This Government takes the failure of London Capital & Finance (LCF) and its impact on consumers very seriously. HM Treasury officials have been in communication with the Financial Conduct Authority (FCA) regarding LCF since January 2019. I wrote to the FCA on its role in regulating LCF via the following letter of 1 April 2019:<\/p>
https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/EST-to-Charles-Randell-FCA-010419.pdf<\/a><\/p> <\/p> In this letter, I announced that I would order an investigation into the failure of LCF, using Treasury powers under section 77 of the Financial Services Act 2012. I want to make sure we have the strongest and safest financial system possible. By ordering this investigation, we will 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> The role of the Treasury in this investigation is set out in sections 77 to 82 of the Financial Services Act 2012. 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 its duration and the reporting arrangements, will be published shortly.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2019-05-09", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "250752"}
, {"_value" : "250753"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-05-09T15:03:17.59Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2019-05-03", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "London Capital & Finance"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what role his Department will play in the investigation announced by the Economic Secretary on 1 April 2019 into the events at London Capital & Finance and the circumstances surrounding them.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/410", "label" : {"_value" : "Biography information for Jon Trickett"}
}
, "tablingMemberConstituency" : {"_value" : "Hemsworth"}
, "tablingMemberPrinted" : [{"_value" : "Jon Trickett"}
], "uin" : "250750"}
, {"_about" : "http://data.parliament.uk/resources/1124696", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1124696/answer", "answerText" : {"_value" : " This Government takes the failure of London Capital & Finance (LCF) and its impact on consumers very seriously. HM Treasury officials have been in communication with the Financial Conduct Authority (FCA) regarding LCF since January 2019. I wrote to the FCA on its role in regulating LCF via the following letter of 1 April 2019:<\/p>
Team<\/p><\/td> | Civil Servants<\/p><\/td> | Contingent Labour<\/p><\/td> | Suppliers<\/p><\/td><\/tr> |
Project Team<\/p><\/td> | 9<\/p><\/td> | 0<\/p><\/td> | 0<\/p><\/td><\/tr> |
Policy and Design Team<\/p><\/td> | 7.5<\/p><\/td> | 0<\/p><\/td> | 0<\/p><\/td><\/tr> |
Technical and Digital Team<\/p><\/td> | 8.6<\/p><\/td> | 0.1<\/p><\/td> | 0<\/p><\/td><\/tr> |
Suppliers<\/p><\/td> | 0<\/p><\/td> | 0<\/p><\/td> | 47<\/p><\/td><\/tr><\/tbody><\/table>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2019-04-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-05T12:06:10.587Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-03-27", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Taxation: Electronic Government"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who are (a) contingent labour, (b) supplier resource and (c) civil servants working on the making tax digital for individuals programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/410", "label" : {"_value" : "Biography information for Jon Trickett"} } , "tablingMemberConstituency" : {"_value" : "Hemsworth"} , "tablingMemberPrinted" : [{"_value" : "Jon Trickett"} ], "uin" : "237611"} , {"_about" : "http://data.parliament.uk/resources/1105625", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1105625/answer", "answerText" : {"_value" : " HM Revenue and Customs (HMRC) Compliance for the Future programme has now closed. During autumn 2018 HMRC undertook a full reprioritisation of their transformation programme to release capacity and capability for EU Exit work. Given its importance to any future EU Exit scenario, HMRC decided to redeploy 170 Full Time Equivalent (FTE) of project management and IT professionals from Compliance for the Future into the delivery of the Customs Declaration Service Programme and the Border Systems Programme, to support the prospects of delivery success.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2019-04-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-05T12:20:18.57Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-03-27", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Revenue and Customs: Brexit"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who are (a) contingent labour, (b) supplier resource and (c) civil servants working on the Future Locations Programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/410", "label" : {"_value" : "Biography information for Jon Trickett"} } , "tablingMemberConstituency" : {"_value" : "Hemsworth"} , "tablingMemberPrinted" : [{"_value" : "Jon Trickett"} ], "uin" : "237612"} , {"_about" : "http://data.parliament.uk/resources/1105626", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1105626/answer", "answerText" : {"_value" : " HMRC currently has working on the Customs Declaration Service Programme; a) 70 contingent labour contractors, b) 466 IT supplier resource and c) 176 civil servants. The number of contractors and IT suppliers working on the programme has varied over time. HMRC only employs contractors when there is a clearly identifiable skills gap that it cannot fill within the existing staff resources at its disposal.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2019-04-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-05T12:17:50.15Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-03-27", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Customs Declaration Services Programme"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who are (a) contingent labour, (b) supplier resource and (c) civil servants working on the customs declaration services programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/410", "label" : {"_value" : "Biography information for Jon Trickett"} } , "tablingMemberConstituency" : {"_value" : "Hemsworth"} , "tablingMemberPrinted" : [{"_value" : "Jon Trickett"} ], "uin" : "237613"} , {"_about" : "http://data.parliament.uk/resources/1058851", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1058851/answer", "answerText" : {"_value" : " |