Credit

(asked on 29th June 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate his Department has made of the total value of transactions in the UK debt market where the legal advice has been provided under Sponsor Designation by the borrower to the lender over the last 10 years; what assessment his Department has made of the potential risk that Sponsor Designation of legal advice poses to the debt market; and if he will make a statement.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 4th July 2022

The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. The Treasury is committed to ensuring the proper functioning of capital markets, including working with the Financial Conduct Authority to monitor any potential risks to UK markets.

The Treasury is not aware of any concerns that Sponsor Designation of legal advice poses a risk to UK debt markets, and as such has not raised this matter with the Financial Conduct Authority or the Solicitors Regulation Authority.

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