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1122917
star this property registered interest false more like this
star this property date less than 2019-04-24more like thismore than 2019-04-24
star this property answering body
Treasury more like this
unstar 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 Asset Life more like this
unstar 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 Financial Conduct Authority, are investigating the activities of Asset Life and the suitability of its directors. more like this
star this property tabling member printed
Lord Myners remove filter
star this property uin HL15308 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-08more like thismore than 2019-05-08
unstar this property answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
star this property answering member printed Lord Young of Cookham remove filter
star this property question first answered
less than 2019-05-08T12:55:24.3Zmore like thismore than 2019-05-08T12:55:24.3Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1124419
star this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Treasury more like this
unstar 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
unstar 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 Treasury ministers or officials have been in discussions with the Financial Conduct Authority (FCA) about the establishment by the latter of an independent review into the FCA’s supervision of London Capital &amp; Finance; and why the terms of reference of the review and the identity of the independent reviewer have not yet been published. more like this
star this property tabling member printed
Lord Myners remove filter
star this property uin HL15468 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-15more like thismore than 2019-05-15
unstar this property answer text <p>This Government takes the failure of London Capital &amp; Finance (LCF) and its impact on consumers very seriously. The independent investigation will seek to better understand the circumstances around the collapse of LCF and make sure we are properly protecting those who invest their money in the future.</p><p>It is essential that the terms of the investigation are set in a way that ensures these objectives are met and take into account any issues arising from current regulatory and enforcement investigations. HM Treasury officials are working to develop these with the relevant bodies as a matter of priority. Further details on this investigation, including the appointment of the independent investigator, will be published shortly.</p> more like this
star this property answering member printed Lord Young of Cookham remove filter
star this property question first answered
less than 2019-05-15T11:31:21.033Zmore like thismore than 2019-05-15T11:31:21.033Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1126718
star this property registered interest false more like this
star this property date less than 2019-05-14more like thismore than 2019-05-14
star this property answering body
Treasury more like this
unstar 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 Loans more like this
unstar 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 modelled the systemic risk impact of growth in instructional, non bank, lending. more like this
star this property tabling member printed
Lord Myners remove filter
star this property uin HL15735 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-22more like thismore than 2019-05-22
unstar this property 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
star this property answering member printed Lord Young of Cookham remove filter
star this property question first answered
less than 2019-05-22T16:28:54.077Zmore like thismore than 2019-05-22T16:28:54.077Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1126719
star this property registered interest false more like this
star this property date less than 2019-05-14more like thismore than 2019-05-14
star this property answering body
Treasury more like this
unstar 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
unstar 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 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
star this property tabling member printed
Lord Myners remove filter
star this property uin HL15736 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-23more like thismore than 2019-05-23
unstar this property 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
star this property answering member printed Lord Young of Cookham remove filter
star this property question first answered
less than 2019-05-23T16:38:21.867Zmore like thismore than 2019-05-23T16:38:21.867Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1129548
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
unstar 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
unstar 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 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
star this property tabling member printed
Lord Myners remove filter
star this property uin HL16033 more like this
star this property answer
answer
star 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
unstar 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 remove filter
star this property grouped question UIN
HL16034 more like this
HL16035 more like this
star this property question first answered
less than 2019-06-18T15:18:13.633Zmore like thismore than 2019-06-18T15:18:13.633Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1129549
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
unstar 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 Barlow Clowes: Insolvency more like this
unstar 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 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
star this property tabling member printed
Lord Myners remove filter
star this property uin HL16034 more like this
star this property answer
answer
star 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
unstar 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 remove filter
star this property grouped question UIN
HL16033 more like this
HL16035 more like this
star this property question first answered
less than 2019-06-18T15:18:13.667Zmore like thismore than 2019-06-18T15:18:13.667Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
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
unstar 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
unstar 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 remove filter
star this property uin HL16035 more like this
star this property answer
answer
star 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
unstar 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 remove filter
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
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
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
unstar 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
unstar 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 remove filter
star this property uin HL16111 more like this
star this property answer
answer
star 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
unstar 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 remove filter
star this property question first answered
less than 2019-06-19T16:43:32.243Zmore like thismore than 2019-06-19T16:43:32.243Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
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
unstar 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
unstar 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 remove filter
star this property uin HL16113 more like this
star this property answer
answer
star 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
unstar 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 remove filter
star this property question first answered
less than 2019-06-19T16:39:39.717Zmore like thismore than 2019-06-19T16:39:39.717Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
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
unstar 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
unstar 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 remove filter
star this property uin HL16114 more like this
star this property answer
answer
star 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
unstar 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 remove filter
star this property question first answered
less than 2019-06-19T16:43:39.46Zmore like thismore than 2019-06-19T16:43:39.46Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this