Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government how many officials in the Department for Business and Trade hold qualifications recognised under the Government Counter Fraud Profession framework; and how many are accredited at (1) Foundation, (2) Practitioner, (3) Advanced Practitioner (4) Investigation Manager, or (5) Senior Investigation Officer level under the Counter Fraud Investigator Standard.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The Public Sector Fraud Authority administers the Government Counter Fraud Profession (GCFP), which holds records of Government officials who have achieved Practitioner member or Affiliate status under the GCFP standards.
(1) Foundation – 0
(2) Practitioner – 1
(3) Advanced Practitioner – 3
Of these:
(4) Investigation Manager - 3
(5) Senior Investigation Officer – 1
Officials are also enrolled with the PSFA for forthcoming GCFP training and qualifications with the PSFA.
Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether the British Business Bank holds any board, observer, or voting rights on investment vehicles supported under the Long-term Investment for Technology and Science initiative.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The British Business Bank is represented on the Schroders' advisory board but does not hold a vote on the LTAF investment decisions.
Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government how much of the £250 million of public capital committed under the Long-term Investment for Technology and Science (LIFTS) initiative has been (1) drawn down to date, and (2) deployed to portfolio companies; whether any LIFTS-backed fund has deployed capital outside of the UK; and if so, what proportion of the total fund portfolio is composed of non-UK investments.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
In November 2024, the British Business Bank announced it had completed its £250m investment alongside Phoenix Group with Schroders Capital under the Long-Term Investment for Technology and Science (LIFTS) initiative.
This was matched by £250m of pension investment from Phoenix Group, creating a £500m investment vehicle. Schroders Capital began making its first investments in January 2025. UK businesses which have received investment include the AI company Synthesia. Schroders Long Term Asset Fund (LTAF) Direct Investments are only made in companies based in the UK; LTAF Funds may invest in the UK and internationally.
As the Fund is still new, no data is currently available on Fund deployment.
Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what performance indicators and evaluation mechanisms have been established for each fund supported by the Long-term Investment for Technology and Science (LIFTS) initiative; and what outputs have been delivered to date by the Schroders Capital LIFTS initiative, including the number of companies backed and capital deployed.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
Schroders Capital invest across companies that are pioneering the development of long-term innovation themes such as life sciences and artificial intelligence. Following approval from the UK's Financial Conduct Authority in September 2024 to launch the first ever Long-Term Asset Fund (LTAF) dedicated to UK venture capital, Schroders Capital began making its first investments in January 2025.
As a new Fund, it is too early for data analysis to have taken place. UK businesses which have received investment include AI companies Synthesia and Luminance. Deployment of funds is overseen by the investment committee at Schroders Capital with monitoring by the British Business Bank.
Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether any capped return or fee offset mechanisms were used in funds backed by the Long-term Investment for Technology and Science; if so, what their expected cost is; and how clawback will be triggered if fund performance falls below target.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
This information is not publicly available. Fees paid by the British Business Bank are the same as other investors and in line with market standards for the asset class.
Asked by: Lord Nash (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government, following their press release of 15 May 2025 "Covid fraud investigations to be led by Insolvency Service", whether they will place in the Library of the House a copy of the internal review into the performance and governance of the National Investigation Service.
Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)
The internal review is connected to the initial report by the Government Internal Audit Agency (GIAA), confirming concerns regarding NATIS governance and recoveries reporting. This process is ongoing. Once the GIAA process is complete, we will assess the report's contents, and will provide further information at the appropriate time.