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1104663

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to launch an independent review into the Financial Conduct Authority's regulatory oversight of London Capital and Finance Plc.
tabling member printed	Lord Myners
uin	HL14788
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.</p><p> </p><p>The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury.</p> answering member printed Lord Bates question first answered 08/04/2019 16:53:27 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1104665

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Works Loan Board
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government who is responsible for setting the credit risk budget for the Public Works Loan Board; who has responsibility for lending decisions; and when they last assessed the role of that Board in delivering public policy and fiscal management targets.
tabling member printed	Lord Myners
uin	HL14790
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The Public Works Loan Board (PWLB) is a statutory body that issues loans to local authorities, and other specified bodies in England, Scotland and Wales. The PWLB’s policy framework is set by HM Treasury.</p><p> </p><p>Responsibility for local authority spending and borrowing decisions lie with locally-elected council members, who are democratically accountable to their electorates. Since 2004, major local authorities have been able to borrow without government consent provided they can afford the borrowing costs. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender. The Prudential Code and statutory guidance were updated in 2018 to increase transparency and accountability, and ensure that local authorities take investment decisions after careful consideration of risk and proportionality. Before it can advance a loan, the PWLB requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation.</p><p> </p><p>As with all policies, the government keeps the lending policy for the PWLB under review.</p> answering member printed Lord Bates question first answered 08/04/2019 15:35:36 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1104674

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to improve measures to support those with problem debt.
tabling member printed	Lord Taylor of Warwick
uin	HL14799
answer	answer is ministerial correction date of answer 08/04/2019 answer text The government is taking a proactive approach to support those in problem debt. First, the government has increased funding for publicly-funded debt advice to over £56 million in this financial year, enough to provide support to over 530,000 people. This advice helps vulnerable consumers to seek expert help with their debts and get their finances back on track.<p> </p><p>Second, the government is also implementing its manifesto commitment to introduce a breathing space and statutory debt repayment plan. The polices aim to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing.</p> answering member printed Lord Bates question first answered 08/04/2019 15:24:56 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1104676

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to work with banks to protect UK businesses against invoice fraud.
tabling member printed	Lord Taylor of Warwick
uin	HL14801
answer	answer is ministerial correction date of answer 08/04/2019 answer text The Government takes fraud extremely seriously and recognises the devastating impacts these crimes can have. The Government has created the Joint Fraud Taskforce, which brings together government, the banks and law enforcement to develop a collective response to fraud. The objectives of the Taskforce are to protect the public and businesses from fraud, reduce the impact of fraud on victims, and increase the disruption and prosecution of fraudsters.<p> </p>It has also been made easier to report fraud to law enforcement. Action Fraud is the UK’s reporting centre for fraud and cybercrime, providing a central point of contact for information about fraud and financially motivated internet crime. answering member printed Lord Bates question first answered 08/04/2019 15:36:49 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1092786

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Competition Remedies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what representations they have made, if any, to Banking Competition Remedies Limited in connection with its awards to banks in general, and Metro Bank in particular.
tabling member printed	Lord Myners
uin	HL14737
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14738 HL14739 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1092787

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Competition Remedies: Metro Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they are considering asking, or have asked, Banking Competition Remedies Limited to reconsider the allocation of part of the RBS State aid: alternative remedies package to Metro Bank, in the light of subsequent announcements by Metro Bank of a short fall in equity capital, truncated growth in branch openings and short comings in financial control and governance oversight.
tabling member printed	Lord Myners
uin	HL14738
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14737 HL14739 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1092788

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Metro Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what action, if any, they intend to take as a result of the recent concerns raised by the Financial Conduct Authority and Prudential Regulation Authority in relation to Metro Bank and, in particular, that the bank may have provided inaccurate statements to investors.
tabling member printed	Lord Myners
uin	HL14739
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14737 HL14738 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1092465

registered interest
date	20/03/2019
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 what assessment they have made of the impact of uncertainty on the UK financial services sector's preparations for a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14719
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>The Treasury is in frequent contact with firms and regulators regarding their contingency planning for EU exit. Firms that are using the EU “passport” to serve clients in the EEA recognise that further steps to legal certainty remain, and are taking the sensible step of carrying out contingency planning with respect to their operations in the EEA in order to be ready for a scenario in which the UK leaves the EU without a deal.</p><p> </p><p>The Government is also doing the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in any scenario and to minimise disruption for UK households and businesses. As the Bank of England’s Financial Policy Committee set out in its Financial Policy Summary in March 2019, the core of the UK financial system, including banks, dealers and insurance companies, is resilient to, and prepared for, the wide range of risks it could face, including a worst case disorderly Brexit.</p><p> </p><p>That being said, we are committed to preserving our competitive position in financial services after the UK leaves the EU. An implementation period is the most effective means of ensuring a smooth and orderly exit from the EU. That is why we continue to believe leaving the EU with the deal negotiated, including an implementation period, is the best approach.</p> answering member printed Lord Bates question first answered 03/04/2019 10:57:07 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1091587

registered interest
date	19/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Retail Trade: Urban Areas
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 likely impact on the viability of high streets in the UK of credit insurers reducing their cover for some high street retailers.
tabling member printed	Lord Allen of Kensington
uin	HL14635
answer	answer is ministerial correction date of answer 02/04/2019 answer text <p>Government actively monitors the economy, and is aware of problems and consequent difficulty some retailers are facing in accessing credit insurance. Insurers base the level of cover they provide on their assessment of the credit risk, which is often dependent on the specific dynamics of certain sectors. Market trends in the retail sector, and challenging market conditions facing the retailers, have led some insurers to reduce their exposure.</p><p> </p><p>The underwriting of insurance risks – including credit risks – is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy.</p><p> </p><p>However, Government is clear that it wants all types of retail to thrive now and in the future, and wants to support the sector as it responds to change. A package of measures to support the high street was announced at Budget 2018. The Government has regular engagement with financial services providers, including on their plans to support business customers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Bates grouped question UIN HL14636 HL14637 HL14638 question first answered 02/04/2019 12:45:23 answering member 1091 label Biography information for Lord Bates
tabling member	4304 label Biography information for Lord Allen of Kensington

1091588

registered interest
date	19/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Retail Trade: Urban Areas
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 the UK supply chain to high street retailers of the lack of credit insurance cover available for such retailers.
tabling member printed	Lord Allen of Kensington
uin	HL14636
answer	answer is ministerial correction date of answer 02/04/2019 answer text <p>Government actively monitors the economy, and is aware of problems and consequent difficulty some retailers are facing in accessing credit insurance. Insurers base the level of cover they provide on their assessment of the credit risk, which is often dependent on the specific dynamics of certain sectors. Market trends in the retail sector, and challenging market conditions facing the retailers, have led some insurers to reduce their exposure.</p><p> </p><p>The underwriting of insurance risks – including credit risks – is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy.</p><p> </p><p>However, Government is clear that it wants all types of retail to thrive now and in the future, and wants to support the sector as it responds to change. A package of measures to support the high street was announced at Budget 2018. The Government has regular engagement with financial services providers, including on their plans to support business customers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Bates grouped question UIN HL14635 HL14637 HL14638 question first answered 02/04/2019 12:45:23 answering member 1091 label Biography information for Lord Bates
tabling member	4304 label Biography information for Lord Allen of Kensington