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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

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

1124419

	registered interest
	date	01/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether Treasury ministers or officials have been in discussions with the Financial Conduct Authority (FCA) about the establishment by the latter of an independent review into the FCA’s supervision of London Capital & Finance; and why the terms of reference of the review and the identity of the independent reviewer have not yet been published.
	tabling member printed	Lord Myners
	uin	HL15468
	answer	answer is ministerial correction date of answer 15/05/2019 answer text <p>This Government takes the failure of London Capital &amp; Finance (LCF) and its impact on consumers very seriously. The independent investigation will seek to better understand the circumstances around the collapse of LCF and make sure we are properly protecting those who invest their money in the future.</p><p>It is essential that the terms of the investigation are set in a way that ensures these objectives are met and take into account any issues arising from current regulatory and enforcement investigations. HM Treasury officials are working to develop these with the relevant bodies as a matter of priority. Further details on this investigation, including the appointment of the independent investigator, will be published shortly.</p> answering member printed Lord Young of Cookham question first answered 15/05/2019 11:31:21 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

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

1131478

	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 assessment they have made of any (1) systemic risk arising from open-ended investment funds investing in leveraged sub-investment grade bonds and debt issues by developing world nations denominated in G7 currencies, and (2) risks arising from such maturity transformation.
	tabling member printed	Lord Myners
	uin	HL16272
	answer	answer is ministerial correction date of answer 24/06/2019 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 24/06/2019 15:30:53 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

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

1126718

	registered interest
	date	14/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they have modelled the systemic risk impact of growth in instructional, non bank, lending.
	tabling member printed	Lord Myners
	uin	HL15735
	answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>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. Part of the FPC’s remit includes the responsibility for assessing risks in the financial system, including from the non-bank financial system. The FPC set out its most recent assessment of financial stability risks from the non-bank financial sector in its 28th November 2018 Financial Stability Report.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:28:54 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners