Question to the HM Treasury:

To ask Her Majesty's Government whether when the FCA processed the FSMA full Part A application made by Collateral (UK) Limited on 23 March 2016, for which Collateral paid a fee of £1,500, whether it checked the information already contained in its Interim Permission file 656714; and whether it checked details on Collateral at Companies House and the date of Collateral's incorporation in respect of the date of grant of Interim Permission.

The FCA is responsible for the regulation of the financial services sector and is operationally independent from Government. These questions relate to the FCA and have been passed on to them. The FCA will reply directly to Lord Myners by letter, and a copy of the letter will be placed in the Library of the House.