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175410

registered interest
date	23/01/2015
answering body	HM 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 what assessment they have made of the risks and fairness of high speed trading.
tabling member printed	Lord Kennedy of Southwark
uin	HL4396
answer	answer is ministerial correction date of answer 04/02/2015 answer text <p>The Government sponsored the Foresight Project, which reported in 2012, to analyse the role of computer-based trading, including high frequency trading, in financial markets<sup><sup>[1]</sup></sup>.</p><p> </p><p> </p><p><sup><sup>[1]</sup></sup> <a href="https://www.gov.uk/government/publications/future-of-computer-trading-in-financial-markets-an-international-perspective" target="_blank">https://www.gov.uk/government/publications/future-of-computer-trading-in-financial-markets-an-international-perspective</a></p><p> </p> answering member printed Lord Deighton question first answered 04/02/2015 14:40:31 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

175411

registered interest
date	23/01/2015
answering body	Department for Energy and Climate Change
answering dept id	63
answering dept short name	Energy and Climate Change
answering dept sort name	Energy and Climate Change
hansard heading	EU Emissions Trading Scheme
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 emissions trading market.
tabling member printed	Lord Kennedy of Southwark
uin	HL4397
answer	answer is ministerial correction date of answer 04/02/2015 answer text <p>The EU Emissions Trading System (EU ETS) is functioning effectively. However, reform is needed to tackle the surplus of two billion allowances that weakens the incentive to adopt carbon-reducing measures. This risks increasing the long-term cost of meeting the UK’s climate change targets. The Government supports reform through the European Commission’s proposal for a Market Stability Reserve, strengthened by introducing it before 2017 and placing a large portion of the surplus allowances directly in to it.</p><p>Outside the EU, carbon pricing mechanisms are spreading globally as countries recognise their usefulness as tools to modernise economies and tackle emissions. In 2014, about 40 national and over 20 sub-national jurisdictions had implemented or scheduled emissions trading schemes or carbon taxes. Where appropriate, HMG supports the development of these mechanisms through the international negotiations, our bilateral project work and through projects funded by the International Climate Fund.</p> answering member printed Baroness Verma question first answered 04/02/2015 13:46:09 answering member 3790 label Biography information for Baroness Verma
tabling member	4153 label Biography information for Lord Kennedy of Southwark

175412

registered interest
date	23/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	European Central Bank
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 quantitative easing programme launched by the European Central Bank.
tabling member printed	Lord Kennedy of Southwark
uin	HL4398
answer	answer is ministerial correction date of answer 06/02/2015 answer text <p>The Treasury regularly monitors global economic developments, including those in the euro area, and their impact on the UK as part of the normal process of policy development.</p><p> </p><p> </p><p> </p><p>It is not for the Government to comment on the appropriate monetary policy stance for the euro area.</p><p> </p><p> </p><p> </p><p>Nonetheless, the Chancellor has made clear that the Government fully supports Mario Draghi’s efforts to ensure that the European Central Bank does whatever it takes to meet its inflation mandate.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 06/02/2015 14:51:43 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

175413

registered interest
date	23/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Art Works
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment have they made of the case for regulation of the global art market in order to prevent crime.
tabling member printed	Lord Kennedy of Southwark
uin	HL4399
answer	answer is ministerial correction date of answer 04/02/2015 answer text <p>The art market in the UK is already regulated in so far as antique and fine art dealers that accept cash payments of €15,000 Euro or more in exchange for goods are considered ‘High Value Dealers’ and fall within the scope of the Money Laundering Regulations. This is because cash-intensive businesses are considered particularly susceptible to money laundering. High Value Dealers are supervised for the purpose of these Regulations by HM Revenue &amp; Customs.</p><p> </p> answering member printed Lord Deighton question first answered 04/02/2015 14:41:02 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

175414

registered interest
date	23/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Lenders
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what protections are in place to protect people from unscrupulous practices in the pawnbroking industry.
tabling member printed	Lord Kennedy of Southwark
uin	HL4400
answer	answer is ministerial correction date of answer 05/02/2015 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, including pawn broking. The Financial Conduct Authority’s (FCA) more robust regulatory regime will help to improve protection for consumers who use pawn brokers.</p><p> </p><p> </p><p> </p><p>The FCA requires firms to provide adequate pre-contractual explanation to consumers including making it clear to the consumer that, where an article is taken into pawn, the article might be sold if not redeemed. In addition the FCA has introduced tough rules regarding pawn brokers’ conduct of business. The FCA also requires firms to comply with its high-level principles, including ‘treating customers fairly’.</p><p> </p><p> </p><p> </p><p>Where firms breach its rules the FCA is able to impose tough sanctions, such as imposing unlimited fines and ordering firms to pay redress to customers.</p><p> </p> answering member printed Lord Deighton question first answered 05/02/2015 16:43:30 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

174280

registered interest
date	16/01/2015
answering body	Department for Communities and Local Government
answering dept id	7
answering dept short name	Communities and Local Government
answering dept sort name	Communities and Local Government
hansard heading	Public Sector: Property
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have a policy position on the disposal of property assets by local authorities, fire authorities and combined authorities.
tabling member printed	Lord Kennedy of Southwark
uin	HL4224
answer	answer is ministerial correction date of answer 29/01/2015 answer text <p>This Government has actively encouraged councils to make better use of their property assets, including selling surplus property, in order to free up brownfield land and to generate broader savings. Indeed, councils are sitting on £2.5 billion of surplus operational assets according to their own returns (source: DCLG, <em>Local Government Finance Statistics England</em>, June 2014).</p><p>Legally, the framework for the disposal of assets by local authorities, fire authorities and combined authorities is set out in the Local Government Act 1972. The legislation gives authorities the power to dispose of land as they see fit and for the best price reasonably obtainable. Local authorities are not always obliged to sell assets to the highest bidder. In certain circumstances they are free to accept a lower offer where the lower price is offset by wider public benefits. This is set out in the General Disposal Consent which permits local authorities to make disposals at less than best consideration without reference to the Secretary of State provided the undervalue does not exceed £2 million. In cases where a proposed disposal is not covered by this general consent an authority would have to apply to the Secretary of State for a specific consent. Each application is considered on its own merits.</p><p> </p> answering member printed Lord Ahmad of Wimbledon question first answered 29/01/2015 17:16:28 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	4153 label Biography information for Lord Kennedy of Southwark