Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

173023

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Equity
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have received any representations to change the tax advantages for the private equity industry on the treatment of "carry" as a capital gain; and if so, whether any of those representations have supported changes in the tax position to encourage longer-term funds with 10 year investment horizons.
	tabling member printed	Lord Mendelsohn
	uin	HL4095
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>Treasury Ministers and officials meet with, and receive, representations from, a wide range of organisations and individuals in the public and private sectors, as part of the usual policy making process. As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such representations.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:47:27 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173026

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what representations they have made to the European Commission over the conclusion of the Financial Services User Group Report on the €10 trillion European asset management industry that "it does not appear to be producing good value for investors with higher fees not producing better performance".
	tabling member printed	Lord Mendelsohn
	uin	HL4098
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>Treasury Ministers and officials make regular representations to the European Commission on a wide range of issues. We cannot disclose details of specific representations.</p><p> </p><p> </p><p> </p><p>The government is committed to ensuring that investors are treated fairly when they make investment decisions and are able to get the best outcomes from their investments. Ensuring that investors can easily understand and compare products is an important part of this.</p><p> </p><p>The Government noted the Financial Services User Group’s contribution to the debate on these issues and will consider the recommendations made.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:53:07 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173025

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Fines
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will list by year and by incident the fines levied by the Financial Conduct Authority and the Financial Services Authority.
	tabling member printed	Lord Mendelsohn
	uin	HL4097
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.</p><p> </p><p> </p><p> </p><p>The question has been passed on to the FCA. The FCA will reply directly to the Noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:46:57 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173523

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in the light of the practice in the life assurance and reassurance markets of pension buyouts and longevity swaps, what is their assessment of the expected growth of those markets and at what point it would require assessment of the market exposure to systemic risk.
	tabling member printed	Lord Mendelsohn
	uin	HL4105
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>The Government recognises that pension buy-outs, buy-ins and longevity swap transactions provide an important means for pension schemes and firms to transfer longevity risk to a willing buyer. Factors that may lead to changes in the size and quantum of these markets and their ability to pose systemic risks to regulated firms is a matter for the Prudential Regulation Authority.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:53:37 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173024

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the Bank of England’s fair and effective markets review will consider the level of bonuses paid to individuals working in the fixed income, commodities and currency markets; and how institutions fined for practices in those areas have dealt with the payments made to such individuals.
	tabling member printed	Lord Mendelsohn
	uin	HL4096
	answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>The Government has taken a substantial number of measures to change the culture in UK banking.</p><p> </p><p> </p><p> </p><p>This Government supported the work of the Parliamentary Commission on Banking Standards which reported in June 2013 on professional standards and culture of the UK banking sector. Legislation to give effect to its recommendations on banking standards and individual accountability were included in the Financial Services (Banking Reform) Act 2013. The Financial Conduct Authority, the Prudential Regulation Authority and the Treasury worked through 2014 to prepare secondary legislation, regulatory rules and other detailed implementing measures.</p><p> </p><p>The Government expects to announce the final timetable for implementing these reforms shortly.</p><p> </p><p> </p><p> </p><p>In the Financial Services Act 2012, this Government introduced a new criminal offence to address the issue of the manipulation of the LIBOR interest rate benchmark. In December 2014 the government announced that this offence would be extended to cover a further seven financial benchmarks from, subject to Parliamentary approval, 1 April 2015.</p><p> </p><p> </p><p> </p><p>We also recognise that there is more to do if the banking industry and global financial markets are to regain public trust. The Chancellor of the Exchequer therefore announced in his Mansion House speech in June 2014 a Treasury, Bank of England and FCA review of the operation of the foreign exchange, fixed income and commodity markets. The Fair and Effective Markets Review will examine how trust and credibility in these markets can be restored. The review will report in June 2015.</p><p> </p><p> </p><p> </p><p>In November 2014 the Financial Conduct Authority (FCA), in co-ordination with financial regulators in the US and Switzerland, announced the outcome of its investigations into attempted manipulation of foreign exchange markets by 5 banks. It imposed penalties on 5 banks totalling £1.11 billion. In addition the Director of the <a href="http://en.wikipedia.org/wiki/Serious_Fraud_Office" target="_blank">Serious Fraud Office</a> opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries.</p><p> </p><p> </p><p> </p><p>Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial services. The Fair &amp; Effective Markets Review’s scope covers trading practices in markets, and drivers of behaviour including incentives for individuals. In November 2014 the Chancellor wrote to the Governor of the Bank of England to ask that the increasing levels of fixed remuneration in the financial sector following the introduction of the ‘bonus cap’ be considered as part of this work.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL4103 HL4104 question first answered 27/01/2015 16:42:38 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173521

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what is their evaluation of progress in changing the culture in the banking sector in the United Kingdom.
	tabling member printed	Lord Mendelsohn
	uin	HL4103
	answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>The Government has taken a substantial number of measures to change the culture in UK banking.</p><p> </p><p> </p><p> </p><p>This Government supported the work of the Parliamentary Commission on Banking Standards which reported in June 2013 on professional standards and culture of the UK banking sector. Legislation to give effect to its recommendations on banking standards and individual accountability were included in the Financial Services (Banking Reform) Act 2013. The Financial Conduct Authority, the Prudential Regulation Authority and the Treasury worked through 2014 to prepare secondary legislation, regulatory rules and other detailed implementing measures.</p><p> </p><p>The Government expects to announce the final timetable for implementing these reforms shortly.</p><p> </p><p> </p><p> </p><p>In the Financial Services Act 2012, this Government introduced a new criminal offence to address the issue of the manipulation of the LIBOR interest rate benchmark. In December 2014 the government announced that this offence would be extended to cover a further seven financial benchmarks from, subject to Parliamentary approval, 1 April 2015.</p><p> </p><p> </p><p> </p><p>We also recognise that there is more to do if the banking industry and global financial markets are to regain public trust. The Chancellor of the Exchequer therefore announced in his Mansion House speech in June 2014 a Treasury, Bank of England and FCA review of the operation of the foreign exchange, fixed income and commodity markets. The Fair and Effective Markets Review will examine how trust and credibility in these markets can be restored. The review will report in June 2015.</p><p> </p><p> </p><p> </p><p>In November 2014 the Financial Conduct Authority (FCA), in co-ordination with financial regulators in the US and Switzerland, announced the outcome of its investigations into attempted manipulation of foreign exchange markets by 5 banks. It imposed penalties on 5 banks totalling £1.11 billion. In addition the Director of the <a href="http://en.wikipedia.org/wiki/Serious_Fraud_Office" target="_blank">Serious Fraud Office</a> opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries.</p><p> </p><p> </p><p> </p><p>Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial services. The Fair &amp; Effective Markets Review’s scope covers trading practices in markets, and drivers of behaviour including incentives for individuals. In November 2014 the Chancellor wrote to the Governor of the Bank of England to ask that the increasing levels of fixed remuneration in the financial sector following the introduction of the ‘bonus cap’ be considered as part of this work.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL4096 HL4104 question first answered 27/01/2015 16:42:38 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173522

	registered interest
	date	13/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the Department for Business, Innovation and Skills has considered investigating the conduct or operation of the boards of any of the companies that have been fined for practices relating to LIBOR, gold price fixing or foreign exchange manipulation.
	tabling member printed	Lord Mendelsohn
	uin	HL4104
	answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>The Government has taken a substantial number of measures to change the culture in UK banking.</p><p> </p><p> </p><p> </p><p>This Government supported the work of the Parliamentary Commission on Banking Standards which reported in June 2013 on professional standards and culture of the UK banking sector. Legislation to give effect to its recommendations on banking standards and individual accountability were included in the Financial Services (Banking Reform) Act 2013. The Financial Conduct Authority, the Prudential Regulation Authority and the Treasury worked through 2014 to prepare secondary legislation, regulatory rules and other detailed implementing measures.</p><p> </p><p>The Government expects to announce the final timetable for implementing these reforms shortly.</p><p> </p><p> </p><p> </p><p>In the Financial Services Act 2012, this Government introduced a new criminal offence to address the issue of the manipulation of the LIBOR interest rate benchmark. In December 2014 the government announced that this offence would be extended to cover a further seven financial benchmarks from, subject to Parliamentary approval, 1 April 2015.</p><p> </p><p> </p><p> </p><p>We also recognise that there is more to do if the banking industry and global financial markets are to regain public trust. The Chancellor of the Exchequer therefore announced in his Mansion House speech in June 2014 a Treasury, Bank of England and FCA review of the operation of the foreign exchange, fixed income and commodity markets. The Fair and Effective Markets Review will examine how trust and credibility in these markets can be restored. The review will report in June 2015.</p><p> </p><p> </p><p> </p><p>In November 2014 the Financial Conduct Authority (FCA), in co-ordination with financial regulators in the US and Switzerland, announced the outcome of its investigations into attempted manipulation of foreign exchange markets by 5 banks. It imposed penalties on 5 banks totalling £1.11 billion. In addition the Director of the <a href="http://en.wikipedia.org/wiki/Serious_Fraud_Office" target="_blank">Serious Fraud Office</a> opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July 2014. The Government does not comment on ongoing investigations, so as not to prejudice these inquiries.</p><p> </p><p> </p><p> </p><p>Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial services. The Fair &amp; Effective Markets Review’s scope covers trading practices in markets, and drivers of behaviour including incentives for individuals. In November 2014 the Chancellor wrote to the Governor of the Bank of England to ask that the increasing levels of fixed remuneration in the financial sector following the introduction of the ‘bonus cap’ be considered as part of this work.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL4096 HL4103 question first answered 27/01/2015 16:42:38 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173022

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government how many companies went into administration or receivership where they were unable to recoup all the VAT and PAYE tax due in 2010, 2011, 2012, 2013, and 2014; and what was the total value of the income foregone in each year.
	tabling member printed	Lord Mendelsohn
	uin	HL4094
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>HMRC does not hold the information in the request.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:53:18 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn