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1256460

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stocks and Shares
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to review the governance processes of equity index construction, including in relation to (1) economic growth, (2) financial stability, and (3) management accountability.
tabling member printed	Lord Myners
uin	HL10897
answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The use and operation of equity indices by UK supervised entities is governed by the Benchmarks Regulation, introduced in 2016. The Government has proposed amendments to the Benchmarks Regulation in the current Financial Services Bill to support the orderly wind-down of critical benchmarks. However, there are no current plans for a broader review of the legislation.</p> answering member printed Lord Agnew of Oulton question first answered 14/12/2020 17:16:15 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1256461

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they completed an economic impact assessment for the reintroduction of the Crown preference for insolvency.
tabling member printed	Lord Myners
uin	HL10898
answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The Government’s reforms to make HMRC a secondary preferential creditor for certain tax debts (otherwise known as Protecting Your Taxes in Insolvency) came into effect across the UK on 1 December 2020.</p><p> </p><p>The Government has taken a proportionate approach, applying changes only to taxes paid in good faith by employees and customers, but held temporarily by the business, including Pay as You Earn (PAYE) Income Tax and VAT. The reforms do not reintroduce crown preference, which applied more broadly across all tax debts.</p><p> </p><p>The Government undertook careful work to assess the impact of the reforms ahead of announcement and implementation. As with all tax policy changes, the Government published this assessment in a tax information and impact note which can be found on gov.uk.[1]</p><p> </p><p>[1] Full web-link: <a href="https://www.gov.uk/government/publications/changes-to-protect-tax-in-insolvency-cases" target="_blank">https://www.gov.uk/government/publications/changes-to-protect-tax-in-insolvency-cases</a>.</p> answering member printed Lord Agnew of Oulton question first answered 14/12/2020 17:14:31 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246980

registered interest
date	29/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to investigate the socioeconomic consequences for consumers of banks charging negative real interest rates.
tabling member printed	Lord Myners
uin	HL9788
answer	answer is ministerial correction date of answer 12/11/2020 answer text <p>The Government believes that individuals, regardless of their background or income, should have access to useful and affordable financial products and services.</p><p> </p><p>The independent Monetary Policy Committee (MPC) of the Bank of England sets the Bank Rate to meet the objectives set out in its remit of maintaining price stability and subject to this, supporting the economic policy of the Government, including its objectives for growth and employment. The MPC is sensitive to the effect of low interest rates on savers and does consider the effect monetary policy decisions have on all households.</p><p> </p><p>Commercial banks make commercial judgements that influence the degree of pass‐through from changes in Bank Rate into retail interest rates, with conditions in financial markets and in the banking sector also influencing interest rates paid on deposits or charged for lending. The Government does not seek to intervene in these commercial decisions.</p> answering member printed Lord Agnew of Oulton question first answered 12/11/2020 14:35:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246672

registered interest
date	26/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps (1) they, or (2) the Financial Conduct Authority, have taken to ensure that the pricing of funds managed by H20 Asset Management is based on fair valuation of portfolio investments.
tabling member printed	Lord Myners
uin	HL9566
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>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.</p> answering member printed Lord Agnew of Oulton question first answered 09/11/2020 13:56:42 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246673

registered interest
date	26/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Institutions: EU Law
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to publish their response to the European Commission’s review of the Alternative Investment Fund Management Directive, and in particular the question on the delegation of portfolio management by funds in the EU to entities based in third countries.
tabling member printed	Lord Myners
uin	HL9567
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The UK is a global leader in asset management and UK firms manage portfolios for clients located around world, including in the EU. The government is a strong supporter of portfolio delegation as an international norm in cross-border financial services that ensures investors around the world have access to the best investment expertise. The Treasury engages with EU counterparts on a range of issues and publishes consultation responses where it is appropriate to do so.</p><p> </p><p>Through the Asset Management Taskforce and other engagement, the Treasury continues to work closely with industry leaders to identify opportunities to promote the UK asset management sector and the interests of the investors it serves.</p> answering member printed Lord Agnew of Oulton question first answered 09/11/2020 14:50:44 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1237768

registered interest
date	24/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they, or the Financial Conduct Authority, have reviewed (1) the accuracy, and (2) the regulatory completeness, of the statements issued by H2O Asset Management on 16 September and 22 September in connection to illiquid investments held in open-ended funds; and whether they (1) have investigated, or (2) plan to investigate, whether the transactions disclosed with related parties were in the best interests of all fund investors
tabling member printed	Lord Myners
uin	HL8466
answer	answer is ministerial correction date of answer 07/10/2020 answer text <p>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.</p> answering member printed Lord Agnew of Oulton question first answered 07/10/2020 13:49:06 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1235955

registered interest
date	21/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Counterparties
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the letter from 18 March 2019 by the Systemic Risk Council to the Financial Stability Board in response to that Board's discussion paper on the resolution of central counterparty clearing houses; and what plans they have to review capital adequacy and the effectiveness of incentives to prevent failure.
tabling member printed	Lord Myners
uin	HL8323
answer	answer is ministerial correction date of answer 05/10/2020 answer text <p>The UK is committed to maintaining the highest international and domestic standards of financial regulation, including for central counterparties (CCPs). The UK continues to play an active role in setting the international standards related to the recovery and resolution of CCPs. The UK was one of the first jurisdictions to have a domestic recovery and resolution regime in place, and we continue to keep this framework under review to ensure it effectively mitigates and prevents failure.</p> answering member printed Lord Agnew of Oulton question first answered 05/10/2020 15:29:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1233923

registered interest
date	14/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the potential risks for UK investors by H2O Asset Management's approach to valuing unlisted investments held in open-ended funds, and (2) whether any group of investors, including associates and other clients of H2O Asset Management and its executives and owner, have been treated preferentially.
tabling member printed	Lord Myners
uin	HL8079
answer	answer is ministerial correction date of answer 28/09/2020 answer text <p>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.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL8080 question first answered 28/09/2020 10:56:12 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1233924

registered interest
date	14/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management: France
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have received any requests for information from the Autorité des Marchés Financiers in connection with the Financial Conduct Authority’s supervision of the valuation of investments in public funds managed by H2O Asset Management.
tabling member printed	Lord Myners
uin	HL8080
answer	answer is ministerial correction date of answer 28/09/2020 answer text <p>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.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL8079 question first answered 28/09/2020 10:56:12 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1233134

registered interest
date	09/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Private Equity
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the potential competitive threat to the UK economy of treating carried interest arising from the management of private equity funds as income rather than capital; and what plans the Office for Tax Simplification has to investigate this issue.
tabling member printed	Lord Myners
uin	HL7977
answer	answer is ministerial correction date of answer 23/09/2020 answer text <p>The Government recognises that a competitive financial services sector in the UK, which includes the management of private equity funds, is an important part of attracting investment and driving growth.</p><p> </p><p>The UK’s approach to the taxation of carried interest remains in line with most other G7 countries. It seeks to ensure that returns are taxed in line with their character and taxed at rates which appropriately balance the need to raise revenue with the importance of maintaining the UK’s competitiveness for fund management.</p><p> </p><p>The OTS is undertaking a review of CGT and aspects of the taxation of chargeable gains. The review will recommend ways to simplify the tax system in line with the statutory role of the OTS.</p> answering member printed Lord Agnew of Oulton question first answered 23/09/2020 12:58:44 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners