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1146329

registered interest
date	25/09/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Thomas Cook: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they took steps, in the light of the collapse of Monarch Airlines and the expenditure of public funds in repatriating travellers, to ensure that public funds will not be irrecoverably spent in repatriating customers of Thomas Cook; and if so, what steps.
tabling member printed	Lord Myners
uin	HL17824
answer	answer is ministerial correction date of answer 07/10/2019 answer text <p>The failure of Thomas Cook is one of the largest travel company failures we have ever seen. A failure of this size, and the number of passengers affected, is unprecedented. In these circumstances, it is right that the Government should step in and help affected passengers return home as smoothly as possible. We are seeking to minimise the impact on the Government and taxpayers by recovering costs where appropriate through the ATOL scheme, credit card companies and travel insurance.</p><p> </p><p>The majority of Thomas Cook passengers are ATOL protected and the costs for repatriating those passengers will be covered by the ATOL scheme.</p><p> </p><p>An independent Airline Insolvency Review, chaired by Peter Bucks concluded earlier this year and the Government published the final report on 9 May 2019. The Review also acknowledged there was no “silver bullet or one-size-fits-all” solution, to ensure consumer protection in the event of airline insolvency. The recommendations are complex and represent an evolutionary, incremental policy approach over many years that takes into account an expected implementation period. The Government is actively considering the recommendations of the review and is committed to taking steps accordingly.</p><p><strong> </strong></p> answering member printed Baroness Vere of Norbiton question first answered 07/10/2019 16:07:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1146330

registered interest
date	25/09/2019
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	British Business Bank: Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the British Business Bank independently vets every loan it makes through peer-to-peer lending platforms and similar agencies or relies on such platforms for conducting due diligence.
tabling member printed	Lord Myners
uin	HL17825
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The British Business Bank operates indirectly through various delivery partners. Individual lending and investment decisions are fully delegated to these delivery partners.</p><p> </p><p>The British Business Bank has a thorough delivery partner selection process, which includes robust due diligence. British Business Bank also monitors existing delivery partners and their performance against contractual requirements or Service Level Agreements.</p> answering member printed Lord Duncan of Springbank question first answered 08/10/2019 14:42:07 answering member 4686 label Biography information for Lord Duncan of Springbank
tabling member	3869 label Biography information for Lord Myners

1144187

registered interest
date	03/09/2019
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 plans they have to increase minimum capital requirements for fund managers managing Undertakings for the Collective Investment in Transferable Securities funds and other open-ended funds.
tabling member printed	Lord Myners
uin	HL17675
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA Handbook outlines the rules on the capital requirements for UCITS management firms, which are derived from the EU UCITS Directive. These requirements can be found in Chapter 11 of the Interim Prudential Sourcebook for Investment Business. If there was to be any policy decision by the FCA to change these rules in the future, that would be subject to the FCA’s relevant governance process, including a public consultation.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:41:08 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1144188

registered interest
date	03/09/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Monarch Airlines: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what progress they have made in obtaining a financial contribution from Greybull Capital towards the cost of the return to the UK of passengers on Monarch Airlines consequent on the withdrawal of financial support by Greybull Capital; what is their assessment of whether Greybull Capital and associates are likely to make a profit on their investment in Greybull Capital; whether any such profit will be assessable to UK tax; and when Ministers last had contact with Greybull Capital.
tabling member printed	Lord Myners
uin	HL17676
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.</p><p> </p><p>However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.</p><p> </p><p>The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.</p><p> </p><p>Profits made by corporations are subject to the tax laws relevant to their jurisdiction. Petrol Jersey Limited is a company which is incorporated in Jersey. It would be for HM Revenue and Customs to confirm whether any such profit would be assessable to tax in the UK.</p><p> </p><p>Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.</p> answering member printed Baroness Vere of Norbiton question first answered 09/09/2019 12:40:37 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1144189

registered interest
date	03/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Returns
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 low and negative bond yields on the funding and capital assumptions of (1) pension funds, and (2) insurance companies; and the ability of the banking system to support economic growth.
tabling member printed	Lord Myners
uin	HL17677
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>HM Treasury does not hold this information. This is a matter for the Prudential Regulation Authority (PRA), who are operationally independent from Government, and the Department of Work and Pensions (DWP).</p><p> </p><p>The question has been passed on to the PRA and the DWP. The PRA and the DWP will reply directly to the Noble Lord by letter. Copies of the letters will be placed in the Library of the House.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:43:50 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1144190

registered interest
date	03/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to ask the Financial Conduct Authority to investigate the risks in the guarantor loan market and the protections available to guarantors.
tabling member printed	Lord Myners
uin	HL17678
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The government has given the FCA strong powers to protect consumers and to act against firms and individuals that do not meet its standards.</p><p> </p><p>In relation to guarantor lending the FCA has identified relending, insufficient affordability checks, and the increasing number of payments made by guarantors as the areas of potential harm to consumers. They are conducting supervisory work to assess these areas which will conclude in January 2021.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.</p><p><strong> </strong></p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:41:48 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1141932

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lendy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they took to stop Lendy from declaring dividends to pay capital to that firm’s owners when Lendy was under review by the Financial Conduct Authority (FCA); and whether the FCA intends to compensate any lenders who did not receive full remediation payments as a result of a shortfall in capital.
tabling member printed	Lord Myners
uin	HL17476
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Financial Conduct Authority (FCA) is responsible for the authorisation and regulation of peer to peer (P2P) platforms, and is currently carrying out an enforcement investigation into the circumstances that led to the administration of Lendy. It would be inappropriate for Government to pre-empt its findings.</p><p> </p><p>The FCA is operationally independent from Government. The question as it relates to the FCA 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 Young of Cookham question first answered 06/08/2019 13:36:33 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141933

registered interest
date	24/07/2019
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, if any, they have made of the case for specifying a higher liquidity test for UK-managed Undertakings for Collective Investment in Transferable Securities than is required by EU Directive 2009/65/EC; and what discussions they have had with the Financial Conduct Authority about that test.
tabling member printed	Lord Myners
uin	HL17477
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Following the suspension of the Woodford Equity Income Fund (WEIF), HM Treasury has discussed the liquidity rules for UK UCITS funds with the Financial Conduct Authority (FCA), which is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds.</p><p> </p><p>The FCA have launched an investigation into the events leading up to the suspension of the WEIF. The investigation will determine the facts of the case, including whether any rules have been broken, and inform any future decision on whether rule changes are required.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:37:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141934

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they or the Prudential Regulation Authority monitor loans by smaller banks to related parties; and what assessment, if any, they have made of how Wyelands Bank complies in this respect with regulatory limits.
tabling member printed	Lord Myners
uin	HL17478
answer	answer is ministerial correction date of answer 06/08/2019 answer text This is a matter for the Prudential Regulation Authority (PRA), which is operationally independent from Government. The question has been passed on to the PRA. The PRA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House. answering member printed Lord Young of Cookham question first answered 06/08/2019 13:37:27 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141550

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what tests they apply to determine whether an investigation into the Financial Conduct Authority (FCA) meets the standard required to be described as independent of the FCA; and what assessment they have made of whether FCA employees acting for an investigation compromises its independence.
tabling member printed	Lord Myners
uin	HL17418
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Where such investigations are conducted, HM Treasury take steps to ensure their independence which is crucial to the integrity of their conclusions. For example, in the recent case of the events surrounding the failure of London Capital &amp; Finance plc (LCF), and following a request from the Financial Conduct Authority (FCA), the Economic Secretary to the Treasury required that an independent investigation be carried out under powers in section 77 of the Financial Services Act 2012.</p><p> </p><p>The Economic Secretary approved the appointment of Dame Elizabeth Gloster, an experienced QC and Judge at the High Court and Court of Appeal, to lead it. Prior to this approval, potential conflicts of interest were investigated and HM Treasury is satisfied that Dame Elizabeth is independent from the FCA, HM Treasury and the companies and individuals associated with LCF’s failure.</p><p> </p><p>Under the terms of the Economic Secretary’s Direction to the FCA, Dame Elizabeth has the discretion to appoint a team which is entirely independent of the FCA. A process is now underway to appoint an independent legal team to support Dame Elizabeth in her investigation. The FCA is also under a duty to facilitate the disclosure to Dame Elizabeth any information that she deems relevant to the scope of her investigation. Should Dame Elizabeth wish to raise any matters directly to HM Treasury, she can do so at any time, under the terms of the Direction, via an interim report.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:32:53 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners