Question to the HM Treasury:

To ask Her Majesty's Government whether they, or the Financial Conduct Authority, have reviewed (1) the accuracy, and (2) the regulatory completeness, of the statements issued by H2O Asset Management on 16 September and 22 September in connection to illiquid investments held in open-ended funds; and whether they (1) have investigated, or (2) plan to investigate, whether the transactions disclosed with related parties were in the best interests of all fund investors

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.