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46011
star this property registered interest false more like this
star this property date less than 2014-03-31more like thismore than 2014-03-31
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury 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 a formal investigation, independent of the Financial Conduct Authority (FCA), into the FCA's handling of the announcement it made via the press on 28 March of an investigation into closed insurance funds; and whether they have made an estimate of the financial consequences of the creation of a possible false market in insurance securities as a result of the initial announcement and subsequent amendments. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL6489 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 2014-04-11more like thismore than 2014-04-11
star this property answer text <p>The Financial Conduct Authority (FCA) Board has announced an investigation which will be independent of the FCA executive. A senior independent lawyer will investigate what went wrong and make appropriate recommendations.</p><p> </p><p>The Chancellor has written to the Chair of the FCA setting out the questions that the investigation should answer. This includes the question of to what extent a false or disorderly market was present in the period before the FCA issued its statement of clarification. The letter was copied to the Treasury Committee and has been published on the Treasury's website.</p><p> </p><p> </p><p> </p> more like this
star this property answering member printed Lord Newby more like this
star this property question first answered
less than 2014-04-11T12:00:00.00Zmore like thismore than 2014-04-11T12:00:00.00Z
star this property answering member
1916
star this property label Biography information for Lord Newby more like this
star this property attachment
1
star this property file name 3420LW 1314.pdf more like this
star this property title Letter FCA more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
46408
star this property registered interest false more like this
star this property date less than 2014-04-01more like thismore than 2014-04-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury 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 external law firm appointed by the Financial Conduct Authority (FCA) to review its handling of its announcement on closed life funds is independent of the FCA and the firms covered by the FCA investigation. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL6505 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 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>The Financial Conduct Authority (FCA) have announced that the FCA Non-Executive Directors have appointed Simon Davis, a senior commercial litigation partner at Clifford Chance, to conduct an independent inquiry into the handling of the FCA's announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
46410
star this property registered interest false more like this
star this property date less than 2014-04-01more like thismore than 2014-04-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury 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 commissioned any investigation into, or received any report about, possible manipulation of auctions conducted by the Debt Management Office on behalf of HM Treasury or of purchases of securities under the Asset Purchase Scheme. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL6507 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 2014-04-11more like thismore than 2014-04-11
star this property answer text <p> </p><p> </p><p>Any evidence relating to the potential manipulation of financial markets received by a public or private body or member of the public should be passed to the Financial Conduct Authority (FCA), which has a statutory responsibility for regulating conduct in financial markets.</p><p> </p><p>Any investigation into the potential manipulation of financial markets would be a matter for the FCA. As a matter of policy the FCA does not normally provide any comment about potential or actual investigations or potential enforcement so as to avoid prejudicing cases.</p><p> </p><p>The FCA announced on 20 March 2014 that it had taken enforcement action against an individual for the manipulation of a government bond in the run up to a Bank of England operation on 10 October 2011. The FCA's investigation found this was the action of one trader on one day, and there was no evidence of collusion with traders in other banks.</p><p> </p><p> </p> more like this
star this property answering member printed Lord Newby more like this
star this property question first answered
less than 2014-04-11T12:00:00.00Zmore like thismore than 2014-04-11T12:00:00.00Z
star this property answering member
1916
star this property label Biography information for Lord Newby more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
46665
star this property registered interest false more like this
star this property date less than 2014-04-02more like thismore than 2014-04-02
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury 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 guidance HM Treasury has given to the Bank of England, the Financial Conduct Authority and the Prudential Regulatory Authority on the use of selective press briefing of unannounced policies or position statements on matters judged to be market price-sensitive. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL6543 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 2014-04-11more like thismore than 2014-04-11
star this property answer text <p>The Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority are operationally independent of Government. HM Treasury does not issue them with operational guidance about how they should discharge their statutory duties.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> more like this
star this property answering member printed Lord Newby more like this
star this property question first answered
less than 2014-04-11T12:00:00.00Zmore like thismore than 2014-04-11T12:00:00.00Z
star this property answering member
1916
star this property label Biography information for Lord Newby more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
47417
star this property registered interest false more like this
star this property date less than 2014-04-07more like thismore than 2014-04-07
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury 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 relevant regulators are examining the impact of high frequency trading on equity markets and financial stability. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL6649 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 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>As I set out in my answer of 23 September 2013, the findings of the Foresight project &quot;The Future of Computer Trading in Financial Markets,&quot; led by the Government Office for Science and sponsored by the Treasury, was published in autumn 2012. This study considered, inter alia, the impact of computer trading on the integrity of markets – principally equity markets - and financial stability.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property attachment
1
star this property file name 3515LW.pdf more like this
star this property title the future of computer trading in financial market more like this
star 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 remove filter
unstar 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
unstar this property is ministerial correction false more like this
star 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
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
89958
star this property registered interest false more like this
star this property date less than 2014-09-01more like thismore than 2014-09-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Cooperatives 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 consider that the Financial Conduct Authority’s responsibilities for the oversight of cooperative societies are sufficient to protect the interests of members and creditors. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL1800 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 2014-09-22more like thismore than 2014-09-22
star this property answer text <p>The Financial Conduct Authority acts as the registrar for cooperative societies; it has no regulatory function in respect of cooperative societies where they are not authorised firms. The Government considers that this role is appropriate. The FCA was given additional powers in relation to this role in April 2014.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property grouped question UIN HL1801 more like this
star this property question first answered
less than 2014-09-22T13:10:10.0607267Zmore like thismore than 2014-09-22T13:10:10.0607267Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
89959
star this property registered interest false more like this
star this property date less than 2014-09-01more like thismore than 2014-09-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Cooperatives 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 responsibilities and authorities of the Financial Conduct Authority to regulate cooperative societies. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL1801 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 2014-09-22more like thismore than 2014-09-22
star this property answer text <p>The Financial Conduct Authority acts as the registrar for cooperative societies; it has no regulatory function in respect of cooperative societies where they are not authorised firms. The Government considers that this role is appropriate. The FCA was given additional powers in relation to this role in April 2014.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property grouped question UIN HL1800 more like this
star this property question first answered
less than 2014-09-22T13:10:08.6617759Zmore like thismore than 2014-09-22T13:10:08.6617759Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter
89960
star this property registered interest false more like this
star this property date less than 2014-09-01more like thismore than 2014-09-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Monetary Policy 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 ruled out cancelling the gilt-edged securities bought by the Bank of England under the quantitative easing policy. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL1802 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 2014-09-15more like thismore than 2014-09-15
star this property answer text <p>The independent Monetary Policy Committee (MPC) of the Bank of England has operational independence for monetary policy. The MPC makes decisions on its policy tools, including quantitative easing (QE), in order to meet the 2% inflation target in the medium term.</p><p> </p><p> </p><p>The separation of fiscal and monetary policy is a key feature of the UK’s economic policy framework. To use monetary policy tools to meet fiscal objectives, such as financing government borrowing, could conflict with the MPC’s objective of price stability and undermine confidence in the monetary policy framework. Additionally, Government borrowing from the central bank is illegal under Article 123 of the Treaty on the Functioning of the European Union.</p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-09-15T09:46:38.7327802Zmore like thismore than 2014-09-15T09:46:38.7327802Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners remove filter