Lendy: Insolvency

Treasury written question – answered on 23rd July 2019.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 19 June (HL16113), what discussions they have had with the Financial Conduct Authority about the case for that body to conduct an investigation into its decision to authorise Lendy when it had concerns about that firm’s compliance with minimum regulatory standards and the adequacy of disclosure to lenders; and what assessment they have made of the case for any such investigation to include whether any investors in Lendy (1) suffered losses as a result of that authorisation, and (2) are entitled to compensation from the FCA or another institution.

Photo of Lord Young of Cookham Lord Young of Cookham Lord in Waiting (HM Household) (Whip), Lords Spokesperson (Cabinet Office)

Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the Financial Conduct Authority (FCA).

The operationally independent FCA’s investigation into the circumstances that led to the administration of Lendy is ongoing, and it would be inappropriate for Government to pre-empt its findings.

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