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926469

registered interest
date	18/06/2018
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government which investors purchased student loans sold by the Government as part of the £1.7 billion sale of Pre-2012 (Plan 1) Income Contingent Student Loans in December 2017.
tabling member printed	Lord Mendelsohn
uin	HL8724
answer	answer is ministerial correction date of answer 27/06/2018 answer text <p>The sale from the pre-2012 (plan 1) English student loan book, which was completed in December 2017, took place by means of a securitisation. This involved transferring the loan pool to a new independent English-domiciled company (“the Issuer”). This company is registered as ‘Income Contingent Student Loans 1 (2002-2006) Plc’. In turn the Issuer has issued to investors securities in the form of notes representing the rights to the remaining future repayments.</p><p> </p><p>The individual names of investors are commercially sensitive and are not publicly available.</p> answering member printed Viscount Younger of Leckie question first answered 27/06/2018 14:58:33 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4286 label Biography information for Lord Mendelsohn

926470

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of data from IC Select showing a decline in the percentage of investment consultant contracts put out to tender by pension funds from 20 per cent in 2008 to 3 per cent last year.
tabling member printed	Lord Mendelsohn
uin	HL8725
answer	answer is ministerial correction date of answer 29/06/2018 answer text <p>The Competition and Markets Authority (CMA) are currently conducting a detailed investigation of the Investment Consultants market. Their investigation will examine market concentration, the competitive landscape, information on fees and quality of service, among other issues. The CMA will publish their final report by March 2019 and the Government will study it closely.</p> answering member printed Lord Bates question first answered 29/06/2018 10:22:59 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926471

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Fees and Charges
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 relationship between fees charged by investment management advisers and their performance; and what assessment they have made of the case for an investigation by regulatory authorities into the lack of competition in the investment management market.
tabling member printed	Lord Mendelsohn
uin	HL8726
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>The FCA conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found no clear relationship between charges and the gross performance of retail active funds in the UK. The FCA also found some evidence of a negative relationship between net returns and charges.</p><p> </p><p>In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.</p><p> </p> answering member printed Lord Bates question first answered 02/07/2018 12:57:26 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926472

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will establish requirements for the investment management industry to publish (1) aggregated data on the overall impact of all costs charged on pension funds, and (2) data on compensation, including all bonus details.
tabling member printed	Lord Mendelsohn
uin	HL8727
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.</p><p> </p><p>As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.</p><p> </p><p>This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.</p><p> </p><p>Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.</p><p> </p><p>In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government’s White Paper, ‘Protecting Defined Benefit Pensions’, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.</p><p> </p><p>The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.</p> answering member printed Lord Bates grouped question UIN HL8728 question first answered 02/07/2018 13:42:45 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926474

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will instruct regulatory authorities to provide investors and pension holders with full guidance about costs, understanding performance, risks and returns, and the impact of different compensation structures.
tabling member printed	Lord Mendelsohn
uin	HL8728
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.</p><p> </p><p>As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.</p><p> </p><p>This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.</p><p> </p><p>Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.</p><p> </p><p>In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government’s White Paper, ‘Protecting Defined Benefit Pensions’, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.</p><p> </p><p>The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.</p> answering member printed Lord Bates grouped question UIN HL8727 question first answered 02/07/2018 13:42:44 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926475

registered interest
date	18/06/2018
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	Companies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government who is responsible for evaluating the role and effectiveness of (1) the Corporate Governance Code, (2) company directors, (3) shareholders, (4) fund managers, and (5) remuneration advisers to Boards of Directors.
tabling member printed	Lord Mendelsohn
uin	HL8729
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>These matters are addressed through a mixture of legislation, regulation, codes, investor scrutiny and market activity.</p><p> </p><p>The Financial Reporting Council (FRC) is responsible for the UK Corporate Governance Code, the effectiveness of which is regularly reviewed. A revised Code will be published soon, following a public consultation which included proposals to address important issues such as workforce engagement and improving board effectiveness.</p><p> </p><p>Company directors must comply with the directors’ duties set out in the Companies Act 2006. The Insolvency Service has powers to prosecute directors for breaches of these duties. The Government keeps directors’ duties under review and has recently tabled draft secondary legislation (The Companies (Miscellaneous Reporting) Regulations 2018) that will, if approved by Parliament, place a new requirement on companies to report annually how their directors are meeting their duty under Section 172 of the Companies Act to have regard to employee and certain other interests.</p><p>In addition, shareholders vote annually on the appointment or re-appointment of directors and therefore have powers to vote directors off the board where they are dissatisfied with their performance. Under the current UK Corporate Governance Code, a board should also undertake a formal and rigorous annual evaluation of its own performance including the performance of individual directors. In the case of FTSE 350 companies, there should be an externally facilitated evaluation at least every three years with the external facilitator identified for shareholders in the annual report, and with the chairman acting on the findings.</p><p> </p><p>Shareholders, where they are regulated, and fund managers must comply with the terms of the Financial Services and Markets Act 2000, which is enforced by the Financial Conduct Authority. Institutional investors also have fiduciary duties to their clients and must comply with the terms of their investment mandate. Additionally, the UK Stewardship Code sets out best practice for institutional investors in terms of their stewardship responsibilities. The FRC will be consulting on a revised Code later this year.</p><p> </p><p>It is the responsibility of a company’s board of directors to assess the effectiveness of remuneration advisers it appoints and a company has a statutory obligation (under Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as amended in 2013) to disclose certain details in respect of remuneration advisers’ services, including whether and how the remuneration committee has satisfied itself that the advice received was objective and independent. Remuneration policies and reports are additionally subject to shareholder votes.</p> answering member printed Lord Henley question first answered 02/07/2018 12:38:30 answering member 2616 label Biography information for Lord Henley
tabling member	4286 label Biography information for Lord Mendelsohn

922988

registered interest
date	12/06/2018
answering body	Department of Health and Social Care
answering dept id	17
answering dept short name	Health and Social Care
answering dept sort name	Health and Social Care
hansard heading	Medical Treatments
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what process NHS England used to interpret guidance on individual treatments issued by the National Institute of Health and Clinical Excellence; and how they ensure such guidance is implemented consistently across England.
tabling member printed	Lord Mendelsohn
uin	HL8561
answer	answer is ministerial correction date of answer 26/06/2018 answer text <p>NHS England has advised that it develops treatment criteria for cancer and other high cost drugs to support implementation of National Institute for Health and Care Excellence (NICE) guidance and to ensure approved treatments are available as intended, with access funded consistently across the country. These criteria are developed by relevant expert clinical advisers, drawn from NHS England’s 42 Clinical Reference Groups (CRGs). These CRGs have been established to support clinical commissioning across the entire specialised commissioning portfolio.</p><p>In the case of NICE Technology Appraisal TA429 for ibrutinib in previously treated chronic lymphocytic leukaemia and untreated chronic lymphocytic leukaemia with 17p deletion or TP53 mutation, NICE issued the following statement on 8 June 2018:</p><p><strong> </strong>“Given the evidence that was considered by the NICE appraisal committee, we consider it reasonable for the guidance to be read as referring to those patients considered unsuitable for retreatment. Because unsuitability for retreatment is not defined in the guidance, we consider it appropriate for NHS England, as the commissioner, to take clinical advice in order to do so.”</p><p>NHS England took clinical advice in setting the specific treatment criteria linked to this appraisal and we are advised that the criteria were derived from the main study that had underpinned the NICE guidance and are consistent with guidance issued by the European Society for Medical Oncology last updated in June 2017. Between January 2017 and May 2018, nearly 1,000 patients were registered to receive treatment with ibrutinib in this indication. This is in line with NICE’s estimates that 700 adults per year would be eligible for treatment as a result of its guidance.</p><p>However, NHS England has further advised that it is more than willing to receive and review by the end of July, any further evidence that patients and clinicians wish to submit on this matter. The evidence will first be considered by NHS England’s Chemotherapy CRG, with advice and recommendations from this group then being submitted to the National Medical Director, Professor Steve Powis, for consideration.</p><p>During 2017/18, 1,193 Individual Funding Requests were considered by NHS England. An analysis of how may related to treatments for blood cancer has not been conducted.</p><p> </p> answering member printed Lord O'Shaughnessy grouped question UIN HL8562 HL8563 HL8564 question first answered 26/06/2018 12:13:53 answering member 4545 label Biography information for Lord O'Shaughnessy
tabling member	4286 label Biography information for Lord Mendelsohn

922989

registered interest
date	12/06/2018
answering body	Department of Health and Social Care
answering dept id	17
answering dept short name	Health and Social Care
answering dept sort name	Health and Social Care
hansard heading	NHS: Drugs
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how NHS England formulates approval criteria for drugs already approved by the National Institute for Health and Clinical Excellence; and how it involves (1) patients, and (2) clinicians in this process.
tabling member printed	Lord Mendelsohn
uin	HL8562
answer	answer is ministerial correction date of answer 26/06/2018 answer text <p>NHS England has advised that it develops treatment criteria for cancer and other high cost drugs to support implementation of National Institute for Health and Care Excellence (NICE) guidance and to ensure approved treatments are available as intended, with access funded consistently across the country. These criteria are developed by relevant expert clinical advisers, drawn from NHS England’s 42 Clinical Reference Groups (CRGs). These CRGs have been established to support clinical commissioning across the entire specialised commissioning portfolio.</p><p>In the case of NICE Technology Appraisal TA429 for ibrutinib in previously treated chronic lymphocytic leukaemia and untreated chronic lymphocytic leukaemia with 17p deletion or TP53 mutation, NICE issued the following statement on 8 June 2018:</p><p><strong> </strong>“Given the evidence that was considered by the NICE appraisal committee, we consider it reasonable for the guidance to be read as referring to those patients considered unsuitable for retreatment. Because unsuitability for retreatment is not defined in the guidance, we consider it appropriate for NHS England, as the commissioner, to take clinical advice in order to do so.”</p><p>NHS England took clinical advice in setting the specific treatment criteria linked to this appraisal and we are advised that the criteria were derived from the main study that had underpinned the NICE guidance and are consistent with guidance issued by the European Society for Medical Oncology last updated in June 2017. Between January 2017 and May 2018, nearly 1,000 patients were registered to receive treatment with ibrutinib in this indication. This is in line with NICE’s estimates that 700 adults per year would be eligible for treatment as a result of its guidance.</p><p>However, NHS England has further advised that it is more than willing to receive and review by the end of July, any further evidence that patients and clinicians wish to submit on this matter. The evidence will first be considered by NHS England’s Chemotherapy CRG, with advice and recommendations from this group then being submitted to the National Medical Director, Professor Steve Powis, for consideration.</p><p>During 2017/18, 1,193 Individual Funding Requests were considered by NHS England. An analysis of how may related to treatments for blood cancer has not been conducted.</p><p> </p> answering member printed Lord O'Shaughnessy grouped question UIN HL8561 HL8563 HL8564 question first answered 26/06/2018 12:13:53 answering member 4545 label Biography information for Lord O'Shaughnessy
tabling member	4286 label Biography information for Lord Mendelsohn

922990

registered interest
date	12/06/2018
answering body	Department of Health and Social Care
answering dept id	17
answering dept short name	Health and Social Care
answering dept sort name	Health and Social Care
hansard heading	Blood Cancer
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many Individual Funding Requests have been submitted to the NHS for the treatment of blood cancer; and of those, how many requests were (1) successful, and (2) unsuccessful.
tabling member printed	Lord Mendelsohn
uin	HL8563
answer	answer is ministerial correction date of answer 26/06/2018 answer text <p>NHS England has advised that it develops treatment criteria for cancer and other high cost drugs to support implementation of National Institute for Health and Care Excellence (NICE) guidance and to ensure approved treatments are available as intended, with access funded consistently across the country. These criteria are developed by relevant expert clinical advisers, drawn from NHS England’s 42 Clinical Reference Groups (CRGs). These CRGs have been established to support clinical commissioning across the entire specialised commissioning portfolio.</p><p>In the case of NICE Technology Appraisal TA429 for ibrutinib in previously treated chronic lymphocytic leukaemia and untreated chronic lymphocytic leukaemia with 17p deletion or TP53 mutation, NICE issued the following statement on 8 June 2018:</p><p><strong> </strong>“Given the evidence that was considered by the NICE appraisal committee, we consider it reasonable for the guidance to be read as referring to those patients considered unsuitable for retreatment. Because unsuitability for retreatment is not defined in the guidance, we consider it appropriate for NHS England, as the commissioner, to take clinical advice in order to do so.”</p><p>NHS England took clinical advice in setting the specific treatment criteria linked to this appraisal and we are advised that the criteria were derived from the main study that had underpinned the NICE guidance and are consistent with guidance issued by the European Society for Medical Oncology last updated in June 2017. Between January 2017 and May 2018, nearly 1,000 patients were registered to receive treatment with ibrutinib in this indication. This is in line with NICE’s estimates that 700 adults per year would be eligible for treatment as a result of its guidance.</p><p>However, NHS England has further advised that it is more than willing to receive and review by the end of July, any further evidence that patients and clinicians wish to submit on this matter. The evidence will first be considered by NHS England’s Chemotherapy CRG, with advice and recommendations from this group then being submitted to the National Medical Director, Professor Steve Powis, for consideration.</p><p>During 2017/18, 1,193 Individual Funding Requests were considered by NHS England. An analysis of how may related to treatments for blood cancer has not been conducted.</p><p> </p> answering member printed Lord O'Shaughnessy grouped question UIN HL8561 HL8562 HL8564 question first answered 26/06/2018 12:13:53 answering member 4545 label Biography information for Lord O'Shaughnessy
tabling member	4286 label Biography information for Lord Mendelsohn

922991

registered interest
date	12/06/2018
answering body	Department of Health and Social Care
answering dept id	17
answering dept short name	Health and Social Care
answering dept sort name	Health and Social Care
hansard heading	Leukaemia: Ibrutinib
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government (1) what evidence NHS England considered, (2) which clinicians it consulted, and (3) which patient groups it consulted when deciding that ibrutinib should not be prescribed to people with chronic lymphocytic leukaemia who have been in remission for more than three years.
tabling member printed	Lord Mendelsohn
uin	HL8564
answer	answer is ministerial correction date of answer 26/06/2018 answer text <p>NHS England has advised that it develops treatment criteria for cancer and other high cost drugs to support implementation of National Institute for Health and Care Excellence (NICE) guidance and to ensure approved treatments are available as intended, with access funded consistently across the country. These criteria are developed by relevant expert clinical advisers, drawn from NHS England’s 42 Clinical Reference Groups (CRGs). These CRGs have been established to support clinical commissioning across the entire specialised commissioning portfolio.</p><p>In the case of NICE Technology Appraisal TA429 for ibrutinib in previously treated chronic lymphocytic leukaemia and untreated chronic lymphocytic leukaemia with 17p deletion or TP53 mutation, NICE issued the following statement on 8 June 2018:</p><p><strong> </strong>“Given the evidence that was considered by the NICE appraisal committee, we consider it reasonable for the guidance to be read as referring to those patients considered unsuitable for retreatment. Because unsuitability for retreatment is not defined in the guidance, we consider it appropriate for NHS England, as the commissioner, to take clinical advice in order to do so.”</p><p>NHS England took clinical advice in setting the specific treatment criteria linked to this appraisal and we are advised that the criteria were derived from the main study that had underpinned the NICE guidance and are consistent with guidance issued by the European Society for Medical Oncology last updated in June 2017. Between January 2017 and May 2018, nearly 1,000 patients were registered to receive treatment with ibrutinib in this indication. This is in line with NICE’s estimates that 700 adults per year would be eligible for treatment as a result of its guidance.</p><p>However, NHS England has further advised that it is more than willing to receive and review by the end of July, any further evidence that patients and clinicians wish to submit on this matter. The evidence will first be considered by NHS England’s Chemotherapy CRG, with advice and recommendations from this group then being submitted to the National Medical Director, Professor Steve Powis, for consideration.</p><p>During 2017/18, 1,193 Individual Funding Requests were considered by NHS England. An analysis of how may related to treatments for blood cancer has not been conducted.</p><p> </p> answering member printed Lord O'Shaughnessy grouped question UIN HL8561 HL8562 HL8563 question first answered 26/06/2018 12:13:53 answering member 4545 label Biography information for Lord O'Shaughnessy
tabling member	4286 label Biography information for Lord Mendelsohn