Her Majesty\u2019s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.<\/p>
<\/p>
<\/p>
<\/p>
However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL3416"} , {"_value" : "HL3419"} , {"_value" : "HL3420"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:44:22.853Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government whether they have had any discussions with the Bank of England and the Financial Conduct Authority about whether to allow the securitisation of peer-to-peer consumer or business loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3415"} , {"_about" : "http://data.parliament.uk/resources/167892", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167892/answer", "answerText" : {"_value" : "
Her Majesty\u2019s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.<\/p>
<\/p>
<\/p>
<\/p>
However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL3415"} , {"_value" : "HL3419"} , {"_value" : "HL3420"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:44:28.04Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government whether they, the Bank of England or the Financial Conduct Authority have held any discussions with the credit rating agencies about the securitisation of peer-to-peer consumer or business loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3416"} , {"_about" : "http://data.parliament.uk/resources/167893", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167893/answer", "answerText" : {"_value" : "
Peer-to-peer lending is an innovative new form of finance and the Government is keen to see this sector continue to grow and evolve.<\/p>
<\/p>
<\/p>
Following representations from the peer-to-peer sector, the Government announced in November 2012 its intention to bring peer-to-peer lending within the regulatory scope of the Financial Conduct Authority from April 2014. Proportionate regulation will allow the sector to continue to grow.<\/p>
<\/p>
<\/p>
<\/p>
The Government has not made an assessment of the size of the peer-to-peer consumer and business finance markets.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL3418"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:41:06.733Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government what is their estimate of the size of peer-to-peer consumer and business finance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3417"} , {"_about" : "http://data.parliament.uk/resources/167894", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167894/answer", "answerText" : {"_value" : "
Peer-to-peer lending is an innovative new form of finance and the Government is keen to see this sector continue to grow and evolve.<\/p>
<\/p>
<\/p>
Following representations from the peer-to-peer sector, the Government announced in November 2012 its intention to bring peer-to-peer lending within the regulatory scope of the Financial Conduct Authority from April 2014. Proportionate regulation will allow the sector to continue to grow.<\/p>
<\/p>
<\/p>
<\/p>
The Government has not made an assessment of the size of the peer-to-peer consumer and business finance markets.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL3417"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:41:06.87Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government what plans they have to regulate the peer-to-peer lending market.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3418"} , {"_about" : "http://data.parliament.uk/resources/167895", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167895/answer", "answerText" : {"_value" : "
Her Majesty\u2019s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.<\/p>
<\/p>
<\/p>
<\/p>
However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL3415"} , {"_value" : "HL3416"} , {"_value" : "HL3420"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:44:28.173Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government what risks they consider need to be prepared for in the expansion of the peer-to-peer lending market; and whether the potential securitisation of such lending would require additional regulation.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3419"} , {"_about" : "http://data.parliament.uk/resources/167896", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167896/answer", "answerText" : {"_value" : "
Her Majesty\u2019s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.<\/p>
<\/p>
<\/p>
<\/p>
However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"} } , "answeringMemberPrinted" : {"_value" : "Lord Deighton"} , "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL3415"} , {"_value" : "HL3416"} , {"_value" : "HL3419"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-12-19T12:44:28.363Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Crowdfunding"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty\u2019s Government whether the Financial Conduct Authority and the Bank of England are looking at modelling what level of institutional investment in peer-to-peer (P2P) collaterised loan obligations, or at what level funds established to buy P2P collaterised loans, would present a systemic risk to the financial system; and if not, whether they have done so or plan to.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL3420"} , {"_about" : "http://data.parliament.uk/resources/167897", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/167897/answer", "answerText" : {"_value" : "
The current European credit rating regulation 1060/2009 stipulates that rating agencies monitor and review credit ratings on an ongoing basis and at least annually. Furthermore, the regulation states that:<\/p>
<\/p>
<\/p>
<\/p>
"The credit rating agency shall inform the rated entity at least 12 hours before publication of the credit rating and of the principal grounds on which the rating is based in order to give the entity an opportunity to draw attention of the credit rating agency to any factual errors".<\/em><\/p> <\/p> <\/p> <\/p> The Government\u2019s long term economic plan has secured the UK\u2019s strong credit rating, which has contributed to lower borrowing costs and helped protect frontline services. In June 2014, Standard and Poor\u2019s (S&P) revised the outlook on their UK AAA rating to stable, from negative. The key driver cited by S&P was \u2018Amid further progress in consolidating public finances, the UK\u2019s economic recovery is broadening.\u2019 <\/em><\/p> <\/p> <\/p> <\/p> S&P have assigned the UK sovereign the top triple AAA rating since they first published a UK rating in 1978. Moody\u2019s and Fitch have assigned the UK the second highest rating Aa1 and AA+ respectively, with a stable outlook.<\/p> <\/p> <\/p> <\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Deighton"}
, "dateOfAnswer" : {"_value" : "2014-12-19", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-12-19T12:47:32.783Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Rating"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government whether they have had talks with the credit rating agencies with a view to restoring the United Kingdom\u2019s AAA credit rating.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Myners"}
], "uin" : "HL3421"}
, {"_about" : "http://data.parliament.uk/resources/167898", "AnsweringBody" : [{"_value" : "Department of Health"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/167898/answer", "answerText" : {"_value" : " As stated in my Written Answer of 3 December 2014 (Official Report<\/em>, Column WA270), the development of a working definition for genetic modification in humans was undertaken in order to bring clarity to the discussion around mitochondrial donation and is solely intended to be used in this context. There is no universally agreed definition of genetic modification in humans and the working definition devised for the debate on mitochondrial donation did not aim to establish one. The Chief Medical Officer was clear in her evidence to the House of Commons Science and Technology Select Committee on 22 October 2014 that the definition\u2019s purpose is to clarify discussion of this issue.<\/p> <\/p> With regard to the discussions that took place in developing the working definition, in developing its position the Department, in consultation with the Department for Business, Innovation and Skills, also had discussions with the Wellcome Trust and the Nuffield Council on Bioethics.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/2000", "label" : {"_value" : "Biography information for Earl Howe"}
}
, "answeringMemberPrinted" : {"_value" : "Earl Howe"}
, "dateOfAnswer" : {"_value" : "2014-12-18", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-12-18T15:55:41.183Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "17"}
, "answeringDeptShortName" : {"_value" : "Health"}
, "answeringDeptSortName" : {"_value" : "Health"}
, "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "IVF"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government, further to the Written Answers by Earl Howe on 3 December 2013 (WA 36) and 3 December 2014 (HL3158), which were the relevant experts or international authorities with whom the Chief Medical Officer \"had a lot of discussions\"; which international authorities agreed with the Chief Medical Officer\u2019s own assessment that no-one \"has come up with a better definition\"; how the new definition is being accordingly incorporated into the syllabus for biology students; and what are their views on the ontological propriety of the proposed redefinition of genetic modification on the basis that it \"is not that that is what it is\".", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL3422"}
, {"_about" : "http://data.parliament.uk/resources/167899", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/167899/answer", "answerText" : {"_value" : " This government believes that people who work hard and save all their lives should be able to pass on their pension pot to the next generation.<\/p> <\/p> <\/p> <\/p> From April 2015, individuals will be able to pass on their unused defined contribution pension savings to any nominated beneficiary when they die, instead of paying the 55 per cent charge which currently applies. If the individual dies before age 75, the beneficiary will pay no tax on the funds. If they die after age 75, the beneficiary will pay their marginal rate of Income Tax, or 45 per cent if the funds are taken as a lump sum payment. From April 2016, lump sum payments will also be taxed at the recipient\u2019s marginal rate. Additionally, from April 2015, any future payments from joint life and guaranteed term annuities will be tax free for beneficiaries of any individuals who die under the age of 75.<\/p> <\/p> <\/p> <\/p> The forecast Exchequer cost of these changes is £50 million in 2015-16 rising to £185 million in 2019-20. This has been published on page 46 of the \u2018Autumn Statement 2014 policy costings\u2019 document with the relevant table copied below:<\/p> <\/p> <\/p> <\/p> <\/p> Exchequer impact (£m)<\/p> <\/p> <\/p> <\/p> 2014-15<\/p><\/td> 2015-16<\/p><\/td> 2016-17<\/p><\/td> 2017-18<\/p><\/td> 2018-19<\/p><\/td> 2019-20<\/p><\/td><\/tr> Defined Benefit Transfers<\/p><\/td> 0<\/p><\/td> +95<\/p><\/td> +180<\/p><\/td> +255<\/p><\/td> +325<\/p><\/td> +295<\/p><\/td><\/tr> Reduced Annual Allowance and Small Pots Rules<\/p><\/td> 0<\/p><\/td> +15<\/p><\/td> -50<\/p><\/td> -115<\/p><\/td> -120<\/p><\/td> -120<\/p><\/td><\/tr> Death Benefits and Joint Life Guaranteed Annuities<\/p><\/td> 0<\/p><\/td> -50<\/p><\/td> -155<\/p><\/td> -165<\/p><\/td> -175<\/p><\/td> -185<\/p><\/td><\/tr> Total<\/p><\/td> 0<\/p><\/td> +60<\/p><\/td> -25<\/p><\/td> -25<\/p><\/td> +30<\/p><\/td> -10<\/p><\/td><\/tr><\/tbody><\/table> <\/p> <\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Deighton"}
, "dateOfAnswer" : {"_value" : "2014-12-16", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-12-16T16:58:09.687Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-12-04", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pensions: Taxation"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government what is the estimated annual cost to the Exchequer of the proposals to dispense with the 55 per cent charge or inheritance tax on lump sums derived from drawdown or other pensions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4181", "label" : {"_value" : "Biography information for Lord Beecham"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Beecham"}
], "uin" : "HL3423"}
, {"_about" : "http://data.parliament.uk/resources/167900", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/167900/answer", "answerText" : {"_value" : " Tax relief on pension contributions is the primary means by which the Government incentivises saving for retirement. The estimated exchequer cost arising from income tax relief on contributions made to private pensions and relief on the investment returns to private pensions in 2012-13 was £34.8bn[1]<\/sup><\/sup>. Income tax on pensions in payment in the same year was £12.0bn, resulting in a net cost of pensions tax relief of £22.8bn in 2012-13.<\/p> <\/p> <\/p> <\/td>