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515916
star this property registered interest false more like this
star this property date less than 2016-04-26more like thismore than 2016-04-26
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills more like this
star this property answering dept sort name Business, Innovation and Skills more like this
star this property hansard heading British Home Stores: 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, further to the Statement by the Business Minister, Anna Soubry, on 25 April (HC Deb, col 1174), what assistance they plan to offer BHS or Retail Acquisitions. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7982 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-05-10more like thismore than 2016-05-10
star this property answer text Workers and their families will be worried by the news that BHS has been placed in the hands of administrators. The Administrator must secure the best possible result for the business, starting with rescuing it if possible as a going concern. If this does not prove possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible. more like this
star this property answering member printed Baroness Neville-Rolfe more like this
star this property question first answered
less than 2016-05-10T14:49:46.857Zmore like thismore than 2016-05-10T14:49:46.857Z
star this property answering member
4284
star this property label Biography information for Baroness Neville-Rolfe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
523886
star this property registered interest false more like this
star this property date less than 2016-06-08more like thismore than 2016-06-08
star this property answering body
Attorney General more like this
star this property answering dept id 88 more like this
star this property answering dept short name Attorney General more like this
star this property answering dept sort name Attorney General more like this
star this property hansard heading Games 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 asked the Serious Fraud Office to investigate matters related to the sale and purchase of BHS. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL561 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-06-21more like thismore than 2016-06-21
star this property answer text In all cases decisions to investigate are made by the Director of the Serious Fraud Office, who acts independently. In respect of BHS, the SFO has confirmed that it is reviewing material in its possession. If the Director considers there are reasonable grounds to suspect serious or complex fraud which meets his Statement of Principle, he will open a formal criminal investigation. more like this
star this property answering member printed Lord Keen of Elie more like this
star this property question first answered
less than 2016-06-21T12:52:35.183Zmore like thismore than 2016-06-21T12:52:35.183Z
star this property answering member
4538
star this property label Biography information for Lord Keen of Elie more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
515523
star this property registered interest false more like this
star this property date less than 2016-04-25more like thismore than 2016-04-25
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills more like this
star this property answering dept sort name Business, Innovation and Skills more like this
star this property hansard heading British Home Stores: 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 inquiry into the circumstances surrounding BHS being placed in administration, and in particular in to the implications for employees, pension scheme members and creditors. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7903 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-05-03more like thismore than 2016-05-03
star this property answer text <p>When a company enters administration, the administrators have to report to my right hon. Friend the Secretary of State for Business, Innovation and Skills within three months on the conduct of the directors.</p><p>In the case of BHS the Insolvency Service is making early contact with the administrators to discuss the directors’ conduct and to consider whether further steps, such as a detailed investigation, may be necessary.</p><p>Where misconduct is established it can lead to disqualification of a director for between 2 and 15 years.</p> more like this
star this property answering member printed Baroness Neville-Rolfe more like this
star this property question first answered
less than 2016-05-03T11:39:50.537Zmore like thismore than 2016-05-03T11:39:50.537Z
star this property answering member
4284
star this property label Biography information for Baroness Neville-Rolfe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
79767
star this property registered interest false more like this
star this property date less than 2014-07-29more like thismore than 2014-07-29
star this property answering body
HM 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 CaTreasury more like this
star this property hansard heading Lloyds Banking Group 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 in connection with those who served on the board of Lloyds Banking Group when that company was involved in LIBOR fixing and manipulating the Bank of England's Special Liquidity Scheme. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL1659 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2014-08-11more like thismore than 2014-08-11
star this property answer text <p>We support the proportionate enforcement action announced recently by the FCA against Lloyds Banking Group (LBG) and are clear that such abuses are completely unacceptable. The action by the new, tougher Financial Conduct Authority (FCA) shows that the system is working, and we are committed to taking further action to dealing with abuses, tackling the unacceptable behaviour of the few and ensuring that markets are fair for the many who depend on them.</p><p>Enforcement action against individuals and/or firms with regard to financial conduct issues; are a matter for the FCA and law enforcement institutions.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-08-11T12:30:45.0374305Zmore like thismore than 2014-08-11T12:30:45.0374305Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
515522
star this property registered interest false more like this
star this property date less than 2016-04-25more like thismore than 2016-04-25
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills more like this
star this property answering dept sort name Business, Innovation and Skills more like this
star this property hansard heading 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 review the legislation protecting creditors in the event of business failure. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7902 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-05-10more like thismore than 2016-05-10
star this property answer text <p>We do keep insolvency legislation under review. We seek to ensure that the legislative framework strikes the right balance between rescuing a business, which may also save jobs, and the rights of creditors who may lose out financially.</p> more like this
star this property answering member printed Baroness Neville-Rolfe more like this
star this property question first answered
less than 2016-05-10T11:36:46.98Zmore like thismore than 2016-05-10T11:36:46.98Z
star this property answering member
4284
star this property label Biography information for Baroness Neville-Rolfe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
521491
star this property registered interest false more like this
star this property date less than 2016-05-25more like thismore than 2016-05-25
star this property answering body
HM 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 CaTreasury more like this
star this property hansard heading UK Consumer Product Recall Review 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 who has regulatory responsibility for approving cross-margining agreements between central clearing houses and the determination of priority in the event of default. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL348 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-06-06more like thismore than 2016-06-06
star this property answer text <p>Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).</p><p> </p> more like this
star this property answering member printed Lord O'Neill of Gatley more like this
star this property grouped question UIN HL349 more like this
star this property question first answered
less than 2016-06-06T11:48:42.823Zmore like thismore than 2016-06-06T11:48:42.823Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
521492
star this property registered interest false more like this
star this property date less than 2016-05-25more like thismore than 2016-05-25
star this property answering body
HM 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 CaTreasury more like this
star this property hansard heading Fire Regulations 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 last reviewed the risks posed to financial stability by central clearing houses; and whether such a review took account of the increasing practice of cross-margining linking two or more clearing houses. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL349 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-06-06more like thismore than 2016-06-06
star this property answer text <p>Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).</p><p> </p> more like this
star this property answering member printed Lord O'Neill of Gatley more like this
star this property grouped question UIN HL348 more like this
star this property question first answered
less than 2016-06-06T11:48:42.867Zmore like thismore than 2016-06-06T11:48:42.867Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
483304
star this property registered interest false more like this
star this property date less than 2016-03-21more like thismore than 2016-03-21
star this property answering body
HM 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 CaTreasury 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 central clearing houses in financial markets are required to prepare living wills; and what measures have been put in place to manage a capital failure. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7228 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-04-06more like thismore than 2016-04-06
star this property answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p>
star this property answering member printed Lord O'Neill of Gatley more like this
star this property grouped question UIN HL7229 more like this
star this property question first answered
less than 2016-04-06T14:53:05.777Zmore like thismore than 2016-04-06T14:53:05.777Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
483305
star this property registered interest false more like this
star this property date less than 2016-03-21more like thismore than 2016-03-21
star this property answering body
HM 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 CaTreasury more like this
star this property hansard heading London Stock Exchange: Deutsche Borse 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 any increase to the economic risk supervised by the Prudential Regulatory Authority of the proposed merger of the London Stock Exchange and Deutsche Börse; whether obligations of the combined group will fall to the UK taxpayer; and whether there have been any discussions about risk sharing with the government of Germany. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7229 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-04-06more like thismore than 2016-04-06
star this property answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p>
star this property answering member printed Lord O'Neill of Gatley more like this
star this property grouped question UIN HL7228 more like this
star this property question first answered
less than 2016-04-06T14:53:05.73Zmore like thismore than 2016-04-06T14:53:05.73Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
515524
star this property registered interest false more like this
star this property date less than 2016-04-25more like thismore than 2016-04-25
star this property answering body
Department for Business, Innovation and Skills more like this
star this property answering dept id 26 more like this
star this property answering dept short name Business, Innovation and Skills more like this
star this property answering dept sort name Business, Innovation and Skills more like this
star this property hansard heading British Home Stores: 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 have had any talks with the owners, managers or advisers to BHS; and whether they will take any action to protect employees, creditors and pensioners. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL7904 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2016-05-03more like thismore than 2016-05-03
star this property answer text <p>This is a worrying time for the BHS workforce and their families.</p><p>I understand that there are no plans for immediate store closures and that the administrators are looking to sell BHS as a going concern.</p><p>Clearly if this proves not to be possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible.</p><p>The Insolvency Service continues to liaise with the administrators, and stands ready to provide statutory assistance to employees in the event that the commercial situation changes.</p><p>I understand that the BHS schemes are in the early stages of a Pension Protection Fund (PPF) assessment period, during which the PPF will determine the final funding position of the scheme and whether it should assume responsibility for a scheme. We cannot comment on this, or any other individual case directly.</p> more like this
star this property answering member printed Baroness Neville-Rolfe more like this
star this property question first answered
less than 2016-05-03T11:39:14.223Zmore like thismore than 2016-05-03T11:39:14.223Z
star this property answering member
4284
star this property label Biography information for Baroness Neville-Rolfe more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter