The administrators for London Capital & Finance (LCF) are currently estimating recoveries for investors affected by LCF\u2019s failure.<\/p>
The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF\u2019s administrators and the Financial Conduct Authority (FCA) to understand more about LCF\u2019s activities and whether there are grounds for compensation.<\/p>
<\/p>
The FSCS is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Prudential Regulation Authority (PRA) and the FCA, who are also independent of Government.<\/p>
If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.<\/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" : "2019-07-02", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-02T14:21:12.913Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "London Capital & Finance: Insolvency"} , "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 steps his Department taking following the collapse of London Capital & Finance to ensure that mini-bond holders in Crewe and Nantwich will be properly compensated.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4648", "label" : {"_value" : "Biography information for Laura Smith"} } , "tablingMemberConstituency" : {"_value" : "Crewe and Nantwich"} , "tablingMemberPrinted" : [{"_value" : "Laura Smith"} ], "uin" : "268490"} , {"_about" : "http://data.parliament.uk/resources/1134023", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134023/answer", "answerText" : {"_value" : "The Spending Review represents an opportunity to consider public spending priorities in the round, and the Treasury will be working closely with departments on funding issues, and with a renewed focus on delivering outcomes. "} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2019-06-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-28T07:35:58.777Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Dementia: Health Services"} , "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 steps he will take to ensure that dementia care is adequately funded in the next Spending Review.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4131", "label" : {"_value" : "Biography information for Jim Shannon"} } , "tablingMemberConstituency" : {"_value" : "Strangford"} , "tablingMemberPrinted" : [{"_value" : "Jim Shannon"} ], "uin" : "268511"} , {"_about" : "http://data.parliament.uk/resources/1134024", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134024/answer", "answerText" : {"_value" : "
In line with the practice of successive administrations, details of ministerial discussions are not normally disclosed.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2019-07-01", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-01T12:51:38.6Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Dementia: Health Services"} , "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 discussions he has had with Cabinet colleagues on funding for dementia care.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4131", "label" : {"_value" : "Biography information for Jim Shannon"} } , "tablingMemberConstituency" : {"_value" : "Strangford"} , "tablingMemberPrinted" : [{"_value" : "Jim Shannon"} ], "uin" : "268512"} , {"_about" : "http://data.parliament.uk/resources/1134070", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134070/answer", "answerText" : {"_value" : "
The Government has led the way in tackling this complex and international problem. A package of measures was announced at Budget 2016 to tackle abuse by overseas businesses selling goods to UK customers through online marketplaces. This included holding online marketplaces jointly liable for the future unpaid VAT of non-compliant overseas businesses and the introduction of the Fulfilment House Due Diligence Scheme which went live in April 2019. At Budget 2017 the Government strengthened the joint and several liability rules for online marketplaces to include UK businesses, where they either knew or should have known that an overseas business should have been registered for VAT and required them to display a valid VAT number where provided with one. Taken together, these measures are expected to deliver just under £1bn by 2023.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3991", "label" : {"_value" : "Biography information for Jesse Norman"} } , "answeringMemberConstituency" : {"_value" : "Hereford and South Herefordshire"} , "answeringMemberPrinted" : {"_value" : "Jesse Norman"} , "dateOfAnswer" : {"_value" : "2019-07-02", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-02T15:49:43.283Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "VAT: Fraud"} , "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 safeguards his Department has put in place to prevent online VAT fraud.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4670", "label" : {"_value" : "Biography information for Faisal Rashid"} } , "tablingMemberConstituency" : {"_value" : "Warrington South"} , "tablingMemberPrinted" : [{"_value" : "Faisal Rashid"} ], "uin" : "268530"} , {"_about" : "http://data.parliament.uk/resources/1134071", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134071/answer", "answerText" : {"_value" : "
HMRC take all complaints seriously. When complaints are received, HMRC aim to deal with them effectively and learn from them to improve services and operations for the benefit of all customers. HMRC have complete operational independence from Treasury Ministers, and therefore the Chancellor of the Exchequer will not be privy to the results of how HMRC has responded to specific complaints.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3991", "label" : {"_value" : "Biography information for Jesse Norman"} } , "answeringMemberConstituency" : {"_value" : "Hereford and South Herefordshire"} , "answeringMemberPrinted" : {"_value" : "Jesse Norman"} , "dateOfAnswer" : {"_value" : "2019-07-02", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-02T15:54:09.72Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "VAT: Fraud"} , "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 steps HMRC takes in responding to complaints on online VAT fraud; and what assessment he has made of the effectiveness of HMRC's response to such complaints.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4670", "label" : {"_value" : "Biography information for Faisal Rashid"} } , "tablingMemberConstituency" : {"_value" : "Warrington South"} , "tablingMemberPrinted" : [{"_value" : "Faisal Rashid"} ], "uin" : "268531"} , {"_about" : "http://data.parliament.uk/resources/1134089", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134089/answer", "answerText" : {"_value" : "
The Economic Crime Strategic Board, co-chaired by the Chancellor<\/a> and the Home Secretary<\/a>, met for the first time on 14 January 2019. The Board sets priorities, directs resources and scrutinises performance against the economic crime threat. Its membership includes ministers, government officials and senior representatives from supervisory and law enforcement authorities, and the private sector.<\/p> <\/p> In its inaugural meeting, the Board commissioned the development of a shared public-private Economic Crime Plan and the development of a joint public-private economic crime threat update. The Economic Crime Plan \u2013 which will be published \u2013 will outline the public and private sectors\u2019 collective ambition to combat economic crime and set out a series of concrete actions that both sectors will collectively undertake to enhance the UK<\/a>\u2019s economic crime response. A wide range of stakeholders from both the private sector and civil society have been consulted to inform the development of the Plan.<\/p> <\/p> The Board will meet for a second time on 10 July 2019 at which it will discuss the draft Economic Crime Plan and the economic crime threat update. The outcomes of the meeting will be published in due course.<\/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" : "2019-06-27", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "268541"}
, {"_value" : "268542"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-27T13:07:34.153Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Economic Crime Strategic Board"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, who will be attending the economic crime strategy board meeting on 10 July 2019.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4657", "label" : {"_value" : "Biography information for Anneliese Dodds"}
}
, "tablingMemberConstituency" : {"_value" : "Oxford East"}
, "tablingMemberPrinted" : [{"_value" : "Anneliese Dodds"}
], "uin" : "268540"}
, {"_about" : "http://data.parliament.uk/resources/1134090", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1134090/answer", "answerText" : {"_value" : " The Economic Crime Strategic Board, co-chaired by the Chancellor<\/a> and the Home Secretary<\/a>, met for the first time on 14 January 2019. The Board sets priorities, directs resources and scrutinises performance against the economic crime threat. Its membership includes ministers, government officials and senior representatives from supervisory and law enforcement authorities, and the private sector.<\/p> <\/p> In its inaugural meeting, the Board commissioned the development of a shared public-private Economic Crime Plan and the development of a joint public-private economic crime threat update. The Economic Crime Plan \u2013 which will be published \u2013 will outline the public and private sectors\u2019 collective ambition to combat economic crime and set out a series of concrete actions that both sectors will collectively undertake to enhance the UK<\/a>\u2019s economic crime response. A wide range of stakeholders from both the private sector and civil society have been consulted to inform the development of the Plan.<\/p> <\/p> The Board will meet for a second time on 10 July 2019 at which it will discuss the draft Economic Crime Plan and the economic crime threat update. The outcomes of the meeting will be published in due course.<\/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" : "2019-06-27", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "268540"}
, {"_value" : "268542"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-27T13:07:34.217Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Economic Crime Strategic Board"}
, "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 elements of the economic crime strategy will be discussed at the economic crime strategy board meeting on 10 July 2019.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4657", "label" : {"_value" : "Biography information for Anneliese Dodds"}
}
, "tablingMemberConstituency" : {"_value" : "Oxford East"}
, "tablingMemberPrinted" : [{"_value" : "Anneliese Dodds"}
], "uin" : "268541"}
, {"_about" : "http://data.parliament.uk/resources/1134091", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1134091/answer", "answerText" : {"_value" : " The Economic Crime Strategic Board, co-chaired by the Chancellor<\/a> and the Home Secretary<\/a>, met for the first time on 14 January 2019. The Board sets priorities, directs resources and scrutinises performance against the economic crime threat. Its membership includes ministers, government officials and senior representatives from supervisory and law enforcement authorities, and the private sector.<\/p> <\/p>