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1130253
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Mortgages 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 what assessment they have made of the consequences for depositor protection and financial stability from the number of lenders offering residential property mortgage loans at 95 per cent of value or higher; and what options are open to (1) them, (2) the Bank of England, and (3) the Prudential Regulation Authority, to protect depositors and ensure financial stability. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16114 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p><em>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC noted in their November 2018 Financial Stability Report that the share of households with high mortgage debt-servicing ratios (DSRs) is close to historical lows. The FPC has powers of direction to place limits on the proportion of new mortgages that a bank can extend at high LTV ratios, if it judges that this is required to mitigate financial stability risks.</em></p><p><em> </em></p><em> </em><p><em>While the Bank therefore has powers to tackle these risks, the Financial Services Compensation Scheme (FSCS), set up by the Government in 2001, also provides a key role in ensuring financial stability and protecting depositors. The FSCS provides deposit protection of up to £85,000 per person, per authorised firm. The Financial Services Markets Act 2000 gives powers to the regulators, including the Prudential Regulation Authority (PRA) to make the rules in which FSCS carries out its compensation function.</em></p><p> </p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-19T16:43:39.46Zmore like thismore than 2019-06-19T16:43:39.46Z
unstar this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130250
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Markets 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 have reviewed the market liquidity in the subprime sterling bond market in the context of increased bond issuance. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16111 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p><em>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC set out its most recent assessment of financial stability risks, including from the sterling bond market, in its March 2019 Policy Summary, in which it noted that post-crisis reforms have made dealers, on which some markets rely, more resilient, reducing the probability that market-making losses could lead to their distress or failure. In addition, the FPC noted that during the more recent period of volatility at the end of 2018, pension funds and insurers had acted as net buyers of sterling corporate bonds. Notwithstanding this, new business models mean that liquidity conditions in corporate debt markets could change quickly in event of stress.</em> <em>However, overall the FPC judged that markets had proved able to function effectively through volatile periods, and the strength of the core financial system, including banks, dealers and insurance companies, would support the functioning of markets on which the economy relied.</em></p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-19T16:43:32.243Zmore like thismore than 2019-06-19T16:43:32.243Z
unstar this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130842
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
star this property hansard heading Takeovers: Conflict of Interests 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, further to the Written Answer by Lord Henley on 20 May (HL15640), whether they have reviewed the decision-making processes in investment institutions which hold equity investments in both the offeror and the offeree in a takeover situation but on behalf of different clients and where a particular outcome might favour one group of clients over another . more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16209 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>Asset managers act as agents of investors in their funds. They are required to manage their funds in the best interests of all of their fund investors and to appropriately avoid, manage and disclose conflicts of interests that could, and do arise between different investor groups. This is a requirement of Markets in Financial Instruments Directive II (MiFID II).</p><p> </p><p>Asset managers should have policies, procedures and governance in place to effectively manage any conflicts arising from their stewardship obligations.</p><p> </p><p>The FCA has recently published a Policy Statement (PS 19/13) ‘Proposals to promote shareholder engagement: Feedback to CP 19/7 and final rules.’ This sets out final rules to implement requirements of the Revised Shareholder Rights Directive (SRD II). SRD II introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The rules came into effect on 10 June 2019 requiring asset managers to disclose and make publicly available their policies on how they engage with the companies they invest in. They also require asset managers to provide certain information to institutional investors, including occupational pension schemes. The new rules are designed to foster stewardship, and better stewardship should lead to better decision making in relation to mergers and acquisitions.</p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T16:42:37.67Zmore like thismore than 2019-06-19T16:42:37.67Z
unstar this property answering member
2616
star this property label Biography information for Lord Henley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130252
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Lendy: Insolvency 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 will establish an independent review into the FCA’s supervision of Lendy and the actions taken by the FCA once it had raised questions about the firm’s compliance with minimum regulatory standards and disclosure to lenders. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16113 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>There is an ongoing Financial Conduct Authority (FCA) investigation into the circumstances that have led to the administration of Lendy.</p><p> </p><p>It is important that the FCA rules for P2P lending remain relevant for this evolving sector, and the new rules announced by the FCA on 4 June reflect this. These will help to ensure that investors have the information they need to make effective decisions about P2P investments, without imposing additional costs on borrowers.</p><p> </p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-19T16:39:39.717Zmore like thismore than 2019-06-19T16:39:39.717Z
unstar this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130254
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Arcadia Group: Pensions 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 what plans they have to review (1) decisions taken by the trustees of the Arcadia Group Pension Scheme which may have contributed to an aggregate deficit of liabilities over assets of some £700 million, (2) the oversight of the Arcadia Scheme by the Pensions Regulator, and (3) the Pensions Regulator's use of its powers in relation to the Arcadia Scheme. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16115 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The Government cannot intervene with the decisions taken by trustees of pension schemes.</p><p> </p><p>The Pensions Regulator is an independent body, and as such the Government cannot comment on any cases dealt with by the Regulator. Due to this, the Government does not have plans to review the oversight exercised over the Arcadia scheme, or the use of powers in relation to the scheme.</p> more like this
star this property answering member printed Baroness Buscombe more like this
star this property question first answered
less than 2019-06-19T15:46:29.593Zmore like thismore than 2019-06-19T15:46:29.593Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130251
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
star this property hansard heading British Steel: Insolvency 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 plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact of British Steel's collapse on past and present employees. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16112 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The Official Receiver was appointed liquidator of British Steel Limited. In his role as liquidator, the Official Receiver is under a statutory duty to investigate the cause of failure of the company and generally its business, dealings and affairs and has wide-ranging powers to obtain information, material, and explanations.</p><p> </p><p>My rt. hon. Friend the Secretary of State wrote to the Insolvency Service on 22 May requesting that the Official Receiver’s investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company, value transferred out of the company and whether any action by directors has caused detriment to creditors or to the pension schemes.</p><p> </p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T11:33:53.217Zmore like thismore than 2019-06-19T11:33:53.217Z
unstar this property answering member
2616
star this property label Biography information for Lord Henley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1130249
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
star this property hansard heading British Steel: Insolvency 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 estimate they will cease to provide financial support to British Steel; whether a specific event will trigger the end of that support; and whether that support will terminate when the Official Receiver has completed their work. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16110 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The immediate priority following the Official Receiver’s appointment as liquidator of British Steel Limited was to continue the safe operation of the sites while options are considered. To enable this, the Government has provided an indemnity to the Official Receiver, who is now responsible for the operations.</p><p> </p><p>The Official Receiver is currently overseeing a sales process as they seek to sell the business. Trading will continue whilst a buyer is sought.</p><p> </p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T11:33:12.963Zmore like thismore than 2019-06-19T11:33:12.963Z
unstar this property answering member
2616
star this property label Biography information for Lord Henley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1129546
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
star this property hansard heading British Steel: Loans 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 the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16031 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 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-18T16:50:34.45Zmore like thismore than 2019-06-18T16:50:34.45Z
unstar this property answering member
2616
star this property label Biography information for Lord Henley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1129551
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Arcadia Group: Pensions 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 Ministers or officials have (1) written to, (2) had any meetings with, or (3) communicated in other forms with, Sir Philip Green, Lady Christina Green or the Pensions Regulator in connection with the Arcadia Group Pension Scheme. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16036 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 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>Neither Ministers nor officials have written to, had meetings with, or communicated in other forms with Sir Philip Green or Lady Christina Green.</p><p> </p><p>Ministers and officials have quarterly meetings with the Pensions Regulator, but not specifically concerning Sir Philip Green or the Arcadia Group. This is because the Pensions Regulator is an independent body, and as such the Government cannot intervene or influence its actions. The Regulator also keeps DWP officials informed about its work in monitoring pension schemes.</p> more like this
star this property answering member printed Baroness Buscombe more like this
star this property question first answered
less than 2019-06-18T15:51:18.26Zmore like thismore than 2019-06-18T15:51:18.26Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
1129550
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading London Capital and Finance: Insolvency 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 why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital &amp; Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16035 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 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL16033 more like this
HL16034 more like this
star this property question first answered
less than 2019-06-18T15:18:13.713Zmore like thismore than 2019-06-18T15:18:13.713Z
unstar this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter