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1104663

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to launch an independent review into the Financial Conduct Authority's regulatory oversight of London Capital and Finance Plc.
tabling member printed	Lord Myners
uin	HL14788
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.</p><p> </p><p>The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury.</p> answering member printed Lord Bates question first answered 08/04/2019 16:53:27 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1104664

registered interest
date	25/03/2019
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Arcadia Group: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have made any representations to, or met, the Pensions Regulator in the last three months in connection with Arcadia Group.
tabling member printed	Lord Myners
uin	HL14789
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The Pensions Regulator carries out its functions independently. The Department has not made any representations to the Pensions Regulator in relation to the Arcadia Group in the last three months.</p> answering member printed Baroness Buscombe question first answered 04/04/2019 16:46:09 answering member 3349 label Biography information for Baroness Buscombe
tabling member	3869 label Biography information for Lord Myners

1104665

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Works Loan Board
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government who is responsible for setting the credit risk budget for the Public Works Loan Board; who has responsibility for lending decisions; and when they last assessed the role of that Board in delivering public policy and fiscal management targets.
tabling member printed	Lord Myners
uin	HL14790
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The Public Works Loan Board (PWLB) is a statutory body that issues loans to local authorities, and other specified bodies in England, Scotland and Wales. The PWLB’s policy framework is set by HM Treasury.</p><p> </p><p>Responsibility for local authority spending and borrowing decisions lie with locally-elected council members, who are democratically accountable to their electorates. Since 2004, major local authorities have been able to borrow without government consent provided they can afford the borrowing costs. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender. The Prudential Code and statutory guidance were updated in 2018 to increase transparency and accountability, and ensure that local authorities take investment decisions after careful consideration of risk and proportionality. Before it can advance a loan, the PWLB requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation.</p><p> </p><p>As with all policies, the government keeps the lending policy for the PWLB under review.</p> answering member printed Lord Bates question first answered 08/04/2019 15:35:36 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1104666

registered interest
date	25/03/2019
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Degrees
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 number of first class degrees awarded by the (1) University of Surrey, and (2) University of Bradford; whether they have had any discussions with those universities about the number of such degrees awarded; and if so, what were the outcomes of any such discussions.
tabling member printed	Lord Myners
uin	HL14791
answer	answer is ministerial correction date of answer 05/04/2019 answer text <p>The Higher Education and Research Act 2017 established a new independent regulator in England, the Office for Students (OfS). The act gives the OfS powers to assess the quality and standards applied to higher education by English providers.</p><p>The government has made it clear in guidance to the OfS that grade inflation must be tackled. In their strategy, attached, the OfS includes ensuring “qualifications hold their value over time” as a key objective. In December 2018, the OfS published analysis of changes in degree classifications between 2010-11 and 2016-17, which is attached. This includes data on the University of Surrey and the University of Bradford.</p><p>On 24 March, my right hon. Friend, the Secretary of State for Education called for universities to end the steep rise of “unjustifiable” first class degrees which is a threat to the world class reputation of the university sector, and risks undermining the efforts of hard working students. The government expects the OfS, when it has its full range of powers, to challenge those institutions that record an unjustifiable rise in the proportion of top degrees being awarded.</p><p>The OfS’ statutory powers are on course to be strengthened through new regulations due to be laid in Parliament later this year, which will allow the OfS to levy fines of up to £500,000 or 2% of a university’s income (whichever is higher). The UK Standing Committee for Quality Assessment is developing sector-recognised standards to ensure that all degree awards are consistent and fair - due to be completed this academic year. Together, these measures will strengthen the regulator’s ability to challenge universities with unwarranted grade inflation and hold them to account.</p><p>Any university found to be damaging students’ interests could be subject to sanctions such as placing additional conditions on their registration, fines, or in the worst case scenario removing a university’s powers to award degrees.</p><p> </p> answering member printed Viscount Younger of Leckie attachment 1 file name HL14791_OfS_Strategy_2018_2021.pdf title HL14791_OfS_Strategy_2018_2021 2 file name HL14791_Analysis_of_Degree_Classifications.pdf title HL14791_Analysis_of_Degree_Classifications question first answered 05/04/2019 10:54:12 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	3869 label Biography information for Lord Myners

1092786

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Competition Remedies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what representations they have made, if any, to Banking Competition Remedies Limited in connection with its awards to banks in general, and Metro Bank in particular.
tabling member printed	Lord Myners
uin	HL14737
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14738 HL14739 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1092787

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Competition Remedies: Metro Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they are considering asking, or have asked, Banking Competition Remedies Limited to reconsider the allocation of part of the RBS State aid: alternative remedies package to Metro Bank, in the light of subsequent announcements by Metro Bank of a short fall in equity capital, truncated growth in branch openings and short comings in financial control and governance oversight.
tabling member printed	Lord Myners
uin	HL14738
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14737 HL14739 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1092788

registered interest
date	21/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Metro Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what action, if any, they intend to take as a result of the recent concerns raised by the Financial Conduct Authority and Prudential Regulation Authority in relation to Metro Bank and, in particular, that the bank may have provided inaccurate statements to investors.
tabling member printed	Lord Myners
uin	HL14739
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>Banking Competition Remedies (BCR) is the independent body established to implement the Royal Bank of Scotland (RBS) funded Alternative Remedies Package (the Package). BCR has sole responsibility for Package implementation, including responsibility for decisions on Capability and Innovation Fund (CIF) awards.</p><p> </p><p>Firm supervision is a matter for the independent regulators, in this case, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) which jointly regulate Metro Bank.</p> answering member printed Lord Bates grouped question UIN HL14737 HL14738 question first answered 03/04/2019 16:56:17 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1091615

registered interest
date	19/03/2019
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Voluntary Arrangements
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to assess whether Company Voluntary Arrangements effectively protect the economic interests of HMRC, and those of creditors and property owners.
tabling member printed	Lord Myners
uin	HL14661
answer	answer is ministerial correction date of answer 27/03/2019 answer text <p>Company voluntary arrangements are a valuable part of the restructuring framework and the Government does not intend to conduct a review of them at this time. A company voluntary arrangement allows a financially distressed company to restructure its debts and avoid liquidation or administration. Approval of more than 75% of creditors is required to pass a company voluntary arrangement and any creditor may still apply to court if it feels its interests are being unfairly prejudiced, this provides an important safeguard for creditors, including HMRC and property owners.</p> answering member printed Lord Henley question first answered 27/03/2019 15:25:44 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1091617

registered interest
date	19/03/2019
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Government Efficiency Review
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to assess the financial benefits to UK taxpayers that have resulted from the Green Review of public sector procurement, published in October 2010.
tabling member printed	Lord Myners
uin	HL14662
answer	answer is ministerial correction date of answer 26/03/2019 answer text <p>Responding to the findings of the Green Review, HMG took steps to increase efficiency across Government. This included work to enable the UK public sector to get better value from its procurement of common goods and services which is now being taken forward by the Crown Commercial Service.</p><p><strong> </strong></p><p>The Government has published details of savings made through efficiency and reform each year since 2010. The most up-to-date figures are contained in the Crown Commercial Service 2017-18 Annual Report which details £354 million in commercial benefits including savings for central government and £247 million for the wider public sector in that financial year.</p><p> </p> answering member printed Lord Young of Cookham question first answered 26/03/2019 16:49:29 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1091618

registered interest
date	19/03/2019
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Honours Forfeiture Committee
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when the Honours Forfeiture Committee is next due to meet.
tabling member printed	Lord Myners
uin	HL14663
answer	answer is ministerial correction date of answer 28/03/2019 answer text <p>We expect the next meeting to be held over the summer.</p> answering member printed Lord Young of Cookham question first answered 28/03/2019 17:26:09 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners