Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will undertake an investigation into the Financial Conduct Authority's regulation of Collateral (UK) Limited.

The conduct of Collateral’s Directors was plainly unacceptable, as evidence by their conviction for fraud and the criminal sentence that they are now serving.

More widely, the Government does not have plans to commence an investigation into the Financial Conduct Authority's regulation of Collateral.

The FCA has investigative and enforcement powers of its own and has already commenced investigations into particular peer-to-peer lenders, certain of which are ongoing.

In the case of Collateral specifically, the FCA has undertaken an internal investigation already, including into its own role – the outcome of which is publicly available.