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1130840

registered interest
date	10/06/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	West Coast Partnership Rail Franchise
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 22 May (HL15602), whether they would drop a stated qualifying condition for a bidder for the West Coast Partnership rail franchise without informing other registered bidders; and if not, why they cannot answer the question put on the grounds of it being a live competition.
tabling member printed	Lord Myners
uin	HL16207
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Department evaluates tenders for the West Coast Partnership in accordance with the processes set out in the Invitation to Tender. This is done to ensure the Department meets its obligations to treat all bidders fairly and equally. The Department does not comment on live competitions in compliance with its contractual and legal obligations.</p><p> </p><p> </p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 20/06/2019 14:35:01 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1130841

registered interest
date	10/06/2019
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	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 Henley on 9 May (HL15286), whether they intend to prioritise strengthening the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to insolvency and to require any such related funds to be returned.
tabling member printed	Lord Myners
uin	HL16208
answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>In 2018, the Government published detailed proposals to reform corporate insolvency laws including strengthening the powers available to insolvency office-holders to challenge transactions and take recovery action where value has been extracted from a company as it approaches insolvency. The Government remains committed to introduce these changes as soon as Parliamentary time allows.</p> answering member printed Lord Henley question first answered 17/06/2019 12:31:37 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130842

registered interest
date	10/06/2019
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	Takeovers: Conflict of Interests
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 20 May (HL15640), whether they have reviewed the decision-making processes in investment institutions which hold equity investments in both the offeror and the offeree in a takeover situation but on behalf of different clients and where a particular outcome might favour one group of clients over another .
tabling member printed	Lord Myners
uin	HL16209
answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Asset managers act as agents of investors in their funds. They are required to manage their funds in the best interests of all of their fund investors and to appropriately avoid, manage and disclose conflicts of interests that could, and do arise between different investor groups. This is a requirement of Markets in Financial Instruments Directive II (MiFID II).</p><p> </p><p>Asset managers should have policies, procedures and governance in place to effectively manage any conflicts arising from their stewardship obligations.</p><p> </p><p>The FCA has recently published a Policy Statement (PS 19/13) ‘Proposals to promote shareholder engagement: Feedback to CP 19/7 and final rules.’ This sets out final rules to implement requirements of the Revised Shareholder Rights Directive (SRD II). SRD II introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The rules came into effect on 10 June 2019 requiring asset managers to disclose and make publicly available their policies on how they engage with the companies they invest in. They also require asset managers to provide certain information to institutional investors, including occupational pension schemes. The new rules are designed to foster stewardship, and better stewardship should lead to better decision making in relation to mergers and acquisitions.</p> answering member printed Lord Henley question first answered 19/06/2019 16:42:37 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130843

registered interest
date	10/06/2019
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 why the Pensions Regulator has allowed the owners of Arcadia Group to phase their contribution to address that company’s pension deficit over a period of time instead of a single up-front payment; whether the Pensions Regulator is using financial advisers to determine whether Arcadia’s business plan will eventually cover the deficit; and if so, who are those advisers.
tabling member printed	Lord Myners
uin	HL16210
answer	answer is ministerial correction date of answer 24/06/2019 answer text <p>The pensions framework established by Parliament in the Pensions Act 2004 sets out that ongoing employers may address the funding of their scheme deficits over a reasonable period of time. This responsibility falls on the company rather than its owners, other than where The Pensions Regulator has used its anti-avoidance powers. This approach of spreading funding of deficits was established to balance the needs of schemes with those of their sponsoring employers.</p><p> </p><p>The Arcadia trustees and the Arcadia group took an approach which was similar to many other schemes and employers in establishing recovery plans to address their schemes’ deficits over a number of years. In response to a request to vary those recovery plan payments, made in conjunction with the Arcadia Group’s Company Voluntary Arrangements proposals, The Pensions Regulator, working alongside the trustees and the Pension Protection Fund, has negotiated robustly to secure an enhanced package of support for the pension schemes in connection with a successful Company Voluntary Arrangement, worth significantly more than would be received if the Company Voluntary Arrangement is not successful and Arcadia Group Ltd becomes insolvent. This represents appropriate protection, in challenging circumstances, and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>In assessing the turnaround plan presented by Arcadia, The Pensions Regulator has been informed by the analysis carried out by professional advisers to the trustees. The Pensions Regulator has considerable expertise in restructuring situations and this includes people in its regulatory teams with a background working in big chartered accountancy firms and restructuring operations in banks.</p> answering member printed Baroness Buscombe question first answered 24/06/2019 11:44:23 answering member 3349 label Biography information for Baroness Buscombe
tabling member	3869 label Biography information for Lord Myners

1130844

registered interest
date	10/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	GAM Greensill Supply Chain Finance Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they are investigating, or intend to investigate, the (1) management of, (2) investment valuations used by, and (3) relationships between managers and businesses invested in, the GAM Greensill Supply Chain Finance Fund.
tabling member printed	Lord Myners
uin	HL16211
answer	answer is ministerial correction date of answer 24/06/2019 answer text <p>The Financial Conduct Authority (FCA) is the conduct regulator for the financial services industry in the UK. The FCA will not normally make public the fact that it is or is not investigating a particular matter, in order to protect the effectiveness of any investigation it carries out. The FCA has been made aware of this Parliamentary Question.</p> answering member printed Lord Young of Cookham question first answered 24/06/2019 13:56:34 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1130845

registered interest
date	10/06/2019
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 whether, when authorising Lendy, the Financial Conduct Authority (FCA) considered the company to be (1) an agent, or (2) a principal, in the relationship between the lender or borrower; or whether the FCA took no view on this matter.
tabling member printed	Lord Myners
uin	HL16212
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 13:56:52 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1130249

registered interest
date	05/06/2019
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: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they estimate they will cease to provide financial support to British Steel; whether a specific event will trigger the end of that support; and whether that support will terminate when the Official Receiver has completed their work.
tabling member printed	Lord Myners
uin	HL16110
answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>The immediate priority following the Official Receiver’s appointment as liquidator of British Steel Limited was to continue the safe operation of the sites while options are considered. To enable this, the Government has provided an indemnity to the Official Receiver, who is now responsible for the operations.</p><p> </p><p>The Official Receiver is currently overseeing a sales process as they seek to sell the business. Trading will continue whilst a buyer is sought.</p><p> </p> answering member printed Lord Henley question first answered 19/06/2019 11:33:12 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130250

registered interest
date	05/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have reviewed the market liquidity in the subprime sterling bond market in the context of increased bond issuance.
tabling member printed	Lord Myners
uin	HL16111
answer	answer is ministerial correction date of answer 19/06/2019 answer text <p><em>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC set out its most recent assessment of financial stability risks, including from the sterling bond market, in its March 2019 Policy Summary, in which it noted that post-crisis reforms have made dealers, on which some markets rely, more resilient, reducing the probability that market-making losses could lead to their distress or failure. In addition, the FPC noted that during the more recent period of volatility at the end of 2018, pension funds and insurers had acted as net buyers of sterling corporate bonds. Notwithstanding this, new business models mean that liquidity conditions in corporate debt markets could change quickly in event of stress.</em> <em>However, overall the FPC judged that markets had proved able to function effectively through volatile periods, and the strength of the core financial system, including banks, dealers and insurance companies, would support the functioning of markets on which the economy relied.</em></p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:43:32 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1130251

registered interest
date	05/06/2019
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: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact of British Steel's collapse on past and present employees.
tabling member printed	Lord Myners
uin	HL16112
answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>The Official Receiver was appointed liquidator of British Steel Limited. In his role as liquidator, the Official Receiver is under a statutory duty to investigate the cause of failure of the company and generally its business, dealings and affairs and has wide-ranging powers to obtain information, material, and explanations.</p><p> </p><p>My rt. hon. Friend the Secretary of State wrote to the Insolvency Service on 22 May requesting that the Official Receiver’s investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company, value transferred out of the company and whether any action by directors has caused detriment to creditors or to the pension schemes.</p><p> </p> answering member printed Lord Henley question first answered 19/06/2019 11:33:53 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130252

registered interest
date	05/06/2019
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 whether they will establish an independent review into the FCA’s supervision of Lendy and the actions taken by the FCA once it had raised questions about the firm’s compliance with minimum regulatory standards and disclosure to lenders.
tabling member printed	Lord Myners
uin	HL16113
answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>There is an ongoing Financial Conduct Authority (FCA) investigation into the circumstances that have led to the administration of Lendy.</p><p> </p><p>It is important that the FCA rules for P2P lending remain relevant for this evolving sector, and the new rules announced by the FCA on 4 June reflect this. These will help to ensure that investors have the information they need to make effective decisions about P2P investments, without imposing additional costs on borrowers.</p><p> </p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:39:39 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners