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1314215

	registered interest
	date	12/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Kuflink
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government on what dates the tripartite meetings between the Financial Conduct Authority, directors of Kuflink Ltd and related entities, and their auditors took place; and what was discussed at each such meeting.
	tabling member printed	Lord Sikka
	uin	HL188
	answer	answer is ministerial correction date of answer 26/05/2021 answer text 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 noble Lord by letter. A copy of the letter will be placed in the Library of the House. answering member printed Lord Agnew of Oulton question first answered 26/05/2021 15:16:33 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1304422

	registered interest
	date	19/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Greensill
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what records they have of (1) the dates of meetings between the Financial Conduct Authority, the directors of Greensill Capital, and that company’s auditors, and (2) the details of matters discussed at any such meetings.
	tabling member printed	Lord Sikka
	uin	HL14425
	answer	answer is ministerial correction date of answer 31/03/2021 answer text 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 noble Lord by letter. A copy of the letter will be placed in the Library of the House. answering member printed Lord Agnew of Oulton question first answered 31/03/2021 14:06:24 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1283249

	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	Goldman Sachs: Bribery
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the fine issued by the US Department of Justice to Goldman Sachs for its role in a conspiracy to bribe high-ranking foreign officials to obtain business, what discussions they have had with financial regulators in the UK about investigating Goldman Sachs for any similar practices in the UK.
	tabling member printed	Lord Sikka
	uin	HL12912
	answer	answer is ministerial correction date of answer 16/02/2021 answer text The Financial Conduct Authority is the regulator responsible for supervising the conduct of financial institutions operating in the UK and is independent from the UK government.<p> </p>The Treasury discusses a wide variety of issues with the FCA regularly. However, the Treasury has no general power of direction over the FCA and any enforcement decisions by the FCA are independent of government. answering member printed Lord Agnew of Oulton question first answered 16/02/2021 16:30:49 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1367655

	registered interest
	date	09/11/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business Banking Resolution Service
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what powers they have to examine the operations of the Business Banking Resolution Service.
	tabling member printed	Lord Sikka
	uin	HL3910
	answer	answer is ministerial correction date of answer 22/11/2021 answer text The Business Banking Resolution Service (BBRS), which launched on 15 February 2021, offers a free, independent service designed to settle unresolved and new complaints that are not eligible for the FOS. The Government has always been clear that it welcomes the BBRS. However, it is an independent non-governmental body, and this independence is vital to its role. Its credibility, authority and value to SMEs would be undermined if it were possible for the Government to intervene in its decision-making or operational matters. answering member printed Lord Agnew of Oulton question first answered 22/11/2021 12:23:29 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1422175

	registered interest
	date	10/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Fraud
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the US Department of Justice’s fine of $35 million on NatWest Markets Plc for “spoofing” on 21 December 2021, what plans they have to investigate the prevalence of similar practices in the UK.
	tabling member printed	Lord Sikka
	uin	HL6193
	answer	answer is ministerial correction date of answer 23/02/2022 answer text <p>‘Spoofing’ is the practice of placing orders in financial markets with the intention of cancelling said orders and attempting to profit from any resulting price changes. It is prohibited under the UK Market Abuse Regulation, as it gives false or misleading signals as to the supply or demand of a financial instrument.</p><p> </p><p>In the UK, the FCA is responsible for identifying and preventing market abuse, and taking enforcement action against persons committing market abuse where appropriate. The FCA actively monitors UK markets for potential market manipulation, and any investigation into that activity would be conducted by the regulator. UK trading venues and persons professionally arranging or executing transactions who are located in the UK are required to have arrangements in place to monitor, detect, and report such market manipulation to the FCA.</p> answering member printed Baroness Penn grouped question UIN HL6192 question first answered 23/02/2022 15:37:04 answering member 4726 label Biography information for Baroness Penn
	tabling member	4885 label Biography information for Lord Sikka

1422174

	registered interest
	date	10/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	NatWest
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, following the statement published by the US Department of Justice on 21 December 2021 after the guilty plea by NatWest for various fraud schemes in the markets for US Treasury securities and futures contracts, what plans they have to commission an independent inquiry into the bank’s operations.
	tabling member printed	Lord Sikka
	uin	HL6192
	answer	answer is ministerial correction date of answer 23/02/2022 answer text <p>‘Spoofing’ is the practice of placing orders in financial markets with the intention of cancelling said orders and attempting to profit from any resulting price changes. It is prohibited under the UK Market Abuse Regulation, as it gives false or misleading signals as to the supply or demand of a financial instrument.</p><p> </p><p>In the UK, the FCA is responsible for identifying and preventing market abuse, and taking enforcement action against persons committing market abuse where appropriate. The FCA actively monitors UK markets for potential market manipulation, and any investigation into that activity would be conducted by the regulator. UK trading venues and persons professionally arranging or executing transactions who are located in the UK are required to have arrangements in place to monitor, detect, and report such market manipulation to the FCA.</p> answering member printed Baroness Penn grouped question UIN HL6193 question first answered 23/02/2022 15:37:04 answering member 4726 label Biography information for Baroness Penn
	tabling member	4885 label Biography information for Lord Sikka

1439972

	registered interest
	date	10/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	God Bless: Help Earth, Help Universe, Alien Space Works, Organization für Anthropologie und Kultivierung & Nelleh
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to investigate the affairs of “God Bless: Help Earth, Help Universe, Alien Space Works, Organization Für Anthropologie Und Kultivierung & Nelleh Limited”, a company whose business is the “Manufacture of air and spacecraft and related machinery” and “Banks”; and whether they will provide the date on which it was authorised by the Financial Conduct Authority to offer banking services.
	tabling member printed	Lord Sikka
	uin	HL6890
	answer	answer is ministerial correction date of answer 22/03/2022 answer text <p>‘God Bless: Help Earth, Help Universe, Alien Space Works, Organization Für Anthropologie Und Kultivierung &amp; Nelleh Limited’ is not authorised by the FCA and is not listed on the FCA register.</p><p> </p><p>Although the Treasury sets the legal framework for the regulation of financial services it does not have investigative or prosecuting powers of its own and is not able to intervene in individual cases.</p> answering member printed Baroness Penn question first answered 22/03/2022 14:15:34 answering member 4726 label Biography information for Baroness Penn
	tabling member	4885 label Biography information for Lord Sikka

1535256

	registered interest
	date	24/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Energy: VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government whether they intend to abolish VAT from domestic fuel bills.
	tabling member printed	Lord Sikka
	uin	HL2852
	answer	answer is ministerial correction date of answer 07/11/2022 answer text <p>VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate have always been limited by both legal and fiscal considerations.</p><p> </p><p>The Government recognises that families should not have to bear all of the VAT costs they incur to meet their needs, with domestic fuels such as gas, electricity and heating oil already subject to the reduced rate of VAT at 5 per cent of VAT.</p><p> </p><p>The Government's package of support to help households with their energy bills is more generous than an additional VAT cut on domestic fuel and power, and there would be no guarantee that suppliers would pass on the discounts from this relief to all customers.</p> answering member printed Baroness Penn question first answered 07/11/2022 17:45:21 answering member 4726 label Biography information for Baroness Penn
	tabling member	4885 label Biography information for Lord Sikka

1244674

	registered interest
	date	19/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the report by the Office for Professional Body Anti Money Laundering Supervision Anti-Money Laundering Supervision by the Legal and Accountancy Professional Body Supervisors: Progress and themes from 2019, published in March, and the finding that "92 per cent of accountancy Professional Body Supervisors expressed concerns about taking robust action if this would damage their ability to attract or retain members", what plans they have to consolidate the number of anti-money laundering regulators.
	tabling member printed	Lord Sikka
	uin	HL9325
	answer	answer is ministerial correction date of answer 02/11/2020 answer text <p>Under the Money Laundering Regulations, the Treasury is responsible for appointing Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) supervisors. It seeks to ensure they deliver a robust and risk-based approach to supervision, applying dissuasive sanctioning powers when appropriate, while minimising unnecessary burdens on regulated firms.</p><p> </p><p>In 2018, the government established the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to oversee the 22 legal and accountancy Professional Body Supervisors (PBSs) and ensure a consistent standard of supervision. In addition, OPBAS has an overarching responsibility to strengthen the UK’s supervisory regime by facilitating increased information and intelligence sharing between PBSs, statutory AML supervisors and law enforcement.</p><p> </p><p>The introduction of OPBAS reflects the findings of the government’s previous calls for information, which identified that the focus should be on the effectiveness of supervision, rather than the number of supervisors.<sup><sup>[1]</sup></sup></p><p> </p><p>As part of the Economic Crime Plan, OPBAS committed to working with the 22 PBSs to ensure they have appropriate plans in place to address the AML/CTF weakness identified in their supervisory assessments and summarised in their first annual report, including in relation to the separation of functions.</p><p> </p><p>Since publication of the first report, all PBSs have taken steps to address the weaknesses identified and have proposed action plans in place. OPBAS’s second report noted significant improvement in the suitability, in principle, of governance arrangements for AML supervision. At the end of 2018, 44% of PBSs lacked clear accountability for supervisory activity. By the end of 2019, this was reduced to zero. OPBAS will continue to monitor PBSs progress against these and assess their effectiveness to deliver more consistent supervisory standards.</p><p> </p><p>Where OPBAS has identified deficiencies in PBSs’ oversight arrangements or practices, they have taken robust action, including using powers of direction. OPBAS will continue to take such action when appropriate with PBSs to ensure consistent high standards of supervision are achieved.</p><p> </p><p>[1] <a href="https://www.gov.uk/government/consultations/call-for-information-anti-money-laundering-supervisory-regime" target="_blank">https://www.gov.uk/government/consultations/call-for-information-anti-money-laundering-supervisory-regime</a>; <a href="https://www.gov.uk/government/consultations/anti-money-laundering-supervisory-review" target="_blank">https://www.gov.uk/government/consultations/anti-money-laundering-supervisory-review</a></p> answering member printed Lord Agnew of Oulton question first answered 02/11/2020 12:29:16 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1255645

	registered interest
	date	25/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Company Accounts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what are the capital maintenance concepts they expect to be followed by UK banks when preparing their financial statements.
	tabling member printed	Lord Sikka
	uin	HL10716
	answer	answer is ministerial correction date of answer 09/12/2020 answer text <p>UK banks are subject to different and separate requirements in respect of solvency, capital maintenance and distribution.</p><p> </p><p>The capital maintenance requirements stem from the Companies Act 2006, which apply to UK companies including companies that are banks. These require the determination of profits available for distribution, including for a public company, to be made by reference to the relevant accounts of a company. These accounts must be properly prepared in accordance with the Companies Act, with relevant accounting standards and with the overriding requirement that they must give a true and fair view of the assets, liabilities, financial position and profit or loss of the company.</p><p> </p><p>Separately, and, in addition, banks in the UK are subject to the Prudential Regulation Authority’s (PRA’s) prudential capital requirements. These require banks to maintain appropriate capital resources, both in terms of quantity and quality, taking into account the risks to which they are exposed. These use as inputs some numbers taken or derived from a bank’s accounts but are otherwise a framework separate from that governing a company’s accounts.</p> answering member printed Lord Agnew of Oulton question first answered 09/12/2020 12:21:58 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka