The rates of interest charged on Public Works Loan Board (PWLB) loans are determined by the UK Debt Management Office (DMO) using a methodology specified by HM Treasury (HMT) in accordance with section 5 of the National Loans Act 1968.<\/p>
<\/p>
Under section 2 of the Public Works Loans Act 1965, loans to local authorities are automatically secured on all the revenues of the local authority.<\/p>
<\/p>
The repayment terms of the loans are dependent on the type of loan and repayment method. This can be a mix of principal and interest during the life of the loan, or interest only with the entire principal repaid at the end of the term.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-18T16:32:19.627Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Works Loan Board"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what rates of interest the Public Works Loan Board charges to local authorities; what security, if any, it requires for such loans; and what are the normal repayment terms for its loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL12038"} , {"_about" : "http://data.parliament.uk/resources/1006690", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1006690/answer", "answerText" : {"_value" : "
There are currently 337,279 unclaimed Premium Bonds prizes worth £19,553,650.<\/p>
<\/p>
Premium Bond holders can check if they have any unclaimed prizes on NS&I\u2019s website www.nsandi.com/do-i-have-any-unclaimed-prizes<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-11-27", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-27T15:27:25.173Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-11-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Premium Bonds"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what is the total value of unclaimed Premium Bond prizes.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL11470"} , {"_about" : "http://data.parliament.uk/resources/1006691", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1006691/answer", "answerText" : {"_value" : "
As of 8 November 2018, 517,629 customers hold the maximum £50,000 investment in Premium Bonds.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-11-27", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-27T15:25:15.087Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-11-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Premium Bonds"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government how many bond holders own the maximum quantity of Premium Bonds.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL11471"} , {"_about" : "http://data.parliament.uk/resources/1006692", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1006692/answer", "answerText" : {"_value" : "
Premium Bonds have been on sale since 1956 and for several years customers were not required to provide personal information such as their date of birth. This information is now required from Premium Bonds customers. The age profile of Premium Bond holders where it does hold their date of birth is:<\/p>
<\/p>
Age (years)<\/p><\/td> | Customers (number)<\/p><\/td> | Customers (%)<\/p><\/td><\/tr> |
<\/p><\/td> | 767,730<\/p><\/td> | 4%<\/p><\/td><\/tr> |
16-24<\/p><\/td> | 650,048<\/p><\/td> | 3%<\/p><\/td><\/tr> |
25-34<\/p><\/td> | 1,239,173<\/p><\/td> | 6%<\/p><\/td><\/tr> |
35-44<\/p><\/td> | 1,642,628<\/p><\/td> | 8%<\/p><\/td><\/tr> |
45-54<\/p><\/td> | 2,392,024<\/p><\/td> | 11%<\/p><\/td><\/tr> |
55-64<\/p><\/td> | 2,131,474<\/p><\/td> | 10%<\/p><\/td><\/tr> |
65-74<\/p><\/td> | 1,879,853<\/p><\/td> | 9%<\/p><\/td><\/tr> |
>74<\/p><\/td> | 1,492,691<\/p><\/td> | 7%<\/p><\/td><\/tr> |
Unknown<\/p><\/td> | 8,734,883<\/p><\/td> | 42%<\/p><\/td><\/tr><\/tbody><\/table>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-11-27", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-27T15:25:02.297Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-11-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Premium Bonds"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what is the age profile of Premium Bond holders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL11472"} , {"_about" : "http://data.parliament.uk/resources/938824", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/938824/answer", "answerText" : {"_value" : " Government values the work carried out by The Poppy Factory. The Poppy Factory made a valuable contribution to the Health and Work Green Paper consultation and also attended a special DWP consultation event for Armed Forces stakeholders.<\/p> <\/p> Work Choice is no longer accepting referrals as it is being replaced by The Work and Health Programme, which was rolled out in all areas of England and Wales between November 2017 and March 2018. The Poppy Factory was informed at the appropriate time how to bid to become a Work and Health Programme supplier. Successful suppliers were announced in early October 2017.<\/p> <\/p> The Government looks closely at schemes to help people back to work, studies relevant research and learns lessons where appropriate. The Poppy Factory\u2019s \u2018Getting You Back to Work\u2019 programme has delivered impressive outcomes through its Individual Placement and Support approach and the organisation should be congratulated for the way it supports its clients.<\/p> <\/p> The NHS is doubling its provision of IPS services in NHS services for people with severe and enduring mental health, for whom it has proved successful. The Government is also testing whether this model of employment support is effective for other groups.<\/p> <\/p> We would be keen to learn from the experience of the Poppy Factory of running IPS for veterans. Previous DWP Armed Forces Ministers have visited the Poppy Factory in Richmond and I plan to visit later this year.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3349", "label" : {"_value" : "Biography information for Baroness Buscombe"} } , "answeringMemberPrinted" : {"_value" : "Baroness Buscombe"} , "dateOfAnswer" : {"_value" : "2018-07-24", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL9386"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-07-24T16:05:59.497Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "29"} , "answeringDeptShortName" : {"_value" : "Work and Pensions"} , "answeringDeptSortName" : {"_value" : "Work and Pensions"} , "date" : {"_value" : "2018-07-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Employment Schemes: Veterans"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of research by the King's College Centre for Military Health Research which suggested an individual placement and support (IPS) approach to support back-to-work welfare services; and whether they will support The Poppy Factory, which offers an IPS employment service to wounded, injured and sick veterans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL9440"} , {"_about" : "http://data.parliament.uk/resources/938082", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/938082/answer", "answerText" : {"_value" : " Government values the work carried out by The Poppy Factory. The Poppy Factory made a valuable contribution to the Health and Work Green Paper consultation and also attended a special DWP consultation event for Armed Forces stakeholders.<\/p> <\/p> Work Choice is no longer accepting referrals as it is being replaced by The Work and Health Programme, which was rolled out in all areas of England and Wales between November 2017 and March 2018. The Poppy Factory was informed at the appropriate time how to bid to become a Work and Health Programme supplier. Successful suppliers were announced in early October 2017.<\/p> <\/p> The Government looks closely at schemes to help people back to work, studies relevant research and learns lessons where appropriate. The Poppy Factory\u2019s \u2018Getting You Back to Work\u2019 programme has delivered impressive outcomes through its Individual Placement and Support approach and the organisation should be congratulated for the way it supports its clients.<\/p> <\/p> The NHS is doubling its provision of IPS services in NHS services for people with severe and enduring mental health, for whom it has proved successful. The Government is also testing whether this model of employment support is effective for other groups.<\/p> <\/p> We would be keen to learn from the experience of the Poppy Factory of running IPS for veterans. Previous DWP Armed Forces Ministers have visited the Poppy Factory in Richmond and I plan to visit later this year.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3349", "label" : {"_value" : "Biography information for Baroness Buscombe"} } , "answeringMemberPrinted" : {"_value" : "Baroness Buscombe"} , "dateOfAnswer" : {"_value" : "2018-07-24", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL9440"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-07-24T16:05:59.433Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "29"} , "answeringDeptShortName" : {"_value" : "Work and Pensions"} , "answeringDeptSortName" : {"_value" : "Work and Pensions"} , "date" : {"_value" : "2018-07-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Poppy Factory"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of the work of the Poppy Factory in helping disabled veterans find sustainable employment; and whether they would consider using it to assist the work of Work Choice.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL9386"} , {"_about" : "http://data.parliament.uk/resources/931639", "AnsweringBody" : [{"_value" : "Department for Environment, Food and Rural Affairs"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/931639/answer", "answerText" : {"_value" : " All reservoir levels in the Thames Valley and the south east are currently normal or higher when compared to our analysis of their historic levels for the time of year.<\/p> <\/p> <\/p> <\/p> Water companies in the south east have reported back that despite the sharp increase in demand due to the hot weather they have sufficient water resources in their reservoirs and ground water sources. There is enough water for companies to maintain supplies in the south east without customer restrictions this summer if water resources are managed properly.<\/p> <\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4161", "label" : {"_value" : "Biography information for Lord Gardiner of Kimble"} } , "answeringMemberPrinted" : {"_value" : "Lord Gardiner of Kimble"} , "dateOfAnswer" : {"_value" : "2018-07-09", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-07-09T11:29:53.68Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "13"} , "answeringDeptShortName" : {"_value" : "Environment, Food and Rural Affairs"} , "answeringDeptSortName" : {"_value" : "Environment, Food and Rural Affairs"} , "date" : {"_value" : "2018-06-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Water Supply: South East"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of the adequacy of reservoir levels in the Thames Valley and the South East; and what is the likelihood of water restrictions later this year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL8986"} , {"_about" : "http://data.parliament.uk/resources/901046", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/901046/answer", "answerText" : {"_value" : " The investment bank special administration regime (SAR) applies to a broad range of businesses which are authorised by the FCA to hold client assets. The SAR aims to reduce the impact of an investment firm insolvency, and has a statutory objective to return client assets as soon as is reasonably practicable.<\/p> <\/p> The SAR rules set out that client assets may be used to pay expenses which the administrator has properly incurred in ensuring client assets are returned. Under the rules, the administrator prepares a distribution plan which sets out how client assets will be returned, and how the administrator proposes the expenses of the special administration are to be allocated between clients. This plan must be approved by the creditors\u2019 committee and then by the Court. The administrator is also required to produce progress reports on the administration. Under the SAR, relevant parties have the right to make an application to the Court if they consider that the administrator\u2019s remuneration is excessive.<\/p> <\/p> Individual Savings Accounts (ISA) are tax-advantaged personal savings accounts. Where a firm managing an ISA becomes insolvent, cash or stocks and shares ISAs are treated like any other client assets held by the firm. The treatment of self-invested personal pensions (SIPPs) in insolvency depends on how the SIPPs are held at the particular firm and what services that firm provides in relation to the SIPP. If the SIPP assets are held by the investment firm as custody assets, then the costs of their distribution may also be deducted from these assets in the special administration.<\/p> <\/p> In the event of insolvency, and depending on the circumstances and eligibility, compensation under the Financial Services Compensation Scheme (FSCS) may be available for ISA and SIPP investments up to the relevant limit. ISA rules allow for any compensation to be reinvested outside annual ISA limits in order to protect the saver\u2019s tax advantages.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-05-21", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL7691"} , {"_value" : "HL7692"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-05-21T13:35:28.543Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-05-09", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Insolvency"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 8 May (HL7245), what advice they give to stockbrokers and fund managers to ensure that client's assets are fully protected from Investment Bank Special Administration Rules and their related costs.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL7690"} , {"_about" : "http://data.parliament.uk/resources/901047", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/901047/answer", "answerText" : {"_value" : " The investment bank special administration regime (SAR) applies to a broad range of businesses which are authorised by the FCA to hold client assets. The SAR aims to reduce the impact of an investment firm insolvency, and has a statutory objective to return client assets as soon as is reasonably practicable.<\/p> <\/p> The SAR rules set out that client assets may be used to pay expenses which the administrator has properly incurred in ensuring client assets are returned. Under the rules, the administrator prepares a distribution plan which sets out how client assets will be returned, and how the administrator proposes the expenses of the special administration are to be allocated between clients. This plan must be approved by the creditors\u2019 committee and then by the Court. The administrator is also required to produce progress reports on the administration. Under the SAR, relevant parties have the right to make an application to the Court if they consider that the administrator\u2019s remuneration is excessive.<\/p> <\/p> Individual Savings Accounts (ISA) are tax-advantaged personal savings accounts. Where a firm managing an ISA becomes insolvent, cash or stocks and shares ISAs are treated like any other client assets held by the firm. The treatment of self-invested personal pensions (SIPPs) in insolvency depends on how the SIPPs are held at the particular firm and what services that firm provides in relation to the SIPP. If the SIPP assets are held by the investment firm as custody assets, then the costs of their distribution may also be deducted from these assets in the special administration.<\/p> <\/p> In the event of insolvency, and depending on the circumstances and eligibility, compensation under the Financial Services Compensation Scheme (FSCS) may be available for ISA and SIPP investments up to the relevant limit. ISA rules allow for any compensation to be reinvested outside annual ISA limits in order to protect the saver\u2019s tax advantages.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-05-21", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL7690"} , {"_value" : "HL7692"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-05-21T13:35:28.607Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-05-09", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Insolvency"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 8 May (HL7245), what restrictions are placed on the level of costs for administrators operating under the Investment Bank Special Administration Rules; and where responsibility lies for monitoring such costs.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL7691"} , {"_about" : "http://data.parliament.uk/resources/901048", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/901048/answer", "answerText" : {"_value" : " The investment bank special administration regime (SAR) applies to a broad range of businesses which are authorised by the FCA to hold client assets. The SAR aims to reduce the impact of an investment firm insolvency, and has a statutory objective to return client assets as soon as is reasonably practicable.<\/p> <\/p> The SAR rules set out that client assets may be used to pay expenses which the administrator has properly incurred in ensuring client assets are returned. Under the rules, the administrator prepares a distribution plan which sets out how client assets will be returned, and how the administrator proposes the expenses of the special administration are to be allocated between clients. This plan must be approved by the creditors\u2019 committee and then by the Court. The administrator is also required to produce progress reports on the administration. Under the SAR, relevant parties have the right to make an application to the Court if they consider that the administrator\u2019s remuneration is excessive.<\/p> <\/p> Individual Savings Accounts (ISA) are tax-advantaged personal savings accounts. Where a firm managing an ISA becomes insolvent, cash or stocks and shares ISAs are treated like any other client assets held by the firm. The treatment of self-invested personal pensions (SIPPs) in insolvency depends on how the SIPPs are held at the particular firm and what services that firm provides in relation to the SIPP. If the SIPP assets are held by the investment firm as custody assets, then the costs of their distribution may also be deducted from these assets in the special administration.<\/p> <\/p> In the event of insolvency, and depending on the circumstances and eligibility, compensation under the Financial Services Compensation Scheme (FSCS) may be available for ISA and SIPP investments up to the relevant limit. ISA rules allow for any compensation to be reinvested outside annual ISA limits in order to protect the saver\u2019s tax advantages.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-05-21", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL7690"} , {"_value" : "HL7691"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-05-21T13:35:28.667Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-05-09", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Insolvency"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 8 May (HL7245), whether the costs of the Investment Bank Special Administration Rules can be taken from an individual's ISA or self-invested personal pension; and if so, whether that ISA or self-invested personal pension can be subsequently rebuilt and reimbursed to the previous level.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL7692"} ], "itemsPerPage" : 10, "next" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Lord+Lee+of+Trafford&_page=1&max-ddpModified.=2019-06-17T15%3A25%3A05.633Z", "page" : 0, "startIndex" : 1, "totalResults" : 26, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} } |