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Type
House
Session
Year
Department
Member
Primary member
Answering member
Legislative stage
Legislation
Subject
Publisher
What steps they are taking to ensure a fair result for policyholders in the current negotiations over the reattribution of the inherited estates of with-profits funds.
What steps they are taking to ensure a fair result for policyholders in the current negotiations over the reattribution of the inherited estates of with-profits funds.
Asked by
Lord Joffe
(Labour)
Answered by
Lord Davies of Oldham
(Labour)
Oral questions - Lead
Status
Answered
For answer on
22 April 2008
Answered on
22 April 2008
My Lords, this is a matter for the independent regulator—the Financial Services Authority—and the courts. The Financial Services Authority sets the rules covering the management of with-profits funds. It requires firms pursuing reattributions to appoint an independent policyholder advocate to represent policyholders in negotiations with the firm. On completion of the negotiations, the FSA will assess the fairness of the deal and make public its conclusion on what fair treatment would require for consumers. Policyholders have a right to vote on the proposal.
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1382
Chamber / Committee
House of Lords chamber
House
House of Lords
asked Her Majesty's Government:What steps they have taken to ensure that loans to agencies of the Government of Zimbabwe and the purchase of Zimbabwean treasury bills and government bonds by British banks do not breach the European Union common position prohibition on making funds and economic resources available to individuals...
asked Her Majesty's Government:What steps they have taken to ensure that loans to agencies of the Government of Zimbabwe and the purchase of Zimbabwean treasury bills and government bonds by British banks do not breach the European Union common position prohibition on making funds and economic resources available to individuals...
Asked by
Lord Joffe
(Labour)
Answered by
Lord Malloch-Brown
(Labour)
Type
Written questions
Status
Answered
Answered on
1 October 2007
The EU targeted measures on Zimbabwe impose, inter alia, an assets freeze on individual members of the Government of Zimbabwe, including President Mugabe, which includes a prohibition on making funds or economic resources available, directly or indirectly, to them. The Bank of England, acting as an agent for HM Treasury, is responsible for making banks in the UK fully aware of this.
Where there is information to suggest that a breach of the EU targeted measures has occurred or of a connection between a designated person and a company operating in the UK, HM Treasury, the Foreign and Commonwealth Office and the Bank of England work closely together to investigate the matter.
Notes
Answer received between Monday 10 September and Friday 14 September 2007.
Subjects
Banks; Finance; EU action; Overseas investment; Sanctions; Zimbabwe
Date
1 October 2007
Reference
5096; 694 c237WA
House
House of Lords