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20 Jan 2003 : Column 44W—continued
Thameslink 2000
Mr. Dismore: To ask the Secretary of State for Transport if he will make a statement on the future of the Thameslink 2000 project. [91178]
Mr. Jamieson: Planning and associated applications are currently before the Deputy Prime Minister.
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Transport Research Laboratory
Mr. Oaten: To ask the Secretary of State for Transport what arrangements he is making to ensure that the Transport Research Laboratory continues to provide crash testing facilities for wheelchairs. [91826]
Mr. Jamieson: We understand that TRL are to cease the routine product testing of wheelchairs and associated equipment to concentrate resources on their core research businesses. The Department is aware of the importance of this dynamic testing service, and TRL has recently completed an extensive programme of research for my Department on the safety of wheelchair users who travel as passengers in vehicles. Equipment manufacturers also use such test facilities for product development and to provide evidence in support of applications for CE marking.
TRL was privatised in 1996 and now forms part of the Transport Research Foundation group of companies providing impartial transport research and advice. Although it is disappointing that TRL has chosen to withdraw from this market, we are unable to influence the work that they choose to do or the services that they offer. Other test houses in the UK have dynamic test equipment and are able to offer this service.
Young Persons Discount Card
Dr. Cable: To ask the Secretary of State for Transport what discussions he has held with (a) train operating companies and (b) London Transport on the introduction of a combined young persons discount card; and if he will make a statement. [91675]
Mr. Jamieson: The Strategic Rail Authority has recently completed a consultation exercise on railway fares policy following publication of their consultation document "Future Fares Policy-Seeking Your Views". Fares integration with other modes of transport in the London area is addressed in the consultation document. The SRA is now considering the comments received from the consultation exercise and will shortly be advising Ministers on the outcome.
TREASURY
Retirement
Mr. Frank Field: To ask the Chancellor of the Exchequer what the research was, referred to in the green paper Simplicity, security and choice: Working and saving for retirement, that found that the 401k schemes in the USA have been successful in raising pension saving amongst the low paid. [90820]
Ruth Kelly: There is an ongoing body of research on 401k pension schemes in the US. Studies that have looked at the effect of 401 kschemes on the low paid, for example, Engen, E and Gale, W (2000J, The Effects of 401 (k) Plans on Household Wealth: Differences Across Earnings Groups, NBER Working Paper 8032, (http://papers.nber.org/papers/w8032.pdf) suggest that 401 ks have been successful in raising pension saving among lower earners.
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Annual Report
Norman Lamb: To ask the Chancellor of the Exchequer how many copies of his Department's latest annual report were printed; to whom copies of the report were provided free of charge; and how many copies were provided free of charge. [90894]
Ruth Kelly: Publication of HM Treasury's Autumn Performance Report (Cm 5665, published 6 December 2002) was handled by The Stationary Office Limited (TSO). 190 copies were produced for HM Treasury's own internal purposes and 310 copies have been sold by TSO to date.
Departmental Minutes
Mr. Salmond: To ask the Chancellor of the Exchequer how many departmental minutes issued by his Department were outstanding on 30th November that referred to public private partnerships as included in Table B14 of the Consolidated Fund and National Loans Fund Accounts; and what their value was. [89426]
Mr. Boateng: [holding answer 13 January 2003]: No departmental minutes related to public private partnerships are outstanding in respect of liabilities charged to the Treasury's resource estimate shown in table B14 of the latest published Consolidated Fund and National Loans Fund Accounts.
Equitable Life
Mr. Stephen O'Brien: To ask the Chancellor of the Exchequer what information relating to the transfer out of Equitable Life by the PIA's pension scheme in 1998 was available to the Treasury at the time the transfer took place. [91188]
Financial Advice Centres
Lynne Jones: To ask the Chancellor of the Exchequer (1) if he will make it his policy to set up a national network of free or affordable financial advice centres; [91086]
- (2) what plans he has to increase consumer awareness about sources of unbiased financial advice. [91085]
Ruth Kelly: It is important that everyone should have access to appropriate financial education, information and generic advice to understand his or her options, as well as having access to regulated product specific advice where appropriate.
We have noted the proposals for a new network to provide financial education, information and generic advice, with interest. Many organisations are already involved in the provision of those forms of help, such as adviser and product provider firms, trade associations and Government and regulators. A wide range of charitable and voluntary sector organisations are also active in providing individuals with help on their finances, including Citizens Advice, Citizens Advice Scotland, National Debtline, and other money advice, information and advice organisations.
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The Financial Services Authority (the FSA) has a statutory objective to promote public understanding of the financial system.
I welcome the work the FSA is undertaking to look at the feasibility of a new tool to help deliver consistent, high quality, interactive generic help for those who need it. We also welcome the work the FSA will be doing to develop a more general strategy for consumer education, information and advice. We understand they plan to consult on this in the summer of 2003.
The FSA already offer a great deal of help, for example through publishing a guide to financial advice which gives contact details for commercial advisers, trade associations, government, and charitable and voluntary organisations, as well as already providing specific help with many financial products and services, such as pensions, annuities, bank accounts and ISAs.
Financial Services Authority (Pension Scheme)
Mr. Stephen O'Brien: To ask the Chancellor of the Exchequer (1) who the trustees are of the pension scheme of the Financial Services Authority; who the trustees were in 1998; who the trustees were of the pension scheme of the Personal Investment Authority in 1998; and what the role of the trustees is in relation to the (a) FSA and (b) other Government and regulatory bodies; [91191]
- (2) how many members of the pension scheme of the Personal Investment Authority paid additional voluntary contributions to Equitable Life in (a) 1997–98, (b) 1998–99 and (c) 1999–2000; [91189]
(3) if the trustees of the Personal Investment Authority pension scheme in 1998 had access to internal assessments undertaken by (a) the Government Actuaries' Department and (b) other regulatory and Government bodies, in relation to the viability of Equitable Life; [91193]
(4) what the aggregate amount was of additional voluntary contributions paid to Equitable Life by members of the pension scheme of the Personal Investment Authority in (a) 1997–98, (b) 1998–99 and (c) 1999–2000; [91186]
(5) if he will place in the Library copies of the (a) Personal Investment Authority and (b) Financial Services Authority pension scheme trustees' annual reports for 1998–99; [91192]
(6) what investments of the Personal Investment Authority pension scheme were held in Equitable Life at its scheme year end in 1998; what payments relating to the pension scheme were made to Equitable Life during the year 1997–98; what changes were made to the arrangement for investments with Equitable Life during the years (a) 1997–98, (b) 1998–99 and (c) 1999–2000; what the reasons were for those changes; and what costs were incurred by (i) the Personal Investment Authority and (ii) the Trustees. [91190]
Ruth Kelly: The matters raised are the responsibility of the Financial Services Authority whose chairman will be writing to the hon. Member.
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Fines (Financial Service Companies)
Lynne Jones: To ask the Chancellor of the Exchequer how much has been collected in fines from financial service companies for wrongdoing in each of the last three years; and to what use this money has been put. [91087]
Ruth Kelly: The FSA tell me that the fines that they or their predecessor regulators imposed were as follows:
| Period | Fines in £ million |
|---|---|
| 1/4/2000 to 31/3/2001 | 4.6 |
| 1/4/2001 to 31/3/2002 | 8.0 |
| 1/4/2002 to 15/1/2003 | 7.5 |
Fines received by the FSA are allocated to the relevant regulatory sector and used to reduce fees charged by them to firms in that sector.
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