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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

1108862

registered interest
date	01/04/2019
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Voluntary Arrangements
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will review the use of Company Voluntary Arrangements (CVA) and the impact on creditors when company owners have removed significant equity via dividends or capital reconstruction ahead of the CVA process.
tabling member printed	Lord Myners
uin	HL14969
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The Government consulted on a wide-ranging package of reforms to corporate insolvency generally in 2018 and there are no plans to review the use of Company Voluntary Arrangements (CVA’s) at this time. CVA’s are a valuable part of the restructuring framework. Following this consultation, Government announced it will strengthen the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to its insolvency, thereby increasing the protections already available to creditors. These proposals will be introduced when parliamentary time permits.</p> answering member printed Lord Henley question first answered 08/04/2019 16:11:03 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners