Tag: Lord Myners

The below Parliamentary question was asked by Lord Myners on 2016-03-21.

To ask Her Majesty’s Government whether they have reviewed the implementation of the recommendations on public sector procurement made by Sir Philip Green; and whether they will ask Sir Philip to conduct a further review on policy options to reduce government borrowing.

Lord Bridges of Headley

Sir Phillip’s report contributed enormously to the development of the Coalition Government’s policies in respect of common goods and services. Many of the recommendations have been taken forward, including the creation of the Crown Commercial Service. The Crown Commercial Service brings together policy, advice and direct buying, providing commercial services to the public sector and saving money for the taxpayer.

The 2016 Budget announced that The Chief Secretary to the Treasury, with the support of the Minister for the Cabinet Office, will lead an efficiency review, reporting in 2018. We will set out details of this in due course.

The below Parliamentary question was asked by Lord Myners on 2016-04-11.

To ask Her Majesty’s Government whether they will publish an independent analysis of the economic forecasting record of the Office for Budget Responsibility, including an assessment of the accuracy of forecasting against free consensus expectations.

Lord O’Neill of Gatley

The Office for Budget Responsibility (OBR) already publish an assessment of the accuracy of their forecasts in their annual Forecast Evaluation Report (FER). This compares the latest outturn data for the economy and public finances with the OBR’s earlier forecasts, and aims to explain the differences. This assessment is required by the Budget Responsibility and National Audit Act (BRNAA); this provides self-discipline for the OBR, and maintains transparency and accountability around their forecasting.

The below Parliamentary question was asked by Lord Myners on 2016-04-21.

To ask Her Majesty’s Government what assessment they have made of whether the new holding company to be created to give effect to the proposed takeover of the London Stock Exchange by Deutsche Bourse will have to make its whole capital available to support a default by one of the two central clearing houses it will control, and which of those two clearing houses will receive capital priority in the event of a simultaneous or proximate failure of them both.

Lord O’Neill of Gatley

I refer the noble Lord to my written answer of 26 April (HL7583, HL7584, HL7585, and HL7586).

The below Parliamentary question was asked by Lord Myners on 2016-05-09.

To ask Her Majesty’s Government what assessment they have made of reports that the London Stock Exchange estimates that its acquisition by Deutsche Bourse will lead to a reduction of £7 billion in the margin capital available to protect the financial system from the consequences of counterparty failure, and of whether such a reduction in collateral represents an unacceptable increase in systemic risk.

Lord O’Neill of Gatley

Central Counterparties (CCPs) play a central role in modern financial markets. As the Prime Minster has made clear, the UK’s new settlement with the EU ensures UK firms, including CCPs, will never face any discrimination for being outside the Eurozone.

I refer the noble Lord also to my written answer of 1 April (HL7153).

The below Parliamentary question was asked by Lord Myners on 2016-06-08.

To ask Her Majesty’s Government whether they have asked the Serious Fraud Office to investigate matters related to the sale and purchase of BHS.

Lord Keen of Elie

In all cases decisions to investigate are made by the Director of the Serious Fraud Office, who acts independently. In respect of BHS, the SFO has confirmed that it is reviewing material in its possession. If the Director considers there are reasonable grounds to suspect serious or complex fraud which meets his Statement of Principle, he will open a formal criminal investigation.

The below Parliamentary question was asked by Lord Myners on 2016-10-03.

To ask Her Majesty’s Government what plans they have to restrict the advertising and promotion of primary option trading and investment to retail investors in the UK by firms based in Cyprus and Malta.

Lord Young of Cookham

The government takes this issue very seriously.

The government will introduce measures to strengthen investor protection when it transposes the Markets in Financial Instruments Directive II (MiFID II).

This will include powers for the Financial Conduct Authority (FCA) to prohibit or restrict the marketing, distribution or sale of financial instruments, including relevant binary options where there are significant investor protection concerns.

These powers will apply from 3 January 2018.

The below Parliamentary question was asked by Lord Myners on 2015-02-11.

To ask Her Majesty’s Government whether it is routine policy for the Cabinet Office to contact HM Revenue and Customs to consult it prior to the appointment of a non-elected Minister.

Baroness Stowell of Beeston

As was the case under previous administrations, ministerial appointments are a matter for the Prime Minister, in line with the Ministerial Code.

For those individuals upon whom the Prime Minister wishes to confer a life peerage, the independent House of Lords Appointments Commission vets nominations. For those individuals upon whom the Prime Minister wishes to confer a peerage in order that they might sit in the House of Lords to take up a ministerial role, the Commission consults the main regulatory authorities, including HMRC, before giving advice.

The below Parliamentary question was asked by Lord Myners on 2015-02-11.

To ask Her Majesty’s Government whether they still consider it appropriate to allow Chinese banks to open branches in the United Kingdom.

Lord Deighton

The decision-making on applications from Chinese banks to establish branches in the United Kingdom is a matter for the independent Prudential Regulation Authority, consistent with its broader policy on the regulation of non-European Economic Area banks.

The below Parliamentary question was asked by Lord Myners on 2015-02-10.

To ask Her Majesty’s Government which were the 10 jurisdictions into which closed bank accounts held in Switzerland by United Kingdom residents were transferred according to information provided to them by the Swiss National Bank.

Lord Deighton

HL4893

Under the Swiss Agreement HMRC received a list of the top 10 destinations to where funds were moved in the period before the Agreement came into force. They are using this information together with information from compliance work to follow the proceeds of tax evasion.

As with Lichtenstein agreement signed in 2009, HMRC is legally restricted by the Agreement’s terms from publishing the information provided.

HL4896

Where there is evidence of collusion in tax evasion or other wrongdoing, the relevant law enforcement agency would assess that evidence and decide whether to pursue an investigation.

HMRC received the data from the French in April 2010 under very strict international treaty conditions, which limited its use to tax purposes only and prevented HMRC from sharing the data with other law enforcement authorities for investigating other potential offences.

HMRC first asked for the conditions to be relaxed in August 2010. Following a number of more recent representations, the French authorities gave written confirmation on 23 February 2015 that they were lifting restrictions on the use and sharing of the data with other law enforcement agencies and regulators for the purpose of investigating criminal offences.

As a result, HMRC has recently held a multi-agency meeting to discuss how the stolen HSBC Suisse data can be shared with them.

The below Parliamentary question was asked by Lord Myners on 2015-02-10.

To ask Her Majesty’s Government what regulatory actions were taken in the United Kingdom in connection with HSBC as a consequence of the fines imposed in the United States in response to its involvement in money laundering on behalf of Mexican drug cartels.

Lord Deighton

I can confirm to the Noble Lord that the information I provided him in response to his written question answered on 17th June 2013 remains accurate:

US investigations and enforcement action on HSBC focused on their subsidiaries in the US. The Financial Conduct Authority (FCA) has no direct supervisory remit over these HSBC entities.

However, in conjunction with the action taken by the US, the (then) FSA, as lead regulator for the HSBC Group globally, made a number of requirements of HSBC Holdings plc, designed to ensure that all parts of the HSBC Group are compliant with the relevant legal and regulatory requirements across the Group to prevent similar failings occurring in future.

This included requiring a committee of the HSBC Board to oversee matters relating to anti-money laundering, sanctions, terrorist financing and proliferation financing; requiring the Group to revise its policies and procedures to ensure that all parts of the HSBC Group are subject to standards equivalent to those required under UK requirements; HSBC employing an independent monitor to oversee the Group’s compliance with UK anti-money laundering, sanctions, terrorist financing and proliferation financing requirements and to provide independent reporting to the HSBC Board committee and regulators. HSBC Holdings was also required to appoint a Group Money Laundering Reporting Officer (MLRO), with responsibility for ensuring that systems and controls are in place across the Group.

The FCA is closely monitoring the implementation of these requirements by HSBC.