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1129551
registered interest false remove filter
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Myners more like this
uin HL16036 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-18more like thismore than 2019-06-18
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
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-18T15:51:18.26Zmore like thismore than 2019-06-18T15:51:18.26Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1130254
registered interest false remove filter
date less than 2019-06-05more like thismore than 2019-06-05
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Myners more like this
uin HL16115 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-19more like thismore than 2019-06-19
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
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-19T15:46:29.593Zmore like thismore than 2019-06-19T15:46:29.593Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1131476
registered interest false remove filter
date less than 2019-06-11more like thismore than 2019-06-11
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether the Pensions Regulator (1) regarded an additional payment into the Arcadia Pension Fund to be an adequate contribution to the deficit, and (2) supported the Company Voluntary Arrangements proposed by Sir Philip and Lady Green; and if so, why. more like this
tabling member printed
Lord Myners more like this
uin HL16270 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-24more like thismore than 2019-06-24
answer text <p>The best support for a defined benefit pension scheme is an ongoing trading employer. Working with the shareholders, pension trustees and Pension Protection Fund, The Pensions Regulator were pleased to be able to agree a £310m package of support last week that would provide greater certainty for the Arcadia pension schemes. This comprises security to the value of £210m, together with the £100m in cash from Lady Green. The Pensions Regulator remain satisfied that the arrangement is the right one for members and the Pension Protection Fund in challenging circumstances and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>The Pension Regulator’s goal is to protect the interests of members of the Arcadia schemes as far as possible in these difficult circumstances. A successful outcome will mean ongoing Deficit repair contributions payments from the company, enabling the schemes to become fully funded in due course. Had the Company Voluntary Arrangement votes failed, or if the Company Voluntary Arrangements are successfully challenged, the position of the pension schemes would be/will be much less certain. Deficit repair contributions from Arcadia Group Limited, initially £25m per annum (paid in equal monthly instalments) and escalating in subsequent years, would cease. The amount recovered by the pension schemes would be significantly less in an uncontrolled insolvency than under the terms of the Company Voluntary Arrangement. On this basis The Pensions Regulator supported the Company Voluntary Arrangement.</p>
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-24T14:30:41.447Zmore like thismore than 2019-06-24T14:30:41.447Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1130843
registered interest false remove filter
date less than 2019-06-10more like thismore than 2019-06-10
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government why the Pensions Regulator has allowed the owners of Arcadia Group to phase their contribution to address that company’s pension deficit over a period of time instead of a single up-front payment; whether the Pensions Regulator is using financial advisers to determine whether Arcadia’s business plan will eventually cover the deficit; and if so, who are those advisers. more like this
tabling member printed
Lord Myners more like this
uin HL16210 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-24more like thismore than 2019-06-24
answer text <p>The pensions framework established by Parliament in the Pensions Act 2004 sets out that ongoing employers may address the funding of their scheme deficits over a reasonable period of time. This responsibility falls on the company rather than its owners, other than where The Pensions Regulator has used its anti-avoidance powers. This approach of spreading funding of deficits was established to balance the needs of schemes with those of their sponsoring employers.</p><p> </p><p>The Arcadia trustees and the Arcadia group took an approach which was similar to many other schemes and employers in establishing recovery plans to address their schemes’ deficits over a number of years. In response to a request to vary those recovery plan payments, made in conjunction with the Arcadia Group’s Company Voluntary Arrangements proposals, The Pensions Regulator, working alongside the trustees and the Pension Protection Fund, has negotiated robustly to secure an enhanced package of support for the pension schemes in connection with a successful Company Voluntary Arrangement, worth significantly more than would be received if the Company Voluntary Arrangement is not successful and Arcadia Group Ltd becomes insolvent. This represents appropriate protection, in challenging circumstances, and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>In assessing the turnaround plan presented by Arcadia, The Pensions Regulator has been informed by the analysis carried out by professional advisers to the trustees. The Pensions Regulator has considerable expertise in restructuring situations and this includes people in its regulatory teams with a background working in big chartered accountancy firms and restructuring operations in banks.</p>
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-24T11:44:23.837Zmore like thismore than 2019-06-24T11:44:23.837Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1126718
registered interest false remove filter
date less than 2019-05-14more like thismore than 2019-05-14
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Loans more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether they have modelled the systemic risk impact of growth in instructional, non bank, lending. more like this
tabling member printed
Lord Myners more like this
uin HL15735 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-05-22more like thismore than 2019-05-22
answer text <p>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. Part of the FPC’s remit includes the responsibility for assessing risks in the financial system, including from the non-bank financial system. The FPC set out its most recent assessment of financial stability risks from the non-bank financial sector in its 28th November 2018 Financial Stability Report.</p> more like this
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-05-22T16:28:54.077Zmore like thismore than 2019-05-22T16:28:54.077Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1126719
registered interest false remove filter
date less than 2019-05-14more like thismore than 2019-05-14
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading London Capital and Finance: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether the proposed independent review of the Financial Conduct Authority's (FCA) supervision of London Capital and Finance will be supported by (1) an independent secretariat, or (2) secondees from the (a) FCA, (b) Prudential Regulation Authority, (c) HM Treasury, or (d) Bank of England. more like this
tabling member printed
Lord Myners more like this
uin HL15736 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-05-23more like thismore than 2019-05-23
answer text <p>On 23<sup>rd</sup> May, the Economic Secretary to the Treasury laid before Parliament a Direction requiring the Financial Conduct Authority (FCA) to carry out an independent investigation into the events and circumstances surrounding the failure of London Capital and Finance. The operational resourcing of this investigation will be a matter for the FCA and Dame Elizabeth Gloster, the independent investigator it appointed.</p> more like this
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-05-23T16:38:21.867Zmore like thismore than 2019-05-23T16:38:21.867Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1129548
registered interest false remove filter
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading London Capital and Finance: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government why 12 months have been allowed for the completion of 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. more like this
tabling member printed
Lord Myners more like this
uin HL16033 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-18more like thismore than 2019-06-18
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>
answering member printed Lord Young of Cookham more like this
grouped question UIN
HL16034 more like this
HL16035 more like this
question first answered
less than 2019-06-18T15:18:13.633Zmore like thismore than 2019-06-18T15:18:13.633Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1129549
registered interest false remove filter
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Barlow Clowes: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what assessment they have made of the role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds. more like this
tabling member printed
Lord Myners more like this
uin HL16034 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-18more like thismore than 2019-06-18
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>
answering member printed Lord Young of Cookham more like this
grouped question UIN
HL16033 more like this
HL16035 more like this
question first answered
less than 2019-06-18T15:18:13.667Zmore like thismore than 2019-06-18T15:18:13.667Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1129550
registered interest false remove filter
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading London Capital and Finance: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Myners more like this
uin HL16035 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-18more like thismore than 2019-06-18
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>
answering member printed Lord Young of Cookham more like this
grouped question UIN
HL16033 more like this
HL16034 more like this
question first answered
less than 2019-06-18T15:18:13.713Zmore like thismore than 2019-06-18T15:18:13.713Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1130253
registered interest false remove filter
date less than 2019-06-05more like thismore than 2019-06-05
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Mortgages more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Myners more like this
uin HL16114 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-19more like thismore than 2019-06-19
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>
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-06-19T16:43:39.46Zmore like thismore than 2019-06-19T16:43:39.46Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
3869
label Biography information for Lord Myners remove filter