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1186716

registered interest
date	19/03/2020
answering body	Ministry of Justice
answering dept id	54
answering dept short name	Justice
answering dept sort name	Justice
hansard heading	Prisoners: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have received any reports of COVID-19 infection among the imprisoned community; whether HM Prison Service has made arrangements to protect others imprisoned in the same establishment; and what estimate they have made of the number of COVID-19 infected prisoners that can be managed within the total prison estate.
tabling member printed	Lord Myners
uin	HL2781
answer	answer is ministerial correction date of answer 02/04/2020 answer text <p>COVID-19 presents a unique set of challenges that we must address in order to maintain the provision of services in custody. HMPPS are working very closely with Public Health England (PHE) to ensure our approach is based on the best scientific advice available. The safety and wellbeing of staff, prisoners and visitors is paramount and at the heart of our approach.</p><p> </p><p>We have existing, well-developed policies and procedures in place to manage outbreaks of infectious diseases. This means prisons are well prepared to take immediate action whenever cases or suspected cases are identified. In line with broader clinical advice, HMPPS has introduced a procedure for the protective isolation of individuals in prison custody when it is considered that they may be potentially infected with the virus.</p><p> </p><p>As of 24 March, prisons in England and Wales are temporarily closed to visitors. This is to ensure prisons are complying with PHE social distancing rules. The usual regime in prisons has also been paused temporarily to apply social distancing. These measures are vital for keeping prisoners and staff safe and preventing the spread of the virus.</p><p> </p><p>We are closely monitoring the number of individuals within the imprisoned community who have tested positive for COVID-19. As of 31 March, 69 prisoners have tested positive for COVID-19 across 25 prisons.</p> answering member printed Lord Keen of Elie question first answered 02/04/2020 14:47:39 answering member 4538 label Biography information for Lord Keen of Elie
tabling member	3869 label Biography information for Lord Myners

1186717

registered interest
date	19/03/2020
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Treasury: Billing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what action they are taking to reduce the time taken to pay their subcontractors.
tabling member printed	Lord Myners
uin	HL2782
answer	answer is ministerial correction date of answer 30/03/2020 answer text <p>The Government should set a strong example by paying subcontractors promptly. Our commitment is to pay 90% of undisputed and valid invoices from small and medium-sized enterprises within 5 days and 100% of all undisputed and valid invoices within 30 days. Government departments are required to report their performance against these payment targets on a quarterly basis on <a href="http://www.gov.uk" target="_blank">GOV.UK</a>.</p><p>Through the Public Contract Regulations 2015, public sector buyers must include 30-day payment terms in new public sector contracts; and require that this payment term be passed down the supply chain. Since 1 September 2019, suppliers risk being excluded from winning large government contracts if they cannot demonstrate prompt payment.</p> answering member printed Lord True question first answered 30/03/2020 14:03:22 answering member 4200 label Biography information for Lord True
tabling member	3869 label Biography information for Lord Myners

1185984

registered interest
date	17/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Insurance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what action they plan to take to prevent credit insurers unilaterally withdrawing cover.
tabling member printed	Lord Myners
uin	HL2701
answer	answer is ministerial correction date of answer 30/03/2020 answer text <p>The government is discussing with UK authorities, businesses and the insurance industry, the impact of COVID-19 on the trade credit insurance market.</p><p> </p><p>As the Chancellor announced on Tuesday 17 March the government would do whatever it takes to get our nation through the impacts of COVID-19 and that he stands ready to announce further action wherever necessary.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 30/03/2020 10:19:48 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185985

registered interest
date	17/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
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, monitor whether trade receivables included in securitised bonds (1) reflect transactions completed, or (2) can also include transactions yet to be completed or documented by the two sides to the expected transaction; and whether they have discussed this with the Federal Financial Supervisory Authority in Germany.
tabling member printed	Lord Myners
uin	HL2702
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are responsible for monitoring risks in the UK securitisation market, in line with their statutory objectives.</p><p> </p><p>In January 2019, the EU Securitisation Regulation (Regulation 2017/2407) became applicable in the United Kingdom. Consistent with this Regulation, the Government and the FCA expects that underlying exposures transferred to a securitisation vehicle, including trade receivables, contain obligations which are contractually binding and enforceable.</p><p> </p><p>In trade receivable transactions, goods or services to which the credit claims refer may be delivered later and be deficient. Such a risk is often quantified as a matter of routine in securitisation transactions. The Government expects relevant market participants to conduct due diligence where required.</p><p> </p><p>The FCA and the PRA apply a risk-based supervision of the securitisation market and can choose to undertake a thematic analysis of the market, including on trade receivables financing.</p><p> </p><p>The FCA maintains bilateral relationships and collaborates effectively with the regulatory and supervisory authorities of other countries, including Germany.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 16:42:59 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185138

registered interest
date	16/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have issued any guidance (1) to fund managers on statements related to restricting redemptions of investments of open-ended funds, and (2) on whether fund managers may issue statements that fund investors will never be gated.
tabling member printed	Lord Myners
uin	HL2640
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.</p><p> </p><p>Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.</p><p> </p><p>Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2585 question first answered 26/03/2020 15:41:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185139

registered interest
date	16/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether it is their policy to use counter cyclical capital adjustments for banks to enhance resilience in order to cope with economic downturns; and whether they mandate regular stress tests.
tabling member printed	Lord Myners
uin	HL2641
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The Financial Policy Committee (FPC) of the Bank of England is prescribed the power to set the countercyclical capital buffer (CCyB) rate for the United Kingdom. The FPC has set out its approach to the use of the CCyB in a Policy Statement published in April 2016 on the Bank of England website. As part of a wider package of measures announced by the Bank of England’s policy committees in response to the economic shock of Covid-19, the FPC reduced the UK CCyB to 0% on 11 March. This will support up to £190 billion of bank lending to businesses.</p><p> </p><p>The Bank of England undertakes an annual stress test of major UK banks to examine the potential impact of a hypothetical adverse scenario on the resilience of the banking system. The 2019 stress test showed the banking system to be resilient to a scenario encompassing deep simultaneous recessions in the UK and global economies that are more severe overall than the global financial crisis, combined with large falls in asset prices and a separate stress of misconduct costs. On 20 March the Bank of England announced it would cancel the 2020 stress test to ensure lenders can focus on meeting the needs of UK households and businesses through the economic shock caused by Covid-19.</p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 16:37:09 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185140

registered interest
date	16/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
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 taken any action to (1) monitor, or (2) issue guidance, to peer-to-peer lenders about whether new client inflows should be used to support previous borrowers experiencing financial difficulty and funded by earlier investors.
tabling member printed	Lord Myners
uin	HL2642
answer	answer is ministerial correction date of answer 30/03/2020 answer text <p>The Government monitors the peer-to-peer lending sector on an ongoing basis and engages regularly with the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector.</p><p>The FCA is operationally independent from Government. The second part of the question, as it relates to the FCA, has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter, and 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 30/03/2020 10:18:35 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185141

registered interest
date	16/03/2020
answering body	Department for International Trade
answering dept id	202
answering dept short name	International Trade
answering dept sort name	International Trade
hansard heading	Quintessentially
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether contracts between Quintissentially and (1) the Department for International Trade, and (2) any other Government department or agency, required details of the people who received goods and services under the contracts; and whether any goods or services were specifically excluded from those contracts.
tabling member printed	Lord Myners
uin	HL2643
answer	answer is ministerial correction date of answer 25/03/2020 answer text <p>The Department for International Trade always requires the details of the people receiving the goods and services delivered through the Quintessentially contract. The goods and services supplied under the contract are provided in the contract schedule which are published on Contracts Finder. Contracts Finder is a Government website which is used for the publication of contract opportunities and contract awards. It is Government policy to publish all contracts over £10,000 further details of Contracts Finder and of the Quintessentially contract may be found here: <a href="https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.contractsfinder.service.gov.uk%2FNotice%2F0ccf6274-6878-4ad0-a106-94a723595cbb&amp;data=02%7C01%7Cpaul.kellett%40trade.gov.uk%7C27ed0cc26791488cb4c508d7ccb9caa6%7C8fa217ec33aa46fbad96dfe68006bb86%7C0%7C0%7C637202970666715849&amp;sdata=lCO6qTVWqkhdykX%2Fsq9BjPEjmoO9Uzfgor1VUha%2Fp6Y%3D&amp;reserved=0" target="_blank">https://www.contractsfinder.service.gov.uk/Notice0ccf6274-6878-4ad0a106-94a723595cbb</a>.</p> answering member printed Viscount Younger of Leckie question first answered 25/03/2020 16:51:21 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	3869 label Biography information for Lord Myners

1184995

registered interest
date	13/03/2020
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 whether the recent equity market falls have surpassed stress test levels used to determine the capital adequacy of central clearing houses supervised by the Financial Conduct Authority.
tabling member printed	Lord Myners
uin	HL2584
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>Central clearing houses, or central counterparties (CCPs), are financial institutions firms use to manage some of the risks arising from traded markets. UK CCPs are subject to many requirements to manage financial risk, including maintaining risk models to quantify the level of financial resources they need to operate safely. As such, it is right that the level of resource held by CCPs is subject to rigorous and frequent internal stress tests, as set out in the legislation that governs them. These stress tests assess the resilience of a CCP in extreme but plausible market conditions. Furthermore, UK CCPs remain subject to EU-wide stress tests during the Transition Period.</p><p> </p><p>The Bank of England supervises UK CCPs as part of its financial stability objective. However, it is not possible to publicly disclose specific quantitative details on individual firm’s stress tests because this is firm sensitive information.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 15:42:00 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1184996

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to issue guidance to (1) unit trust, and (2) open-ended investment company, managers to limit fund redemptions instead of obliging fund managers to be forced sellers of shares and bonds.
tabling member printed	Lord Myners
uin	HL2585
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.</p><p> </p><p>Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.</p><p> </p><p>Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2640 question first answered 26/03/2020 15:41:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners