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998476

registered interest
date	30/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Debt
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact on financial stability of the growth of leveraged corporate debt with weak lending covenants; what assessment they have made of any parallels with the situation before the global financial crisis; and what steps they intend to take to restrain that growth.
tabling member printed	Lord Myners
uin	HL11135
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>The Financial Policy Committee (FPC) of the Bank of England is the body responsible for monitoring systemic risks in the financial sector and, where appropriate, taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The FPC set out its most recent assessment of risks to UK financial stability in the Record of its 3 October meeting, published on 17 October. This included an assessment of the risks from corporate indebtedness and the growth in leveraged lending. The FPC will publish its next assessment of risks to UK financial stability in the Financial Stability Report on 5 December.</p><p> </p> answering member printed Lord Bates question first answered 08/11/2018 16:12:03 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

997070

registered interest
date	29/10/2018
answering body	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 they will require firms offering international money transfer services to show the difference between the exchange rate they are offering and the interbank rate after Brexit.
tabling member printed	Lord Birt
uin	HL11074
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Currently the Cross Border Payments Regulation (CPBR), an EU regulation, sets rules on the pricing of cross-border euro payments.</p><p> </p><p>A revised regulation, “CPBR2”, is currently under negotiation in the EU. The original Commission proposal, would, amongst other things, mandate greater transparency for cross-border payments which include currency conversion, through for example reference to the interbank exchange rate. The Government is broadly supportive of proposals which make financial services more affordable and pricing more transparent for consumers, while ensuring that regulation is proportionate to the risks that it seeks to address.</p><p>The Government is making good progress towards agreeing a Withdrawal Agreement with the EU, including an Implementation Period during which common rules would continue to apply until 31 December 2020.</p><p>After the Implementation Period, our proposal for the future UK-EU relationship on financial services would ensure that the development of regulation would be an autonomous matter for both the UK and the EU. Equally, we acknowledge that maintaining continued EU market access will, where necessary, involve maintaining comparable regulatory outcomes with the EU. The Chancellor has been clear that it is vitally important that the UK and the EU, with our common values and standards, continue to work closely together to further enhance the strong international rules we have forged in financial services. The Government has not committed to any changes to the policy outcomes of the current regime following the UK’s exit from the EU.</p> answering member printed Lord Bates question first answered 08/11/2018 15:57:14 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

997085

registered interest
date	29/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Hacking
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what statutory reporting systems banks in the UK are subject to in respect of money stolen from customer accounts through hacking.
tabling member printed	Lord Maginnis of Drumglass
uin	HL11089
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Under the Financial Services and Markets Act 2000, both the Bank of England and the Financial Conduct Authority have powers that require regulated firms to report to them when that firm suffers operational disruption from a cyber attack.</p><p> </p><p>Under the European Banking Authority’s Payment Services Directive 2 regulation, firms are also required to report operational or security disruption of payments services to the Financial Conduct Authority.</p><p><strong> </strong></p> answering member printed Lord Bates question first answered 08/11/2018 16:08:13 answering member 1091 label Biography information for Lord Bates
tabling member	648 label Biography information for Lord Maginnis of Drumglass

997086

registered interest
date	29/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether banking laws and regulations apply consistently across all regions of the UK.
tabling member printed	Lord Maginnis of Drumglass
uin	HL11090
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Financial services, including banking, is generally a reserved matter under the devolution settlements for Scotland, Northern Ireland and Wales. The majority of banking laws and regulations therefore apply consistently across all regions of the UK.</p> answering member printed Lord Bates question first answered 08/11/2018 16:08:29 answering member 1091 label Biography information for Lord Bates
tabling member	648 label Biography information for Lord Maginnis of Drumglass

994717

registered interest
date	25/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the future of universal banking in the UK.
tabling member printed	Lord Kennedy of Southwark
uin	HL11033
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Financial entities that wish to operate as universal banks are subject to the 2012 Financial Services (Banking Reform) Act. The Act requires large UK banks with retail deposits totaling more than £25 billion to ring-fence the deposits of individuals and small businesses from other activities within their groups, such as investment and international banking. By insulating these core banking services in a separate legal entity, ring-fencing will support continuity of provision of vital services to the economy if there are shocks originating elsewhere in the group and the global financial system. It will also make banks that provide these essential services simpler and more resolvable and therefore prevent the costs of failing banks falling on taxpayers. This restructuring was successfully completed by all UK banks within scope in the summer of 2018 and the regime will come into force in January 2019.</p><p> </p><p>Ring-fencing has been part of the Government’s package of banking reforms since 2010, designed to deliver a stable, sustainable and competitive banking system so banks will be better placed to meet their core purpose of lending to the real economy and contributing to economic growth. As part of this strategy, competition and innovation is at the heart of the Government’s vision for UK financial services to deliver greater choice and value for all.</p><p> </p> answering member printed Lord Bates question first answered 08/11/2018 14:10:18 answering member 1091 label Biography information for Lord Bates
tabling member	4153 label Biography information for Lord Kennedy of Southwark

994718

registered interest
date	25/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the case for tenant rent payments to be taken into account by mortgage lenders.
tabling member printed	Lord Kennedy of Southwark
uin	HL11034
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Whilst meeting rental payments is not sufficient in itself to demonstrate affordability over the lifetime of a loan, the Government believes it is right that a history of paying rent should be recognised in tenants’ credit scores and in affordability assessments.</p><p> </p><p>That’s why, at Autumn Budget 2017, the Government announced the Rent Recognition Challenge: a £2m competition seeking FinTech solutions to enable tenants to record and share their rental data. The Challenge uses the ingenuity of the technology sector to deliver solutions that work for both consumers and businesses.</p><p> </p><p>One of the leading credit reference agencies Experian has recently announced that rental payments will now be reflected in their credit score reports, and is working with winners of the Challenge.</p> answering member printed Lord Bates question first answered 08/11/2018 14:10:49 answering member 1091 label Biography information for Lord Bates
tabling member	4153 label Biography information for Lord Kennedy of Southwark

994721

registered interest
date	25/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Competition
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact of challenger banks on the retail banking sector in the UK.
tabling member printed	Lord Kennedy of Southwark
uin	HL11037
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Government recognises the crucial role challenger banks play in increasing competition in the retail banking sector by providing customers with more choice on the high street. Current Account Switch Service (CASS) statistics show that some challenger banks have featured amongst the firms with the highest net gains, which indicates the positive impact that they are having on customer choice. Government will continue to encourage an environment that allows challenger banks to thrive.</p> answering member printed Lord Bates question first answered 08/11/2018 15:04:18 answering member 1091 label Biography information for Lord Bates
tabling member	4153 label Biography information for Lord Kennedy of Southwark

994722

registered interest
date	25/10/2018
answering body	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 what assessment, if any, they have made of private equity as an investment vehicle.
tabling member printed	Lord Kennedy of Southwark
uin	HL11038
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Private equity and venture capital have provided over £27 billion of investment into more than 3,900 UK companies in the past five years. Between 2008 and 2014 private equity and venture capital generated on average 14.9% annual returns for pension funds and other investors (source: British Venture Capital &amp; Private Equity Association).</p><p> </p><p>The consultation ‘Financing growth in innovative firms’ published in August 2017 recognised that the UK’s private equity industry is very developed, with the UK host to a quarter of the top 20 private equity investors in the world, and the government’s response set out a plan to strengthen the UK’s position as a global leader in the market for growth capital for innovative businesses. Further measures were set out at Budget 2018.</p> answering member printed Lord Bates question first answered 08/11/2018 14:09:22 answering member 1091 label Biography information for Lord Bates
tabling member	4153 label Biography information for Lord Kennedy of Southwark

993358

registered interest
date	22/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to regulate the use and trading of cryptocurrencies.
tabling member printed	Baroness Kennedy of Cradley
uin	HL10886
answer	answer is ministerial correction date of answer 05/11/2018 answer text <p>The government published the joint HM Treasury – Financial Conduct Authority – Bank of England Cryptoassets Taskforce report on 29 October alongside the Budget.</p><p>The report commits the authorities to taking a range of actions to mitigate the risks posed by cryptoassets to consumers and markets, while still allowing innovation to thrive.</p> answering member printed Lord Bates question first answered 05/11/2018 16:58:17 answering member 1091 label Biography information for Lord Bates
tabling member	4303 label Biography information for Baroness Kennedy of Cradley

990494

registered interest
date	18/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Brexit
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether extending the implementation period for the UK's withdrawal from the EU would mean that payments by the UK to the EU during that period would qualify for a full rebate.
tabling member printed	Lord Lamont of Lerwick
uin	HL10827
answer	answer is ministerial correction date of answer 01/11/2018 answer text <p>The financial terms of any extension to the implementation period would be subject to negotiations between the UK and the EU. However, the Government would not necessarily expect any option to extend the implementation period to be used. The draft legal text published by the UK and EU states that the implementation period will end on 31 December 2020, and the Government is working at pace to ensure that we have a future relationship in place by that date.</p> answering member printed Lord Bates question first answered 01/11/2018 11:34:42 answering member 1091 label Biography information for Lord Bates
tabling member	895 label Biography information for Lord Lamont of Lerwick