Kuflink

(asked on 12th May 2021) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government when the Prudential Regulation authority carried out capital adequacy tests on Kuflink Ltd and related entities; and what was the outcome of those tests.


Answered by
 Portrait
Lord Agnew of Oulton
This question was answered on 19th May 2021

As you may be aware, Kufflink Ltd is not a regulated deposit taking firm, i.e. a bank, and hence are not regulated by the Prudential Regulation Authority. Peer to peer firms are instead regulated by the Financial Conduct Authority (FCA), which in this instance extends to rules regarding capital requirements.

The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and therefore it is not appropriate to request information regarding capital adequacy tests of individual firms.

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