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1342251

registered interest
date	30/06/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Answer of 4 February 2021 to Question 148019 on London Capital and Finance: Insolvency, what progress the Government has made on setting up a compensation scheme which will assess whether there is justification for further compensation payments in certain circumstances for some LCF bondholders.
tabling member constituency	Kirkcaldy and Cowdenbeath
tabling member printed	Neale Hanvey
uin	25169
answer	answer is ministerial correction date of answer 05/07/2021 answer text <p>I know that this has been a very difficult time for LCF bondholders. The Government has announced that it will establish a compensation scheme that will provide 80% of LCF bondholders’ principle investment up to a maximum of £68,000. The scheme will be available to all LCF bondholders who have not already received compensation from the Financial Services Compensation Scheme (FSCS).</p><p>The Treasury is working to finalise the details of the scheme and guidance for bondholders on their next steps. The Government will provide further details on how the scheme will operate in due course. Bondholders do not need to do anything at this stage.</p><p>The Financial Services Compensation Scheme (FSCS) will administer the Scheme. They are committed to ensuring that payments are made to all eligible LCF bondholders within 6 months of the Compensation (London Capital &amp; Finance plc and Fraud Compensation Fund) Bill securing Royal Assent. This Bill was brought forward by the Government at the earliest possible opportunity and was introduced on 12 May 2021.</p><p>I hope that the compensation offered by the Government scheme will offer some relief to the distress and hardship suffered and provide closure on this difficult matter.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/07/2021 10:26:42 answering member 4051 label Biography information for John Glen
tabling member	4782 label Biography information for Neale Hanvey

1288859

registered interest
date	23/02/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of potential similarities between the investment schemes marketed by Ready2Invest Limited and the collapse of London Capital & Finance Plc.
tabling member constituency	Ellesmere Port and Neston
tabling member printed	Justin Madders
uin	157188
answer	answer is ministerial correction date of answer 03/03/2021 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 the honourable Member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/03/2021 11:56:26 answering member 4051 label Biography information for John Glen
tabling member	4418 label Biography information for Justin Madders

1284178

registered interest
date	04/02/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to publish the (a) timetable for and (b) details of the compensation scheme for LCF bondholders.
tabling member constituency	Newport East
tabling member printed	Jessica Morden
uin	149190
answer	answer is ministerial correction date of answer 08/02/2021 answer text <p>I refer the Honourable Member to my answer given on 4 February to PQ UIN 148019. In my answer I explained that my Written Ministerial Statement of 17 December 2020 set out the three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>My Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/02/2021 09:54:24 answering member 4051 label Biography information for John Glen
tabling member	1548 label Biography information for Jessica Morden

1283002

registered interest
date	02/02/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to publish details on the Government’s approach to the compensation scheme for London Capital & Finance bondholders.
tabling member constituency	Kirkcaldy and Cowdenbeath
tabling member printed	Neale Hanvey
uin	148019
answer	answer is ministerial correction date of answer 04/02/2021 answer text <p>I refer the Honourable Member to my answer given on 28 January to PQ UIN 143081. The Written Ministerial Statement of 17 December 2020 set out the three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148020 question first answered 04/02/2021 13:01:33 answering member 4051 label Biography information for John Glen
tabling member	4782 label Biography information for Neale Hanvey

1283004

registered interest
date	02/02/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc by Dame Elizabeth Gloster, published in November 2020, whether the 11,625 London Capital & Finance bondholders will be offered compensation for their losses.
tabling member constituency	Kirkcaldy and Cowdenbeath
tabling member printed	Neale Hanvey
uin	148020
answer	answer is ministerial correction date of answer 04/02/2021 answer text <p>I refer the Honourable Member to my answer given on 28 January to PQ UIN 143081. The Written Ministerial Statement of 17 December 2020 set out the three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148019 question first answered 04/02/2021 13:01:33 answering member 4051 label Biography information for John Glen
tabling member	4782 label Biography information for Neale Hanvey

1280774

registered interest
date	26/01/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Written Statement of 17 December 2020, Financial Services Update, HCWS678, what progress has been made in compensating the bondholder victims of London Capital & Finance plc.
tabling member constituency	Barnsley Central
tabling member printed	Dan Jarvis
uin	143761
answer	answer is ministerial correction date of answer 01/02/2021 answer text <p>The Government recognises that this has been a very difficult time for LCF bondholders. That is why on 23 May 2019, following a request from Charles Randell, Chair of the FCA, we formally directed the FCA to launch an independent investigation into the events at LCF, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Dame Elizabeth’s independent investigation considered 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 delivered her report to the FCA on 23 November 2020, and the report alongside the FCA’s response was published on 17 December 2020. A Written Ministerial Statement was made on the same day setting out the Government’s response. These documents are available online at gov.uk.</p><p> </p><p>Dame Elizabeth makes nine recommendations for the FCA. The Government welcomes the FCA’s apology to LCF bondholders and their commitment to implement Dame Elizabeth’s recommendations.</p><p> </p><p>HM Treasury has also accepted the four recommendations that Dame Elizabeth Gloster made for the government regarding the regulatory regime. The Written Statement set out the steps that the Government will be taking to implement them.</p><p>As set out in the Written Statement, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143751 question first answered 01/02/2021 11:50:29 answering member 4051 label Biography information for John Glen
tabling member	4243 label Biography information for Dan Jarvis

1280797

registered interest
date	26/01/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to Dame Elizabeth Gloster's report entitled, Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, published on 23 November 2020, what steps he has taken to implement the recommendations of that report and re-compensate bondholders.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	143751
answer	answer is ministerial correction date of answer 01/02/2021 answer text <p>The Government recognises that this has been a very difficult time for LCF bondholders. That is why on 23 May 2019, following a request from Charles Randell, Chair of the FCA, we formally directed the FCA to launch an independent investigation into the events at LCF, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Dame Elizabeth’s independent investigation considered 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 delivered her report to the FCA on 23 November 2020, and the report alongside the FCA’s response was published on 17 December 2020. A Written Ministerial Statement was made on the same day setting out the Government’s response. These documents are available online at gov.uk.</p><p> </p><p>Dame Elizabeth makes nine recommendations for the FCA. The Government welcomes the FCA’s apology to LCF bondholders and their commitment to implement Dame Elizabeth’s recommendations.</p><p> </p><p>HM Treasury has also accepted the four recommendations that Dame Elizabeth Gloster made for the government regarding the regulatory regime. The Written Statement set out the steps that the Government will be taking to implement them.</p><p>As set out in the Written Statement, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143761 question first answered 01/02/2021 11:50:29 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1280103

registered interest
date	25/01/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the findings of the Report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, published 23 November 2020, what the timetable is for the FCA to pay compensation under the complaints scheme to bondholders.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	143079
answer	answer is ministerial correction date of answer 28/01/2021 answer text <p>I refer the Honourable Member to my answer given on 21 January to PQ UIN 138838. As set out in my Written Ministerial Statement of 17 December 2020, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143080 143081 question first answered 28/01/2021 14:41:02 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel

1280104

registered interest
date	25/01/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how the Government's compensation scheme that was announced in response to the Report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, published on 23 November 2020, will be administered.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	143080
answer	answer is ministerial correction date of answer 28/01/2021 answer text <p>I refer the Honourable Member to my answer given on 21 January to PQ UIN 138838. As set out in my Written Ministerial Statement of 17 December 2020, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143079 143081 question first answered 28/01/2021 14:41:02 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel

1280106

registered interest
date	25/01/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, published 23 November 2020, whether the Government compensation scheme announced in response to that report will contain bondholder restrictions (a) on investment size, (b) on investment timing or (c) linked to bondholders' individual circumstances.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	143081
answer	answer is ministerial correction date of answer 28/01/2021 answer text <p>I refer the Honourable Member to my answer given on 21 January to PQ UIN 138838. As set out in my Written Ministerial Statement of 17 December 2020, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Ministerial Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143079 143080 question first answered 28/01/2021 14:41:02 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel