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1314215

registered interest
date	12/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Kuflink
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government on what dates the tripartite meetings between the Financial Conduct Authority, directors of Kuflink Ltd and related entities, and their auditors took place; and what was discussed at each such meeting.
tabling member printed	Lord Sikka
uin	HL188
answer	answer is ministerial correction date of answer 26/05/2021 answer text 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 the noble Lord by letter. A copy of the letter will be placed in the Library of the House. answering member printed Lord Agnew of Oulton question first answered 26/05/2021 15:16:33 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1314216

registered interest
date	12/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Kuflink
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when the Prudential Regulation authority carried out capital adequacy tests on Kuflink Ltd and related entities; and what was the outcome of those tests.
tabling member printed	Lord Sikka
uin	HL189
answer	answer is ministerial correction date of answer 19/05/2021 answer text <p>As you may be aware, Kufflink Ltd is not a regulated deposit taking firm, i.e. a bank, and hence are not regulated by the Prudential Regulation Authority. Peer to peer firms are instead regulated by the Financial Conduct Authority (FCA), which in this instance extends to rules regarding capital requirements.</p><p>The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and therefore it is not appropriate to request information regarding capital adequacy tests of individual firms.</p> answering member printed Lord Agnew of Oulton question first answered 19/05/2021 13:27:37 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka