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1129548
star this property registered interest false more like this
star this property date remove filter
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading London Capital & Finance: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why 12 months have been allowed for the completion of Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16033 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL16034 more like this
HL16035 more like this
star this property question first answered
less than 2019-06-18T15:18:13.633Zmore like thismore than 2019-06-18T15:18:13.633Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1129549
star this property registered interest false more like this
star this property date remove filter
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Barlow Clowes: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16034 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL16033 more like this
HL16035 more like this
star this property question first answered
less than 2019-06-18T15:18:13.667Zmore like thismore than 2019-06-18T15:18:13.667Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1129550
star this property registered interest false more like this
star this property date remove filter
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading London Capital & Finance: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital &amp; Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16035 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL16033 more like this
HL16034 more like this
star this property question first answered
less than 2019-06-18T15:18:13.713Zmore like thismore than 2019-06-18T15:18:13.713Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1129572
star this property registered interest false more like this
star this property date remove filter
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Bank Services: Internet more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to remain closely aligned to any new EU security regulations for online banking transactions after Brexit. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16057 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”), which are intended to reduce fraud and increase payments security, came into force on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September 2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the Act”) will bring into UK law all directly applicated EU regulations which are operative at exit day, as defined by the Act, or at the end of the proposed Implementation Period if the withdrawal agreement reached between the Government and the EU is ratified. This includes operative Regulatory Technical Standards (RTS). The Act also permits ministers to make amendments which correct deficiencies in these regulations, if that is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December 2018). It proposes to substantially maintain these technical standards in UK law, to support consumer protection and to provide firms with certainty and clarity about the systems they have been building.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-18T15:19:22.827Zmore like thismore than 2019-06-18T15:19:22.827Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
1129583
star this property registered interest false more like this
star this property date remove filter
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Bank Services: Proof of Identity more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether all existing banking customers must provide proof of identification to banks to check for possible money laundering; if so, under which regulations this policy was brought in; whether an impact assessment was carried out on the costs to customers, particularly those in rural areas, of any such requirements; and what estimate they have made of the total cost of any such policy. more like this
star this property tabling member printed
Lord Vinson more like this
star this property uin HL16068 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text The Money Laundering Regulations 2017 (‘the Regulations’) do not require banks to carry out customer due diligence – including identity checks—on all existing customers. The Regulations instead require banks to take a proportionate approach to applying customer due diligence checks commensurate with the risk of money laundering. The legal requirements on banks to carry out customer diligence for existing customers are set out in Regulations 27(8)(9) and 29(7). The Joint Money Laundering Steering Group’s guidance provides further detail on applying these requirements.<p> </p><p>The impact assessment for the transposition of the 4th EU Money Laundering Directive (which led to the most recent revision of the regulations) estimates the total cost of the changes made, while concluding that industry has difficulty in identifying costs caused by the money laundering regulations. This is particularly the case for customer due diligence as many of these are costs that a prudent business would take on in any case as a matter of commercial practice, to comply with UN or EU sanctions, or to protect themselves and their customers from fraud. The full impact assessment is available on gov.uk.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-06-18T15:20:03.29Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1807
star this property label Biography information for Lord Vinson more like this