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1131377

registered interest
date	11/06/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	263057
answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>The administrators for London Capital &amp; Finance (LCF) are currently estimating recoveries for investors affected by LCF’s failure.</p><p>The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF’s administrators and the Financial Conduct Authority to understand more about LCF’s activities and whether there are grounds for compensation.</p><p>If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2019 14:30:39 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1127519

registered interest
date	20/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the directions, as listed under section 78(5) of the Financial Services Act 2012, which the Treasury has given to the Financial Conduct Authority for its inquiry into London Capital & Finance.
tabling member constituency	Canterbury
tabling member printed	Rosie Duffield
uin	256332
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>I have today laid a Direction before Parliament requiring the Financial Conduct Authority to carry out an independent investigation into the events and circumstances surrounding the failure of London Capital and Finance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/05/2019 12:48:49 answering member 4051 label Biography information for John Glen
tabling member	4616 label Biography information for Rosie Duffield

1127522

registered interest
date	20/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department taking in relation to unregulated mini-bonds following the collapse of London Capital & Finance.
tabling member constituency	Weaver Vale
tabling member printed	Mike Amesbury
uin	256333
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 1 April, the Government announced it will direct the Financial Conduct Authority (FCA) to launch an investigation into the events and circumstances surrounding the failure and placing into administration of London Capital and Finance plc (LCF). This followed a request from the FCA Chair, Charles Randell, to launch such an investigation.</p><p> </p><p>On 23 May 2019, the Government laid a direction before Parliament setting out the terms of the investigation. Alongside this, the Government announced it will separately review the wider policy questions raised by this case.</p><p> </p><p>Although operationally independent, the Financial Services Compensation Scheme (FSCS) and the FCA are both accountable to HM Treasury and to Parliament. My officials and I engage with the FCA and FSCS on an ongoing basis, and HM Treasury continues to work with the relevant bodies on the failure of LCF as a matter of priority. The FSCS is also continuing work to increase awareness and understanding of FSCS protection.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 256334 question first answered 23/05/2019 12:46:44 answering member 4051 label Biography information for John Glen
tabling member	4667 label Biography information for Mike Amesbury

1127523

registered interest
date	20/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with representatives of the (a) Financial Conduct Authority and (b) Financial Services Compensation Scheme to ensure that investors in mini-bonds such have adequate information on the risks of such schemes before investing following the collapse of London Capital & Finance.
tabling member constituency	Weaver Vale
tabling member printed	Mike Amesbury
uin	256334
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 1 April, the Government announced it will direct the Financial Conduct Authority (FCA) to launch an investigation into the events and circumstances surrounding the failure and placing into administration of London Capital and Finance plc (LCF). This followed a request from the FCA Chair, Charles Randell, to launch such an investigation.</p><p> </p><p>On 23 May 2019, the Government laid a direction before Parliament setting out the terms of the investigation. Alongside this, the Government announced it will separately review the wider policy questions raised by this case.</p><p> </p><p>Although operationally independent, the Financial Services Compensation Scheme (FSCS) and the FCA are both accountable to HM Treasury and to Parliament. My officials and I engage with the FCA and FSCS on an ongoing basis, and HM Treasury continues to work with the relevant bodies on the failure of LCF as a matter of priority. The FSCS is also continuing work to increase awareness and understanding of FSCS protection.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 256333 question first answered 23/05/2019 12:46:44 answering member 4051 label Biography information for John Glen
tabling member	4667 label Biography information for Mike Amesbury

1126946

registered interest
date	15/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the terms of reference are for the investigation by the Financial Conduct Authority into the failure of London Capital & Finance.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	254850
answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254851 254852 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1126949

registered interest
date	15/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what level of (a) financial resources and (b) personnel has been allocated to the investigation by the Financial Conduct Authority into the issues raised by the failure of London Capital & Finance.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	254851
answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254850 254852 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1126951

registered interest
date	15/05/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the timescale is for the investigation by the Financial Conduct Authority into the failure of London Capital & Finance.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	254852
answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>Further details of this investigation will be published shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 254850 254851 question first answered 20/05/2019 15:59:43 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1110006

registered interest
date	05/04/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the collapse of London Capital & Finance Ltd.
tabling member constituency	Croydon North
tabling member printed	Mr Steve Reed
uin	241437
answer	answer is ministerial correction date of answer 10/04/2019 answer text <p>The Government takes very seriously the failure of London Capital and Finance (LCF). On 1 April, I wrote to the Chair at the Financial Conduct Authority, Charles Randell, to say I will use powers under the Financial Services Act 2012 to direct the FCA to launch an investigation into the events at LCF and the circumstances surrounding them. This followed a request to me from Charles Randell to launch such an investigation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/04/2019 15:20:43 answering member 4051 label Biography information for John Glen
tabling member	4268 label Biography information for Steve Reed

1109368

registered interest
date	03/04/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the timetable for the review of London Capital and Finance following its collapse.
tabling member constituency	Canterbury
tabling member printed	Rosie Duffield
uin	240623
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 1 April, I announced that I 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 to me from the FCA Chair, Charles Randell, 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. Further details of the independent investigation will be communicated in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/04/2019 14:18:58 answering member 4051 label Biography information for John Glen
tabling member	4616 label Biography information for Rosie Duffield

1105952

registered interest
date	28/03/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the administration of London Capital and Finance PLC.
tabling member constituency	Wantage
tabling member printed	Mr Edward Vaizey
uin	238311
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The Treasury is monitoring developments relating to the failure of London Capital &amp; Finance (LCF) very closely and is in regular contact with the Financial Conduct Authority.</p><p> </p><p>However, the Treasury has no formal role in the administration process of a firm such as LCF and it would be inappropriate for us to comment on the administration process, which is a matter for the joint administrators – in this case, Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith &amp; Williamson LLP.</p><p> </p><p>Further information regarding the administration itself can be found on the joint administrators’ website at the following link:</p><p> </p><p><a href="https://smithandwilliamson.com/business/services/restructuring-and-recovery-services/london-capital" target="_blank">https://smithandwilliamson.com/business/services/restructuring-and-recovery-services/london-capital</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 04/04/2019 09:16:01 answering member 4051 label Biography information for John Glen
tabling member	1580 label Biography information for Lord Vaizey of Didcot