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1124419

registered interest
date	01/05/2019
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	2
legislature	25277 pref label House of Lords
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 & Finance; and why the terms of reference of the review and the identity of the independent reviewer have not yet been published.
tabling member printed	Lord Myners
uin	HL15468
answer	answer is ministerial correction date of answer 15/05/2019 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> answering member printed Lord Young of Cookham question first answered 15/05/2019 11:31:21 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1122917

registered interest
date	24/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Asset Life
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15308
answer	answer is ministerial correction date of answer 08/05/2019 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> answering member printed Lord Young of Cookham question first answered 08/05/2019 12:55:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1108861

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Individual Savings Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what investigations they have initiated into the authorisation by the Financial Conduct Authority for London Capital and Finance to offer ISA investments.
tabling member printed	Lord Myners
uin	HL14968
answer	answer is ministerial correction date of answer 15/04/2019 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>Approval to act as an ISA manager is granted by Her Majesty’s Revenue and Customs (HMRC). When considering an application, HMRC undertakes checks to ensure that applicants hold the appropriate regulatory permissions from the FCA.</p><p> </p><p>Once approval is granted, ISA managers must administer the ISA scheme in accordance with the ISA legislation. HMRC has a range of powers to tackle non-compliance with the rules, including withdrawing permission to act as an ISA manager, voiding non-compliant ISAs and reclaiming any incorrectly paid tax relief.</p> answering member printed Lord Bates question first answered 15/04/2019 14:42:35 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

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

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

1059214

registered interest
date	11/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment: Property
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to ensure that the risk balance of portfolios of open-ended property funds are not, and will not be, distorted by favouring redeeming investors.
tabling member printed	Lord Myners
uin	HL13600
answer	answer is ministerial correction date of answer 20/02/2019 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> answering member printed Lord Bates question first answered 20/02/2019 12:39:08 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1045450

registered interest
date	21/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Advisory Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they are taking steps to contact all members of the public who have taken pensions advice from Financial Conduct Authority (FCA) regulated pensions advisers who have had their authorisations revoked or have been otherwise instructed to cease giving pensions advice; if not, why not; and whether each case is being individually reviewed by the FCA.
tabling member printed	Lord Myners
uin	HL12986
answer	answer is ministerial correction date of answer 04/02/2019 answer text <p>The Government is committed to working with the Financial Conduct Authority (FCA) to ensure consumers have access to high quality financial advice. The FCA, as the independent financial services regulator, has responsibility for ensuring that the financial advice market works well, competitively and fairly.</p><p> </p><p>The FCA conducts investigations into firms in relation to pension transfer advice. If this work results in formal action the FCA publicly sets out their detailed findings on those firms responsible for serious failings and ensures affected customers are aware.</p><p> </p><p>In cases where the FCA suspects serious misconduct may have occurred and harm needs to be prevented immediately, as a first step the FCA may also ask firms voluntarily to accept a variation of permission or the imposition of a requirement (VREQ). Typically, when the FCA uses this power it will be displayed on the FCA’s Financial Services Register which is free to access and publicly available. Through their work on pension transfers advice, they identified a number of firms which gave cause for concern. This resulted in VREQs being put in place.</p> answering member printed Lord Bates question first answered 04/02/2019 14:49:19 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners