Perhaps I should also refer people to my entries in the Register of Members’ Financial Interests given the number of different parts of the co-operative and mutual sector that I have been involved in over the years.

The hon. Member for Cardiff North set out the history of the Bill and, indeed, gave us a considerable amount of information about his and his family’s background and involvement in the history of mutuals. I never fail to take the opportunity to mention that my constituency was the home of the Fenwick Weavers’ Society, which is on record as being the first co-operative, much to the chagrin sometimes of my colleagues in the Rochdale area. None the less, I always take the opportunity to claim that. Present-day mutuals play a significant role not only in building societies, but in the wider services that are provided through financial mutuals. Indeed, the Association of Financial Mutuals and the Building Societies Association have been champions of trying to ensure that we create a level playing field between the shareholder plcs and that particular model to give people the option of being involved in the mutual sector.

As the hon. Gentleman outlined, the Bill is short but important because it sets out a different option for the mutuals to issue a new class of deferred shares. Holders of those shares would be members of the society but would only have one vote irrespective of their shareholding, and they might receive only the value of their investment if the society were wound up. Regulations would set out the details of how those shares might be issued and it is anticipated that they would qualify as capital under the solvency II directive, which is the insurance equivalent of the Basel capital requirements. Lord Naseby set out and, indeed, expanded on that as the Bill was taken through the other place.

The measures are timely. If such a Bill or such opportunities had been around some years ago, we might have seen some different developments in the mutual sector. The important thing is that we try to ensure that the Bill goes through. As the Association of Financial Mutuals put it in its manifesto, it is important that we have the mutual sector to provide

“a fair deal for consumers…a level playing field for financial mutuals…a rational approach by regulators to capital” and

“a more coordinated approach to promoting mutuals, creating a stronger savings culture and tackling the housing crisis”.

Building societies, of course, are crucial to that.

The hon. Gentleman thanked a number of people. I add my thanks to Lord Naseby who took the Bill through the House of Lords. The hon. Gentleman also mentioned Peter Hunt, whom I have known for more years than I care to admit, because that might give away my age too easily. However, I have known him for years, including during his involvement in the mutual sector. I also thank my hon. Friends who are here to support the Bill. The hon. Member for Cardiff North has been a  champion. We may not agree on everything in politics but he has been a champion for the mutual sector in taking this Bill through.

There is one point I hope the Minister can address. Can she give us an indication of the timetable for taking through the regulatory requirements and the affirmative resolution that would be required? That would be helpful. Otherwise, we fully support the Bill and I am pleased to be participating here today.