Greensill: Insolvency

(asked on 20th October 2021) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the financial impact of the administration of (1) Greensill Capital (UK) Limited, and (2) Greensill Capital Management Company (UK) Limited, on entities regulated and authorised by the (a) Financial Conduct Authority, and (b) Prudential Regulation Authority.


Answered by
 Portrait
Lord Agnew of Oulton
This question was answered on 2nd November 2021

Since the financial crisis, we have implemented sweeping reforms to financial regulation. Through the Financial Services Act 2012, we dismantled the failed tripartite system, and replaced it with a set of regulators with clear objectives and responsibilities, with the Prudential Regulation Authority (PRA) responsible for the prudential supervision of the UK banking sector, and the Financial Conduct Authority (FCA) for ensuring proper conduct in line with UK financial regulations.

The impact of a specific business failure on authorised and regulated entities in the UK is a matter for our independent financial authorities, the PRA and the FCA. Although HM Treasury does not comment on supervisory matters, we continuously monitor risks across the financial sector and respond where appropriate in coordination with the independent financial authorities – the FCA, PRA and Bank of England – as well as relevant government departments.

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