. They are unable to transfer their mortgage to a more reasonable and current percentage rate of 2% because that is, bizarrely, deemed unaffordable by lenders as a result of responsible lending rules brought about by that same financial crisis—an unhappy and unfortunate irony I was very surprised to learn that regulated mortgages could be sold on to unregulated funds overseas, such as Cerberus, which we heard about earlier and is based in the United States. In addition to mortgage prisoners, the issue also affects those who have loans. A family in my constituency had two tailored business loans with the Clydesdale Bank, a reputable name with a sense of security, which they took out in 2011. The Clydesdale subsequently sold the loans, which involved significant sums, to Cerberus. If I may, I would like to quote from my constituent: "Communications received from Cerberus and those responsible for managing our loan on their behalf, were very confusing, with letters being received from various sources: Henrico Ltd, Engage Commercial, Pepper UK Ltd and Cerberus European Servicing Ltd. There was a complex web of names and numbers and it was impossible to get anyone to answer any queries. Emails were not replied to. One letter intimated our interest was to be a staggering 29%, causing us considerable alarm. It was unclear whether, legally, we needed to pay interest or repayments to Cerberus. We calculated monthly interest payments and paid them to"— wait for it— "Thames Collections Ltd. There was considerable anxiety on our part as to whether even a few pence short payment might be used as an excuse to put us into administration."
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
William Grant (Conservative, Centre-right): I thank the hon. and learned Lady for that intervention. I regret the journey her constituents had. Fortunately, while it was a very dark journey for my constituents, the result was not as catastrophic, but these are serious matters. As has been said in this Chamber, small business people are the backbone of Britain and they need our support The family’s fear was about putting the company into administration to gain access to their assets—assets that were greater than the value of the loan. As I said, there was a reasonable outcome. Eventually, the family, through their own diligence, were fortunate enough to be able to escape and move to another bank. The effect that dealing with this company had on their business and day-to-day lives is still very raw. Yet for more mortgage prisoners, it remains an ongoing concern I welcome to a degree the fact that the Financial Conduct Authority is taking this issue seriously—not before time. In March, it launched a consultation on rule changes that would allow mortgage prisoners to move to a better deal. I understand that the consultation closes on 26 June and I encourage anybody in this situation to respond to it. It is also clear that the Treasury is in agreement with the FCA’s stance, with the Economic Secretary to the Treasury, my hon. Friend the Member for Salisbury (John Glen), confirming in a written question earlier this year that "HM Treasury welcomes the FCA’s announcement that it intends to change its mortgage lending rules to move to an affordability assessment for customers seeking to switch to a cheaper mortgage without borrowing more" That is encouraging, but sadly it does not include an obligation for it to do so With a consensus in Parliament, positive action from the regulator and indeed Government support, one might wonder why there is even a need for this debate. It is simply that the issue has gone on for far too long, has caused too much stress, grief and misery for our constituents throughout the UK, and can be so obviously resolved that it must not be allowed to persist much longer I urge the FCA and the Government to act swiftly and provide a binding solution that will extricate our constituents from this unsatisfactory situation. We can free the mortgage prisoners. If I may, I would like to borrow a small phrase from the British Transport police, "See it, say it, sorted". We have seen it and we have said it. Sort it.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): I need elaborate no further on that excellent intervention from my hon. and gallant Friend The scenario I have just described is nearly a carbon copy of that of another constituent, from Romiley, who was told by the FCA to take RBS to court over his business loans. Sadly, in both instances, it is very much is a case of David versus Goliath, but without the ability to afford the slingshot Finally, and most crucially, I want to highlight to the House the impact that such financial struggles can have on individuals and their families, and especially on their mental health and wellbeing. The material impact of financial hardship on both mental and physical health must not be underestimated. I have to ask the Minister how we can condone parts of the financial system having such disastrous effects on people In conclusion, the move to reduce barriers to switching to a more affordable mortgage for consumers who are up to date with payments and not looking to borrow more, which the FCA is consulting on, is certainly a good thing. However, to my mind the issue is bigger than that. UK financial services, particularly the consumer lending sector, urgently need to start working more in the interests of the customer. We of course accept and welcome the fact that banks and lenders need to make a responsible profit in order to be sustainable as businesses, to continue to provide services, and to continue as an important cornerstone of the economy. However, with the ongoing SME business banking scandal, and with the mortgage prisoners issue now gaining profile, this profiteering to the point of greed is rapidly creating the impression that the banks are going beyond what is responsible. [Interruption.] With that, Mr Deputy Speaker, I shall heed your indications and conclude.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Robert Alexander Stewart (Conservative, Centre-right): Mr Deputy Speaker is such a great man. I thought I was being told off earlier My comments will be short because I have spoken about this matter and the associated problems many times in the nine years for which I have been a Member of Parliament. Colleagues on both sides of the House are nodding. Why the heck has this matter not been sorted out? We are meant to sort these matters out—we are meant to be the people who legislate to get such injustices sorted and done. We have failed collectively to do that In particular, I want to raise the matter of the injustice done to my constituents—to the D’Eye family. Dean, my friend, is somewhere around, but I am not allowed to point him out. An injustice was done to him and his family by these banks. I am referring to Dunbar Bank, part of the Zurich group, and also the Royal Bank of Scotland’s Global Restructuring Group. I just cannot understand it. Decent people run these associations and they are actually—dare I use the word—screwing people utterly and completely, and it is immoral.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Robert Alexander Stewart (Conservative, Centre-right): I am glad to say that my colleagues agree with me It seems to me that it is also far too easy for banks to get rid of their problem by selling on their loan accounts to unscrupulous debt recovery firms—vulture firms—that entangle decent, hard-working people, such as the D’Eye family, in a web. That is utterly wrong. These people cannot get out of it because they just do not have the money, and that is utterly wrong. Originators of loans should not be able to get rid of their responsibilities in this way. It is wrong, colleagues! It is wrong I want to end my remarks by talking about the Financial Conduct Authority, which does not seem to have the will or the authority to sort out this matter—to force the banks to investigate and deal with these legacy issues. The Economic Secretary to the Treasury, who is a good friend of mine, is looking at me with a scowl, but in a nice way. He is a great friend and an utterly decent man who would really like to sort out this matter—he has to now after I have said such nice things about him. I am now expecting that to happen I truly believe that, somehow or other, we people in this House must get this matter resolved. It is wrong that we have not sorted it for the people whom we represent. I have been here for nine years and feel ashamed that we have not resolved the matter. I thank you, Mr Deputy Speaker—oh, it is Madam Deputy Speaker. I thought that Mr Deputy Speaker had got far more attractive while I was speaking. Thank you, Madam Deputy Speaker, I will now shut up.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Other
Eleanor Fulton Laing (Conservative, Centre-right): Before I call the Minister, let me echo the words of the hon. Member for Bootle (Peter Dowd) in welcoming to the Public Gallery a great many people who are interested and involved in this subject, and who, I gather, have met Members this afternoon. I see Members assenting to that I draw attention to this because we so often hear criticism of what happens in the Chamber, and hear it described as a circus or a bear pit. It is delightful for once to be able to show the people who care about this subject that when matters are debated properly, thoughtfully, forensically and collaboratively here in the Chamber, it makes a difference.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): On the hon. Gentleman’s first point, the regulator is not making up these rules in isolation in an ivory tower. It is working with industry representatives to ensure that the changes it delivers will create an environment with an effective outcome. There is no point having a solution that does not solve the problem. I cannot set out the range of options that will exist, but I am confident that the work being undertaken by the FCA will lead to an effective outcome. I will come to the hon. Gentleman’s second point later when I talk about the points that he and others made about Cerberus.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Other
John Philip Glen (Conservative, Centre-right): As I have tried to set out, I am not the arbiter of this specific issue, and it would be wrong for me to be drawn into the outcome before the consultation has concluded. That is imminent, however, as is the implementation of the solution.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): That is a reasonable point to make. This intervention has to be meaningful and it has to deal with the problem of mortgage prisoners. I am very clear about that, and we in the Treasury will need to look carefully at how we evaluate this. As I was saying, I see plenty of innovation across the mortgage market and I look forward to seeing what affordable options lenders can offer to mortgage prisoners who are looking to switch Let me turn to the Government’s sales of mortgage books to purchasers that are not active lenders. Much of this afternoon’s debate has focused on the firms that purchase these mortgage books. It is regrettable that the Government have not received any reasonable bids from active lenders, with feedback suggesting that they have limited appetite for these loans. However, I would like to make it clear to the House that the administrators of these mortgage books must be FCA-regulated, regardless of whether they are active lenders. Any consumer whose mortgage is held by one of these firms has full recourse to FCA protections, including treatment in accordance with the FCA’s "treating customers fairly" principles, and the ability to complain to the Financial Ombudsman Service I have heard the comments about borrowers having their reversion rates drastically increased. To safeguard against this during asset sales, the Government have put in place contractual protections that have been enhanced to ensure that the terms and conditions of the original loans are honoured and, in the latest asset sale, to ensure that future rate rises are in line with the rates charged by the largest active lenders. This means that a customer will be treated broadly the same as if their mortgage was with an active lender, with payments in accordance with their original contract terms.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
Kevin Paul Hollinrake (Conservative, Centre-right): The FCA’s own consultation on this states that where firms sit outside the FCA’s regulatory remit, the solution is more challenging. So whatever the Minister says, the FCA believes that we will be making the situation in which a debt is sold on to an unregulated inactive lender more challenging.
Mortgage Prisoners — House of Commons, 2019-06-06
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): My hon. Friend made reference in his speech to the distinction between business debts and mortgage debts, but I will clarify my remarks on that specific point to him in writing In these sales, the Government also stipulate that there must be no financial barriers put in place to harm a consumer’s ability to switch to a new deal with another lender. Once this FCA rule change is implemented, consumers will be in a better position to change their mortgage, provided that they are up to date with their payments and meet lenders’ risk appetites Let me also address the point that was raised regarding the sale of commercial loan portfolios to third parties. Since the financial crisis, it has been clear that the standards of behaviour across the financial sector must improve—I have said it in all the debates that we have held in the 17 months that I have been in office—and that banks must work to restore the trust that businesses have in their institutions I concede that I have some differences with my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) over some of his assertions about what would be the best solution, but we have tried to work co-operatively where there is common ground, and that work is going forward. I am pleased that banks are now committed, through the standards of lending practice, to ensuring that third parties who buy loans have demonstrated that customers will be treated fairly, and to allowing customers to complain to the original lender if there is a dispute that cannot be resolved. That will help to ensure that all businesses can resolve disputes if they arise I thank my hon. Friend the Member for Dover for calling this debate. I have tried to address the points that have been raised. I believe it is right that the Government and the regulator introduced more stringent rules after the financial crisis. Rigorous affordability assessments are an important factor in ensuring that a borrower has the means to pay back their loan, as well as maintaining the financial stability of the UK. Unfortunately, however, a minority of borrowers have since found that they can no longer pass those strengthened affordability assessments, despite being up-to-date with their repayments. That is why the Treasury did act, and is working with the FCA to remove the regulatory barrier I recognise the urgency associated with securing this solution, and I am urgently working to ensure that the FCA delivers on both what it wants to deliver and what we have asked it to deliver.