Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority took in response to the letter dated 29 November 2015 from financial advisor Neil Liversidge on London Capital and Finance's promotional activities.
Answered by John Glen
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 & 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.
The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation, including its terms, will be communicated in due course.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Surge Financial was required to be regulated by the FCA when promoting London Capital and Finance’s (LC&F) mini-bonds, following the FCA's granting of regulated accreditation to LC&F on 7 June 2016 for promotional activities and not products.
Answered by John Glen
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 & 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.
The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation, including its terms, will be communicated in due course.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority was aware of the level of commission payments made to Surge Financial for promoting London Capital & Finance minibonds.
Answered by John Glen
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 & 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.
The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation, including its terms, will be communicated in due course.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, why the Financial Conduct Authority gave FCA regulated accreditation to London Capital and Finance (LC&F) on 7 June 2016 for LC&F's promotional activities and not its products; and for what reasons LC&F was permitted to market itself as regulated by the FCA.
Answered by John Glen
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 & 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.
The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation, including its terms, will be communicated in due course.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reasons the Financial Conduct Authority (FCA) gave regulated FCA accreditation to Sentient Capital.
Answered by John Glen
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 honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reasons the Financial Conduct Authority is allowed to give Part FCA Regulated accreditation to companies which are then permitted to market themselves as FCA regulated to investors.
Answered by John Glen
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 honourable member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether spending plans for the Department for Transport in the next Spending Review will align with environmental objectives and the Climate Change Act.
Answered by Elizabeth Truss
We will continue to ensure that spending decisions take full account of our environmental obligations, including at the next Spending Review. Departments are expected to follow Green Book guidance when appraising proposals, and it requires them to account for any environmental impacts, including those which affect air quality, natural capital, noise, water quality, and greenhouse gas emissions.
The Department for Transport is committed to ensuring that the transport sector plays a full part in delivering the emissions reductions required to meet our legally binding carbon budget commitments, as well as other environmental objectives.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the progress of investigations by UK authorities into alleged financial crimes related to $2 billion in loans arranged by London branches of Credit Suisse and VTB to Proindicus, Ematum Mozambique Asset Management in Mozambique.
Answered by John Glen
The relevant UK authorities have considered the allegations against UK-based banks and have offered assistance to Mozambique in relation to their investigations. The Treasury is not in a position to comment on any criminal investigations by law enforcement authorities.
Separate to any criminal investigation, the Financial Conduct Authority is currently progressing a regulatory investigation into Credit Suisse’s systems and controls concerning and relating to the loans it provided to the Mozambique government.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what proportion of total public expenditure is spent on children’s services delivered by local government.
Answered by Elizabeth Truss
As outlined in the Office for Budget Responsibility’s October 2018 Economic and Fiscal Outlook, total managed expenditure was £793.8bn in 2017/18 and will increase to £812.8bn in 2018/19.
Local authority spending on children’s services in 2017/18 was £9.4bn. Councils have access to over £200 billion to deliver local services, including children’s services, between 2015/16 and 2019/20 and local government core spending power will increase in real terms next year.
Asked by: Roger Godsiff (Labour - Birmingham, Hall Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the UK plans to (a) support and (b) seek a G20 commitment to provide transparency and disclosure of all loans made by governments and multilateral institutions.
Answered by John Glen
The UK strongly supports the transparent and sustainable lending practices to sovereigns, particularly low-income countries (LICs).
In 2017, the G20 agreed Operational Guidelines for Sustainable Financing to promote transparent and sustainable lending to LICs from G20 members. The UK is working with G20 partners to ensure the ongoing implementation of the Guidelines.
In April 2018, the International Monetary Fund (IMF) and World Bank Group (WBG) announced a joint multi-pronged approach to promote debt transparency and sustainability in LICs. The UK will continue to work with other G20 members to monitor the progress of this work programme which is led by the multilateral institutions.