New Clause 18 - Mutual societies

Part of Financial Services (Banking Reform) Bill – in a Public Bill Committee am 4:30 pm ar 16 Ebrill 2013.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Greg Clark Greg Clark The Financial Secretary to the Treasury 4:30, 16 Ebrill 2013

There is indeed. That is the import of the new clause, which would require information to be published to

“measure the number of members of mutual societies, and the market share for mutual societies as a proportion of the UK financial services sector.”

That is a perfectly reasonable question to ask.

The information requested by the new clause is already available in the public domain. For example, the first request is the number of members of mutual societies. There are 20 million such members. Regarding the market share as a proportion of the UK’s financial services sector, the mutual sector has a 17% share of residential mortgages, a 19% share of retail deposits, and a 31% share of individual savings accounts in the UK. That information is available online. The hon. Gentleman asked me about the change in recent years, and I am happy to write to him on that.

The information is available, and it is quite right that it should be. The sector is important, we want to see it grow and we are already able to monitor the extent to which it does. The debate has been an opportunity for us to discuss the importance of the sector. There is no need for a statutory provision for the information, because it is already provided and available to the public.