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1146955

registered interest
date	30/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to (1) investigate delays in, and (2) take action to speed activity in, and (3) ensure lenders are properly informed about, secondary market sales in peer-to-peer lending.
tabling member printed	Lord Myners
uin	HL17929
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Government monitors the peer to peer (P2P) lending sector and engages regularly with P2P platforms and the Financial Conduct Authority (FCA), who are responsible for the regulation of the sector.</p><p> </p><p>The operationally independent FCA recently published new rules for the sector. These will come into force on 9 December and include enhanced requirements on governance, risk management and investor protection.</p> answering member printed The Earl of Courtown question first answered 08/10/2019 11:59:48 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1146956

registered interest
date	30/09/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Thomas Cook: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the cost to the taxpayer of repatriating customers of Thomas Cook to the UK; and what are the significant factors which are likely to determine whether that estimate is an (1) over, or (2) under, estimate.
tabling member printed	Lord Myners
uin	HL17930
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Operation to repatriate customers of Thomas Cook is modelled on the successful repatriation of passengers after the collapse of Monarch Airways.</p><p> </p><p>The final cost of the Monarch operation to taxpayers was about £50 million and the repatriation effort with Thomas Cook is estimated to be about twice the size and far more complicated as Monarch was an airline based in Europe, whereas Thomas Cook was a global travel group.</p><p> </p><p>This is the biggest peacetime repatriation in UK history, involving more than 150,000 passengers, so any problems or delays could lead to additional costs.</p><p> </p><p>The Government will, however, seek to minimise the impact on the taxpayer by entering into discussions with third parties with a view to recovering some of the costs of this large operation. We will also look to recoup some of the costs from relevant credit and debit card providers and travel insurers.</p> answering member printed Baroness Vere of Norbiton question first answered 08/10/2019 11:32:39 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1146329

registered interest
date	25/09/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Thomas Cook: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they took steps, in the light of the collapse of Monarch Airlines and the expenditure of public funds in repatriating travellers, to ensure that public funds will not be irrecoverably spent in repatriating customers of Thomas Cook; and if so, what steps.
tabling member printed	Lord Myners
uin	HL17824
answer	answer is ministerial correction date of answer 07/10/2019 answer text <p>The failure of Thomas Cook is one of the largest travel company failures we have ever seen. A failure of this size, and the number of passengers affected, is unprecedented. In these circumstances, it is right that the Government should step in and help affected passengers return home as smoothly as possible. We are seeking to minimise the impact on the Government and taxpayers by recovering costs where appropriate through the ATOL scheme, credit card companies and travel insurance.</p><p> </p><p>The majority of Thomas Cook passengers are ATOL protected and the costs for repatriating those passengers will be covered by the ATOL scheme.</p><p> </p><p>An independent Airline Insolvency Review, chaired by Peter Bucks concluded earlier this year and the Government published the final report on 9 May 2019. The Review also acknowledged there was no “silver bullet or one-size-fits-all” solution, to ensure consumer protection in the event of airline insolvency. The recommendations are complex and represent an evolutionary, incremental policy approach over many years that takes into account an expected implementation period. The Government is actively considering the recommendations of the review and is committed to taking steps accordingly.</p><p><strong> </strong></p> answering member printed Baroness Vere of Norbiton question first answered 07/10/2019 16:07:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1146330

registered interest
date	25/09/2019
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	British Business Bank: Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the British Business Bank independently vets every loan it makes through peer-to-peer lending platforms and similar agencies or relies on such platforms for conducting due diligence.
tabling member printed	Lord Myners
uin	HL17825
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The British Business Bank operates indirectly through various delivery partners. Individual lending and investment decisions are fully delegated to these delivery partners.</p><p> </p><p>The British Business Bank has a thorough delivery partner selection process, which includes robust due diligence. British Business Bank also monitors existing delivery partners and their performance against contractual requirements or Service Level Agreements.</p> answering member printed Lord Duncan of Springbank question first answered 08/10/2019 14:42:07 answering member 4686 label Biography information for Lord Duncan of Springbank
tabling member	3869 label Biography information for Lord Myners