Forty-Fifth Report - Department for Business, Energy & Industrial Strategy Annual Report and Accounts 2021–22

The government agrees with the recommendation and is undertaking specific workstreams to improve data collection, reporting, robustness, and transparency for lender performance. This includes developing the lender portal, standardising data, improving analysis, and establishing better policies for future lending schemes.

The government agrees and states it has developed an overarching BBLS Counter Fraud strategy, is considering publishing it, and the British Business Bank already publishes relevant data quarterly. It has also commissioned specific pilots (involuntary liquidation, enforcement, debt management specialist) to test additional recovery activities.

The government agrees and will report against SR21 metrics in the 2022-23 Annual Report and Accounts, providing more contextual information around metrics. It will also review best practice to include more graphical presentation for user-friendliness.

The government agrees and states it uses designated Accounting Officers for public bodies, an Arm’s Length Body Review Programme, and Senior Responsible Officers for each scheme to ensure oversight and accountability. DBT is currently considering how to best manage future relationships and ensure consistency following machinery of government changes.

The government agrees and provides detailed payment figures for both the Historical Shortfall Scheme (HSS) and overturned convictions as of 30 May 2023. It states 2,401 HSS offers have been issued totalling £98.7m (net) with 1,965 payments made totalling £67.7m, and expects remaining HSS offers by end of July. For overturned convictions, over £18.8m has been paid out in total.

The government states that Business, Energy and Industrial Strategy can conclude recovery is unrealistic for certain debts due to business cessation, poor value for money, or reputational risk. DBT has also commissioned a Non-Executive Director to review assurance, reconciliation, and recovery activity for irregular payments, with a report due in Summer/early Autumn 2023.

The government agrees with the committee and, despite rejecting the assertion of 'lack of curiosity,' is undertaking extensive work to improve outcomes. This includes developing the lender portal, standardising data, improving analysis, enhancing policies and procedures, piloting additional actions, and conducting targeted audits and negotiations to address poor lender performance.

The government agrees with the committee and is actively working to improve lender performance and information gathering. This includes developing the lender portal, standardising data definitions, improving analysis, and reviewing the range of data published to ensure a comprehensive understanding of lender-held information.

The government agrees with the committee's conclusion and states the recommendation is implemented. It has developed an overarching BBLS Counter Fraud strategy and is commissioning a series of pilots to test additional recovery activities for suspected wrongdoing, with plans for next steps to consider further recovery action.

The government agrees with the committee's conclusion and states the recommendation is implemented. It outlines how public bodies' Chief Executives are designated as Accounting Officers responsible for robust governance and financial management, and how DBT is considering future relationships and assurance following machinery of government changes.

The government disagrees with the committee's framing of the issue, particularly regarding 'fake entries,' but confirms and elaborates on its ongoing reforms through the Economic Crime and Corporate Transparency Bill. These reforms will strengthen Companies House's powers to improve transparency, check identities, and combat economic crime by enhancing investigation and enforcement.

The government agrees with the Committee’s recommendation and has provided details of the total value of payments made to date and the proportion of the total payments that this represents, for both the Historical Shortfall and Historical Convictions schemes and indicated when it expects all claims to be settled.

The government agrees with the committee's conclusion and states the recommendation is implemented. It provides a detailed update on the significant progress in delivering compensation, including the number of offers and payments made under the Historical Shortfall Scheme and the Overturned Historical Convictions Scheme, and notes future funding for a tax treatment issue.

The government agrees with the committee's conclusion and states the recommendation is implemented. It provides an update on the progress of compensation payments under both the Historical Shortfall Scheme and the Overturned Historical Convictions Scheme, detailing the number of offers and payments made, and notes further funding is being prepared for a tax treatment issue.