Question to the HM Treasury:

To ask His Majesty's Government how they intend to ensure that investors in long term asset funds are protected against the losses, gating and trading suspensions which have arisen when open-ended funds cannot sell their investments to meet redemptions.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Long-Term Asset Fund (LTAF) was devised to bridge the gap between closed-ended funds and fully open-ended daily-dealing funds and fulfil the need for investment products that can provide funding for long-term projects while offering investors potential for higher returns in exchange for limited liquidity.

The FCA have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.

The international Financial Stability Board (FSB) recognises that open-ended funds that invest in less liquid or illiquid assets while allowing investors quick and frequent access to their money, risk being unable to sell investments quickly enough to meet large investor redemptions. In 2023 the FSB published recommendations to address these vulnerabilities in open-ended funds. The FSB’s recommendations include assessing the appropriateness of redemption terms for open-ended funds holding less liquid and illiquid assets, which was a key consideration in the design of the LTAF.

The Government is supportive of the FSB’s work on open-ended funds and the regulators are considering the implementation of the recommendations.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the suitability of (1) closed-ended and (2) open-ended investment companies for holding illiquid long-term real assets.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Long-Term Asset Fund (LTAF) was devised to bridge the gap between closed-ended funds and fully open-ended daily-dealing funds and fulfil the need for investment products that can provide funding for long-term projects while offering investors potential for higher returns in exchange for limited liquidity.

The FCA have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.

The international Financial Stability Board (FSB) recognises that open-ended funds that invest in less liquid or illiquid assets while allowing investors quick and frequent access to their money, risk being unable to sell investments quickly enough to meet large investor redemptions. In 2023 the FSB published recommendations to address these vulnerabilities in open-ended funds. The FSB’s recommendations include assessing the appropriateness of redemption terms for open-ended funds holding less liquid and illiquid assets, which was a key consideration in the design of the LTAF.

The Government is supportive of the FSB’s work on open-ended funds and the regulators are considering the implementation of the recommendations.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to protect UK-listed closed-ended funds against cost-disclosure regulations which deter investment.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

In 2024, the Government legislated to enable the Financial Conduct Authority (FCA) to reform the UK’s retail disclosure regime to ensure consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.

The FCA continue to engage with industry and will publish their final rules later this year.

Question to the Department of Health and Social Care:

To ask His Majesty's Government what they have done to ensure parity in patient education and empowerment resources between osteoporosis and other long-term conditions.

Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)

The National Health Service website, along with the National Institute for Health and Care Excellence and the Royal Osteoporosis Society, has information and resources for patients to learn about osteoporosis, including advice on how to manage osteoporosis and advice on lifestyle changes that patients can make to improve their bone health and reduce their risk of fractures. The Royal College of General Practitioners’ e-learning module on the diagnosis and management of osteoporosis also provides suggested resources that clinicians can use with their patients.

Found: This proposal is supported by Baroness Altmann, Lord Hunt of Wirral, Baroness Kramer, Baroness O’Grady

Found: With the help of some unions, and Dr Ros Altmann (now Baroness Altmann, later herself to become a pensions