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1140491

registered interest
date	18/07/2019
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 whether they have ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for Undertakings for the Collective Investment in Transferable Securities at higher levels than specified by EU Directives; or whether the UK is currently bound by EU rules and cannot introduce higher standards.
tabling member printed	Lord Myners
uin	HL17324
answer	answer is ministerial correction date of answer 23/07/2019 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 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 23/07/2019 11:17:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1140034

registered interest
date	17/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lendy: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 19 June (HL16113), what discussions they have had with the Financial Conduct Authority about the case for that body to conduct an investigation into its decision to authorise Lendy when it had concerns about that firm’s compliance with minimum regulatory standards and the adequacy of disclosure to lenders; and what assessment they have made of the case for any such investigation to include whether any investors in Lendy (1) suffered losses as a result of that authorisation, and (2) are entitled to compensation from the FCA or another institution.
tabling member printed	Lord Myners
uin	HL17269
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the Financial Conduct Authority (FCA).</p><p> </p><p>The operationally independent FCA’s investigation into the circumstances that led to the administration of Lendy is ongoing, and it would be inappropriate for Government to pre-empt its findings.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:10:37 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1138560

registered interest
date	11/07/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Electric Vehicles
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to promote the use of electric vehicles.
tabling member printed	Lord Myners
uin	HL17118
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The Government’s mission is to put the UK at the forefront of the design and manufacturing of zero emission vehicles, and for all new cars and vans to be effectively zero emission by 2040.</p><p> </p><p>The Road to Zero Strategy sets out a clear pathway to zero emissions. By 2030 we want at least half of new cars sold, and as many as 70%, to be ultra low emission, alongside up to 40% of new vans. To achieve this, we are investing nearly £1.5bn‎ between April 2015 and March 2021, with grants available for plug in vehicles, and schemes to support charge point infrastructure at homes and workplaces and on residential streets. We have also put in place a favourable tax regime that rewards the cleanest vehicles.</p><p> </p><p>To accelerate the shift to zero emission cars, all zero emission models will pay no company car tax in 2020-21; 1% in 2021-22 before returning to the planned 2% rate in 2022-23 – a significant tax saving for employees and employers. This adds up to one of the most comprehensive support packages in the world for the transition to zero emission vehicles.</p><p> </p><p>The Government has been supporting vehicle manufacturers, technology companies and academia in delivering a major programme of R&amp;D into cleaner vehicle technologies. For example, we announced nearly £40m investment in 12 projects to support innovation in wireless and on-street charging technology to encourage uptake of electric vehicles.</p><p> </p><p>The Prime Minister announced that we are also consulting on proposals for chargepoints to be installed with all newly built homes in England, where appropriate, and on the introduction of smart chargepoints. To improve the consumer charging experience, we want to see all newly installed public rapid and higher powered chargepoints to offer debit/credit card payment from Spring 2020.</p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 23/07/2019 15:31:40 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1135748

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Facebook: Cryptocurrencies
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 implications of Facebook’s proposed Libra cryptocurrency on the management of monetary and financial stability mechanisms and policies.
tabling member printed	Lord Myners
uin	HL16841
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, this proposal raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce – comprised of HM Treasury, the Financial Conduct Authority and the Bank of England - to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s response set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Taskforce’s final report, found that cryptoassets do not currently pose a material threat to UK or global financial stability, however this could change in the future, and the Bank of England’s Financial Policy Committee will continue to monitor the situation.</p> answering member printed Lord Young of Cookham question first answered 15/07/2019 14:04:14 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1135749

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to conduct, or commission, an investigation into the management of investment portfolios by H2O Asset Management with particular reference to (1) the valuation of unlisted investments, and (2) the accuracy and completeness of statements by that firm’s management of the "gating" of future redemptions.
tabling member printed	Lord Myners
uin	HL16842
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.</p><p> </p><p>The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.</p><p> </p><p>The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.</p><p> </p><p>In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham grouped question UIN HL16843 question first answered 15/07/2019 14:03:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1135750

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether H20 Asset Management consulted (1) them, or (2) the Financial Conduct Authority, before that company indicated that it would never "gate" redemptions for its funds; what assessment they have made of the accuracy of that statement; and whether H2O Asset Management has been required to back that statement up with a guarantee or credit line.
tabling member printed	Lord Myners
uin	HL16843
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.</p><p> </p><p>The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.</p><p> </p><p>The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.</p><p> </p><p>In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham grouped question UIN HL16842 question first answered 15/07/2019 14:03:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1134695

registered interest
date	25/06/2019
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 they have made of the impact of quantitative easing and bank capital requirements on (1) moving credit risk to open-ended investment funds, and (2) financial stability.
tabling member printed	Lord Myners
uin	HL16662
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The question has been passed to the Bank of England. The Bank of England 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 08/07/2019 14:53:59 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1131475

registered interest
date	11/06/2019
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 Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included a review of the (1) capital structure, (2) tax planning, and (3) managerial record, of Greybull Capital and its associates.
tabling member printed	Lord Myners
uin	HL16269
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The British Business Bank was not involved.</p> answering member printed Lord Henley question first answered 20/06/2019 11:30:04 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1131476

registered interest
date	11/06/2019
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Arcadia Group: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the Pensions Regulator (1) regarded an additional payment into the Arcadia Pension Fund to be an adequate contribution to the deficit, and (2) supported the Company Voluntary Arrangements proposed by Sir Philip and Lady Green; and if so, why.
tabling member printed	Lord Myners
uin	HL16270
answer	answer is ministerial correction date of answer 24/06/2019 answer text <p>The best support for a defined benefit pension scheme is an ongoing trading employer. Working with the shareholders, pension trustees and Pension Protection Fund, The Pensions Regulator were pleased to be able to agree a £310m package of support last week that would provide greater certainty for the Arcadia pension schemes. This comprises security to the value of £210m, together with the £100m in cash from Lady Green. The Pensions Regulator remain satisfied that the arrangement is the right one for members and the Pension Protection Fund in challenging circumstances and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>The Pension Regulator’s goal is to protect the interests of members of the Arcadia schemes as far as possible in these difficult circumstances. A successful outcome will mean ongoing Deficit repair contributions payments from the company, enabling the schemes to become fully funded in due course. Had the Company Voluntary Arrangement votes failed, or if the Company Voluntary Arrangements are successfully challenged, the position of the pension schemes would be/will be much less certain. Deficit repair contributions from Arcadia Group Limited, initially £25m per annum (paid in equal monthly instalments) and escalating in subsequent years, would cease. The amount recovered by the pension schemes would be significantly less in an uncontrolled insolvency than under the terms of the Company Voluntary Arrangement. On this basis The Pensions Regulator supported the Company Voluntary Arrangement.</p> answering member printed Baroness Buscombe question first answered 24/06/2019 14:30:41 answering member 3349 label Biography information for Baroness Buscombe
tabling member	3869 label Biography information for Lord Myners

1131477

registered interest
date	11/06/2019
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 discussions they have had with the Financial Conduct Authority about establishing an independent review into the (1) role of corporate directors of open-ended investment funds, (2) limitations placed on unlisted and illiquid investments in such funds, and (3) systemic risks arising from daily dealing in the units of investment funds.
tabling member printed	Lord Myners
uin	HL16271
answer	answer is ministerial correction date of answer 24/06/2019 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 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 24/06/2019 15:31:06 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners