Financial secretary to the Treasury, Mark Hoban, took to Twitter yesterday to tackle some of consumers' biggest questions. We round up the ones he answered - and the ones he didn't...
The ones Hoban answered...
@Bainesboy79: #askhoban How can ppl pay back loans when you allow "payday" co's to operate (i.e loan sharks). Shut them down
H: "Irresponsible payday lending hurts consumers. Taking tough action to tackle this, inc much tighter regulation - work with industry to raise standards, plus OFT/BIS working out best solutions. Must be tackled quickly#askhoban"
@stanleykirk: #askhoban - we don't save enough, we don't insure enough, we pay far too much tax, we rely far too much on credit - what is the Gov doing!
The Treasury's Mark Hoban takes to Twitter to tackle some of consumers' biggest questions
H: "We're setting up a Financial Policy Committee to spot future problems and then tackle them. And reforming the banking system to make it more stable and take tax payers off the hook"
@lucymarie100: What plans to facilitate the financial independence of young adults being able to move out of the parental home? #askhoban
H: "Housing strategy helps up to 100k to buy new build home with lower deposit requirements. More details soon."
@WhichMoney: How will the FCA differ from the FSA? #askhoban
H: "FCA tougher & more proactive regulator, intervening earlier to protect consumers & promote effective competition. Will be new focus on transparency. FCA more open with consumers & make greater use of disclosure."
@LYNNIT: Why is there no competition between Banks? Did they all lose same amount of money or are they controlled by @hmtreasury?#askhoban
H: "Strongly agree needs more competition to improve service & choice. Govt taking radical steps to reform banking sector."
@HoneyBeaDHU: saving requires income 2 b left after expenses- with banks eg RBS increasing rates it becomes v difficult. Discuss?#askhoban
H: "Govt steps to balance the budget keeps interest rates low, helping families & businesses."
@ublocks: What will you do to stop multinationals using tax havens to avoid paying tax in the UK & elsewhere, esp the 3rd world? #askhoban
H: "Govt tackling tax avoidance & evasion - these deprive Govts of vital income needed to improve public services."
@plc69: Previous government set a rule that ISA limit would increase by RPI; Current government replaced this with CPI. Why? #askhoban
H: "Bank of England use CPI as their measure of inflation. Most benefits and allowances now uprated by CPI too."
... and the ones he didn't
@amce41: #askhoban Why was it necessary to reduce the % of the personal pension drawdown I can take as a pension? My pension is down 35%.
@frugal_ways: Hampton principles have failed consumers and are stopping effective regulation in all areas, why not abolish them? #askhoban
@stanleykirk: #askhoban The regulators completely missed the growing potential for a gigantic banking crisis pre 2007, how will a repeat be avoided?
@AlexCardno: will you ask the FSA to review the remuneration of Tony Hobman, chief exec of the Money Advice Service? #askhoban
@Jn_Norris: If you could only eat one kind of cheese for the rest of your life, what would it be and why? #askhoban
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