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 Chris Leslie Chris Leslie Shadow Minister (Treasury) 4:30, 16 Ebrill 2013

It is certainly a worthwhile exercise, but I am not sure that it would necessarily change the general realities of the legislative framework in which mutuals operate. If there are nascent mutuals that have been burdened by the weight of the different statutes, and they would in future be able to read through them in a simpler way, that is certainly a good thing. However, I do not think that it is necessarily a big enough fig leaf to cover the Government’s blushes.

The Bill would be interesting, and the Government’s work on capital raising and capital adequacy is certainly more substantive. It is also important that we analyse the impact of regulatory changes on mutuals. Those are small steps. I am left wanting to see further action and more forceful steps. We will continue to call for that.  However, given the Minister’s helpful commitment to write to me and the Committee on the direction of travel trends in market share, and the number of members of mutual societies, thereby giving some feedback in response to the new clause, for the time being, though we might want to come back to the matter, I beg to ask leave to withdraw the motion.