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1149828

registered interest
date	15/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Collateral (UK)
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether when the FCA processed the FSMA full Part A application made by Collateral (UK) Limited on 23 March 2016, for which Collateral paid a fee of £1,500, whether it checked the information already contained in its Interim Permission file 656714; and whether it checked details on Collateral at Companies House and the date of Collateral's incorporation in respect of the date of grant of Interim Permission.
tabling member printed	Lord Myners
uin	HL120
answer	answer is ministerial correction date of answer 22/10/2019 answer text <p>The FCA is responsible for the regulation of the financial services sector and is operationally independent from Government. These questions relate to the FCA and have been passed on to them. The FCA will reply directly to Lord Myners by letter, and a copy of the letter will be placed in the Library of the House.</p> answering member printed The Earl of Courtown grouped question UIN HL46 question first answered 22/10/2019 14:41:22 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1149753

registered interest
date	14/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Collateral (UK)
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the interim permission granted to Regal Pawnbroker Limited, subsequently renamed Collateral (UK) in the Financial Conduct Authority’s register, would have lapsed automatically on 31 March 2016 if an application had not been passed for Part 4A Permission under the Financial Services and Markets Act 2000.
tabling member printed	Lord Myners
uin	HL46
answer	answer is ministerial correction date of answer 22/10/2019 answer text <p>The FCA is responsible for the regulation of the financial services sector and is operationally independent from Government. These questions relate to the FCA and have been passed on to them. The FCA will reply directly to Lord Myners by letter, and a copy of the letter will be placed in the Library of the House.</p> answering member printed The Earl of Courtown grouped question UIN HL120 question first answered 22/10/2019 14:41:22 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1141552

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	Collateral (UK)
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they first became aware that Collateral (UK) Limited was acting without authorisation from the Financial Conduct Authority (FCA); and why that company was allowed to take new client money without advising clients that the firm was not authorised by the FCA.
tabling member printed	Lord Myners
uin	HL17420
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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 grouped question UIN HL17421 HL17422 HL17423 question first answered 06/08/2019 13:35:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141553

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	Collateral (UK)
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 (FCA) have investigated the change of name on the FCA register of authorised parties of Regal Pawnbrokers Limited to Collateral (UK) Limited; whether they identified any concerns about that change in respect of Collateral (UK) Limited; and if so, when.
tabling member printed	Lord Myners
uin	HL17421
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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 grouped question UIN HL17420 HL17422 HL17423 question first answered 06/08/2019 13:35:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141554

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	Collateral (UK)
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether any action was taken to protect (1) documents of, and (2) client money in, Collateral (UK) Limited when they were made aware that that firm was acting without the authorisation of the Financial Conduct Authority; and if not, why not.
tabling member printed	Lord Myners
uin	HL17422
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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 grouped question UIN HL17420 HL17421 HL17423 question first answered 06/08/2019 13:35:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141555

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	Collateral (UK)
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they were aware that Collateral (UK) Limited advertised itself as having interim authorisation from the Financial Conduct Authority (FCA) when this was not the case; whether the FCA has taken any action against that firm, its shareholders or directors; and what assessment they have made of whether that firm continued to raise money from investors after the Government were made aware of it falsifying its authorisation.
tabling member printed	Lord Myners
uin	HL17423
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Government monitors the development of the peer to peer (P2P) sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector. This requires platforms to be authorised by the FCA and subject to FCA rules governing, among other areas, how they handle client money and promote themselves to consumers, and capital requirements.</p><p> </p><p>The regulatory status of Collateral (UK) Ltd, and the events which led to its register entry appearing to show that it held an interim permission, when it did not, are matters the FCA is investigating as they may involve fraud or misconduct by persons connected with the firm who may have misused the register. In order to avoid prejudicing any proceedings which may arise from the investigation, the FCA are unable to provide further details of how they believe the change to the register came about.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. These questions relate to the FCA and have been passed on to them. 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 grouped question UIN HL17420 HL17421 HL17422 question first answered 06/08/2019 13:35:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners