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1141552
star this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Collateral (UK) more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government when they first became aware that Collateral (UK) Limited was acting without authorisation from the Financial Conduct Authority (FCA); and why that company was allowed to take new client money without advising clients that the firm was not authorised by the FCA. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17420 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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>
unstar this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17421 more like this
HL17422 more like this
HL17423 remove filter
star this property question first answered
less than 2019-08-06T13:35:40.027Zmore like thismore than 2019-08-06T13:35:40.027Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1141553
star this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Collateral (UK) more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they or the Financial Conduct Authority (FCA) have investigated the change of name on the FCA register of authorised parties of Regal Pawnbrokers Limited to Collateral (UK) Limited; whether they identified any concerns about that change in respect of Collateral (UK) Limited; and if so, when. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17421 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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>
unstar this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17420 more like this
HL17422 more like this
HL17423 remove filter
star this property question first answered
less than 2019-08-06T13:35:40.073Zmore like thismore than 2019-08-06T13:35:40.073Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1141554
star this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Collateral (UK) more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether any action was taken to protect (1) documents of, and (2) client money in, Collateral (UK) Limited when they were made aware that that firm was acting without the authorisation of the Financial Conduct Authority; and if not, why not. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17422 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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>
unstar this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17420 more like this
HL17421 more like this
HL17423 remove filter
star this property question first answered
less than 2019-08-06T13:35:40.103Zmore like thismore than 2019-08-06T13:35:40.103Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this