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1141550
registered interest false more like this
date less than 2019-07-23more like thismore than 2019-07-23
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 Financial Conduct Authority 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 tests they apply to determine whether an investigation into the Financial Conduct Authority (FCA) meets the standard required to be described as independent of the FCA; and what assessment they have made of whether FCA employees acting for an investigation compromises its independence. more like this
tabling member printed
Lord Myners more like this
uin HL17418 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-06more like thismore than 2019-08-06
answer text <p>Where such investigations are conducted, HM Treasury take steps to ensure their independence which is crucial to the integrity of their conclusions. For example, in the recent case of the events surrounding the failure of London Capital &amp; Finance plc (LCF), and following a request from the Financial Conduct Authority (FCA), the Economic Secretary to the Treasury required that an independent investigation be carried out under powers in section 77 of the Financial Services Act 2012.</p><p> </p><p>The Economic Secretary approved the appointment of Dame Elizabeth Gloster, an experienced QC and Judge at the High Court and Court of Appeal, to lead it. Prior to this approval, potential conflicts of interest were investigated and HM Treasury is satisfied that Dame Elizabeth is independent from the FCA, HM Treasury and the companies and individuals associated with LCF’s failure.</p><p> </p><p>Under the terms of the Economic Secretary’s Direction to the FCA, Dame Elizabeth has the discretion to appoint a team which is entirely independent of the FCA. A process is now underway to appoint an independent legal team to support Dame Elizabeth in her investigation. The FCA is also under a duty to facilitate the disclosure to Dame Elizabeth any information that she deems relevant to the scope of her investigation. Should Dame Elizabeth wish to raise any matters directly to HM Treasury, she can do so at any time, under the terms of the Direction, via an interim report.</p>
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-08-06T13:32:53.057Zmore like thismore than 2019-08-06T13:32:53.057Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
3869
label Biography information for Lord Myners more like this
1141173
registered interest false more like this
date less than 2019-07-22more like thismore than 2019-07-22
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 H2O Asset Management 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, further to the Written Answers by Lord Young of Cookham on 15 July (HL16842 and HL16843), whether they will now answer the questions put. more like this
tabling member printed
Lord Myners more like this
uin HL17356 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-05more like thismore than 2019-08-05
answer text <p>Investment fund suspensions arise when demand for redemptions exceeds the liquidity in the fund. To service these redemptions, a fund may need to sell assets at a depressed market value, to the detriment of investors, while selling only the liquid assets could result in a fund breaching its investment mandate and possibly FCA rules. The Government recognises that fund suspensions can thereby act to protect the interests of investors in the fund.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds. The FCA’s detailed rule book ensures that firms treat their customer fairly, and its robust supervision and enforcement powers mean it can, and does, take action where a firm breaches the rules. Whether or not there has been any breach of regulatory requirements relating to UK funds and any possible investigation would be a matter for the FCA.</p><p> </p><p>In circumstances where an investment fund is domiciled outside of the UK, the supervision of its compliance with applicable rules, such as the UCITS Directive, is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p>
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-08-05T12:01:44.223Zmore like thismore than 2019-08-05T12:01:44.223Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
3869
label Biography information for Lord Myners more like this
1141174
registered interest false more like this
date less than 2019-07-22more like thismore than 2019-07-22
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 Crowdfunding 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 or the Financial Conduct Authority have monitored rates of return projected by peer-to-peer lenders over the last two years; and whether such returns were assessed as to the (1) reasonableness of the projection, and (2) business record and experience of those managing the lending platform. more like this
tabling member printed
Lord Myners more like this
uin HL17357 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-05more like thismore than 2019-08-05
answer text <p>The Government believes that peer-to-peer platforms can deliver innovative forms of finance for both consumers and business that can provide competition in the marketplace and, as such, is keen to see the sector continue to grow and evolve while ensuring that consumers are adequately protected.</p><p> </p><p>The Government continues to monitor the development of the sector and engages regularly with peer-to-peer platforms to understand their business models. We do not directly monitor the rates of return offered.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. The question as it relates to the FCA has been passed on to the 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
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-08-05T12:02:48.14Zmore like thismore than 2019-08-05T12:02:48.14Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
3869
label Biography information for Lord Myners more like this
1141175
registered interest false more like this
date less than 2019-07-22more like thismore than 2019-07-22
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 Lendy 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, further to the Financial Conduct Authority's (FCA) letter as part of the Written Answer by Lord Young of Cookham on 24 June (HL16212), whether the FCA was (1) informed, or (2) otherwise aware, that investors via Lendy Limited were creditors to a peer-to-peer platform; and whether such information could have been determined from the accounts of Lendy Limited. more like this
tabling member printed
Lord Myners more like this
uin HL17358 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-05more like thismore than 2019-08-05
answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the 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
answering member printed Lord Young of Cookham more like this
question first answered
less than 2019-08-05T12:02:13.007Zmore like thismore than 2019-08-05T12:02:13.007Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
3869
label Biography information for Lord Myners more like this
749950
registered interest false more like this
date less than 2017-07-10more like thismore than 2017-07-10
answering body
Cabinet Office more like this
answering dept id 53 more like this
answering dept short name Cabinet Office more like this
answering dept sort name Cabinet Office more like this
hansard heading Kingston Hospital more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text Her Majesty's Government what was the size of the Privy Council on 1 July 2017. more like this
tabling member printed
Lord Lexden more like this
uin HL635 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-07-13more like thismore than 2017-07-13
answer text <p>The information is set out in the table below.</p><p> </p><table><tbody><tr><td><p><strong>Date</strong></p></td><td><p><strong>Number of Privy Counsellors</strong></p></td></tr><tr><td><p><strong>1 July 2017</strong></p></td><td><p><strong>671</strong></p></td></tr></tbody></table><p> </p><p>A list of current Privy Council members can be found here:</p><p> </p><p>https://privycouncil.independent.gov.uk/privy-council/privy-council-members/privy-counsellors/</p> more like this
answering member printed Lord Young of Cookham more like this
question first answered
less than 2017-07-13T12:06:21.873Zmore like thismore than 2017-07-13T12:06:21.873Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
4202
label Biography information for Lord Lexden more like this