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1141173

registered interest
date	22/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answers by Lord Young of Cookham on 15 July (HL16842 and HL16843), whether they will now answer the questions put.
tabling member printed	Lord Myners
uin	HL17356
answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>Investment fund suspensions arise when demand for redemptions exceeds the liquidity in the fund. To service these redemptions, a fund may need to sell assets at a depressed market value, to the detriment of investors, while selling only the liquid assets could result in a fund breaching its investment mandate and possibly FCA rules. The Government recognises that fund suspensions can thereby act to protect the interests of investors in the fund.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds. The FCA’s detailed rule book ensures that firms treat their customer fairly, and its robust supervision and enforcement powers mean it can, and does, take action where a firm breaches the rules. Whether or not there has been any breach of regulatory requirements relating to UK funds and any possible investigation would be a matter for the FCA.</p><p> </p><p>In circumstances where an investment fund is domiciled outside of the UK, the supervision of its compliance with applicable rules, such as the UCITS Directive, is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:01:44 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141174

registered interest
date	22/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they or the Financial Conduct Authority have monitored rates of return projected by peer-to-peer lenders over the last two years; and whether such returns were assessed as to the (1) reasonableness of the projection, and (2) business record and experience of those managing the lending platform.
tabling member printed	Lord Myners
uin	HL17357
answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>The Government believes that peer-to-peer platforms can deliver innovative forms of finance for both consumers and business that can provide competition in the marketplace and, as such, is keen to see the sector continue to grow and evolve while ensuring that consumers are adequately protected.</p><p> </p><p>The Government continues to monitor the development of the sector and engages regularly with peer-to-peer platforms to understand their business models. We do not directly monitor the rates of return offered.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. The question as it relates to the FCA has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:02:48 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141175

registered interest
date	22/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lendy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Financial Conduct Authority's (FCA) letter as part of the Written Answer by Lord Young of Cookham on 24 June (HL16212), whether the FCA was (1) informed, or (2) otherwise aware, that investors via Lendy Limited were creditors to a peer-to-peer platform; and whether such information could have been determined from the accounts of Lendy Limited.
tabling member printed	Lord Myners
uin	HL17358
answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:02:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141192

registered interest
date	22/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Infrastructure
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to implement a national infrastructure strategy to increase business growth after Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL17375
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>High quality infrastructure is crucial for supporting business growth.</p><p> </p><p>The Government established the National Infrastructure Commission (NIC) in 2015 to provide impartial, expert advice on major long-term infrastructure challenges.</p><p> </p><p>The NIC published their first National Infrastructure Assessment (NIA) last year, setting out their assessment of the UK’s long-term infrastructure needs.</p><p> </p><p>The NIA made over 60 recommendations, and the Government is planning to respond in full to all of the recommendations through a National Infrastructure Strategy, to be published later this year.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:29:08 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick