Tulip Siddiq
MP for Hampstead and Highgate · Labour · United Kingdom
“While I recognise this was not the main part of the Foreign Secretary’s statement, I thank him for raising the plight of British Jewish children who are fearful going to school. As he will know, a lot of British Jewish children live in my constituency, and their safety is my main priority.”
“The hon. Member said that he wanted to take interventions. He mentioned schools. On my way into Parliament today on the Northern line, which appropriately for today’s debate was boiling, I received a number of emails from worried parents.”
“One of my constituents is a former care leaver who is facing immense health conditions and he can no longer work. Given the lack of family and social support that many care leavers experience, they are uniquely vulnerable to financial insecurity.”
“On a point of order, Madam Deputy Speaker. During Prime Minister’s questions today, the Leader of the Opposition called the Secretary of State for Education a “spiteful class warrior”, and previously she has compared her to a Gestapo officer.”
“Could I ask your advice, Madam Deputy Speaker, on whether the language used by the Leader of the Opposition today towards the Secretary of State for Education—a woman who grew up in poverty on a council estate, was raised by a single mother and was on free school meals, and worked her way up to the Cabinet—is appropriate to be used in the…”
“As you will be aware, Mr Speaker, Monday was Windrush Day, founded by Patrick Vernon to celebrate the contribution of migrants to our community. Will the Prime Minister outline exactly what this Government are doing to recognise and serve the Windrush generation, who did so much to play a vital role in our country’s history?”
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Every one of 608 lines we hold for Tulip Siddiq, in date order, each linked to its source. Free to read, in full, without an account. Page 6 of 13.
“It is a pleasure to close this debate on what remains a very important and pressing issue. As Ukraine enters yet another difficult winter, I am proud of the consistent support that this Government have shown through not just our £2.26 billion ERA contribution, but the long-term commitments we have made to supporting Ukraine’s capacity for self-defence. I join the Opposition spokesperson, the hon. Member for North Bedfordshire (Richard Fuller), and my right hon. Friend the Chief Secretary to the Treasury, along with my hon. Friends the Member for Burton and Uttoxeter (Jacob Collier) and for Gateshead Central and Whickham (Mark Ferguson) in saying how proud I am that there is unity across the House in standing shoulder to shoulder with Ukraine at this very difficult time.”
“Speaker’s Committee for the Independent Parliamentary Standards Authority Ordered, That Marie Goldman, Leigh Ingham, Gordon McKee, Charlotte Nichols and Jesse Norman be appointed to the Speaker’s Committee for the Independent Parliamentary Standards Authority until the end of the present Parliament, in pursuance of paragraph 1(d) of Schedule 3 to the Parliamentary Standards Act 2009, as amended.— (Lucy Powell.) House of Commons Members’ Fund Ordered, That Holly Lynch, Sir Charles Walker and Peter Grant be removed as Trustees of the House of Commons Members’ Fund and Mark Tami, Chris Elmore and Dr Danny Chambers be appointed as Trustees in pursuance of section 2 of the House of Commons Members’ Fund Act 2016.— (Lucy Powell.)”
“52(1)(a)), That, for the purposes of any Act resulting from the Financial Assistance to Ukraine Bill, it is expedient to authorise the payment out of money provided by Parliament of any sums required by the Treasury or Secretary of State for the purpose of providing loans or other financial assistance to, or for the benefit of, the government of Ukraine as a result of— (a) the arrangements described as the Extraordinary Revenue Acceleration Loans for Ukraine announced on 14 June 2024 at the G7 summit in Apulia in Italy, or (b) any subsequent arrangements that are supplemental to or modify or replace those arrangements. —(Anna McMorrin.) Question agreed to.”
“Other proceedings (5) Any other proceedings on the Bill may be programmed. —(Anna McMorrin.) Question agreed to. Financial Assistance to Ukraine Bill (Money) King’s recommendation signified. Motion made, and Question put forthwith (Standing Order No.”
“83A(7)), That the following provisions shall apply to the Financial Assistance to Ukraine Bill: Committal (1) The Bill shall be committed to a Committee of the whole House. Proceedings in Committee, on Consideration and on Third Reading (2) Proceedings in Committee shall (so far as not previously concluded) be brought to a conclusion one hour after their commencement. (3) Any proceedings on Consideration and proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion two hours after the commencement of proceedings in Committee of the whole House. (4) Standing Order No. 83B (Programming committees) shall not apply to proceedings in Committee of the whole House, to any proceedings on Consideration or to proceedings on Third Reading.”
“Friends the Members for Lichfield (Dave Robertson) and for Rushcliffe (James Naish) in thanking the people of our country for all the support that they have shown Ukraine. Madam Deputy Speaker, I hope you will indulge me for one minute while I say that my own constituents of Hampstead and Highgate have opened their doors for Ukrainian refugees, giving them their homes, community spaces and education spaces, and I particularly pay tribute to my local synagogue, South Hampstead synagogue, which is providing free English lessons for Ukrainian refugees. I was very pleased to meet those people in Parliament last week. Question put and agreed to . B ill accordingly read a Second time. Financial Assistance to Ukraine Bill (Programme) Motion made, and Question put forthwith (Standing Order No.”
“I have listened closely to what the hon. Gentleman has said, especially with regard to other countries, and I am happy to have conversations with ministerial colleagues across different countries and find out what they are doing. This is our position for now, but this is an ongoing situation and things will move. I am happy to speak to Ministers from different countries who are using assets differently. The ERA is an innovative scheme. It will ensure that Ukraine receives vital support throughout 2025 and beyond. It will take the money generated from Russian sovereign assets and use it to support Ukraine in the best possible way. This is further proof for us that the G7’s support for Ukraine will not falter, and that the UK will stand shoulder to shoulder with Ukraine for as long as it takes. I echo the comments of my hon.”
“I beg to move, That the Committee has considered the draft Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024.”
“They also make important provision regarding the provision of services into the UK, either by ensuring that UK firms and investors can access the products and services that best suit their needs, or by giving UK authorities appropriate control over when certain services can be provided. I hope the Committee will join me in supporting these regulations, and I commend them to the Committee.”
“These provisions gave the Financial Conduct Authority powers to investigate and remedy breaches relating to the insurance distribution directive —powers which are no longer required now that the directive no longer applies in the UK. The amendments made by this instrument may be technical, but they are important in bringing the statute book up to date. Failing to make them could cause confusion as to the relevance of EU law to domestic regulation. In closing, these statutory instruments make mostly technical changes, which are necessary to ensure that our statute book remains up to date and adequately reflects the UK’s exit from the EU.”
“It also changes the monetary threshold in article 72B of that order below which a person whose main business is not insurance distribution is excluded from regulation by the Financial Conduct Authority. This instrument provides that the threshold will now be denominated in sterling rather than euro. The scope of the exclusion on the distribution of sterling-denominated insurance policies will no longer be dependent on changing exchange rates. Finally, this instrument removes references to regulations made under the insurance distribution directive from the Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013.”
“It is no longer necessary to refer to them now that the UK is not part of the EU and now that the regulatory regime for insurance distribution is set out entirely in UK law and regulator rules. This instrument amends the Terrorism Act 2000, the Proceeds of Crime Act 2002, the Counter-Terrorism Act 2008, and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. It replaces insurance distribution directive-related references with references to the equivalent provisions in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. This instrument makes similar amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 itself.”
“This, combined with the Bank’s continued ability to move a CCP out of the TRR for financial stability reasons, ensures that our UK authorities have appropriate control over which overseas CCPs can provide services to UK firms. I now turn to the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024. The UK’s financial services sector is central to growing growth in the UK economy, as we discussed in the Chamber yesterday, and insurance is a fundamental contributor. Effective and proportionate regulation is key to this, we believe, and therefore we must ensure that domestic regulation is clear and not burdensome to understand. This statutory instrument makes technical legislative changes that remove or amend references to insurance-related EU directives.”
“This has meant that, since EU exit, several CCPs have exited the TRR, and moved into the UK’s accompanying “run-off regime”, as a result of decisions taken by authorities outside the UK. There are a variety of circumstances that could lead to EU authorities withdrawing EU recognition from overseas CCPs, but these circumstances may not always be relevant to the UK. For instance, EU recognition has previously been withdrawn because co-operation arrangements have not been agreed between the European Securities and Markets Authority and the relevant national regulator of the overseas CCP. This statutory instrument therefore removes continued EU recognition as a condition for remaining in the TRR.”
“The process of transacting through a CCP is known as “clearing”. During EU exit, the Government set up the temporary recognition regime, or TRR, which allowed overseas CCPs that were recognised by the EU before the end of the transition period, and therefore had market access to the UK, to continue to provide services to UK firms. This allowed UK authorities the time to start putting in place longer-term market access arrangements for those overseas CCPs after EU exit. The TRR has largely functioned well and ensured that EU exit did not disrupt the provision of clearing services into the UK. However, as it stands right now, a CCP within the TRR automatically loses its right to remain in the regime if its EU recognition is withdrawn.”
“The instrument also makes technical changes to ensure that is the case, and that sub-funds within the temporary regime are treated appropriately depending on their characteristics. The two changes combine to ensure that the Government’s decision under the overseas funds regime and the transition from the temporary arrangements will be implemented smoothly, without unintended consequences for investors or fund operators. Let me turn to the second set of changes delivered by this statutory instrument in relation to overseas central counterparties. Central counterparties, or CCPs, are vitally important market infrastructure firms that help make markets safer and more efficient. They sit between the buyers and sellers of certain financial instruments, providing assurance that contractual obligations will be fulfilled.”
“Therefore, this instrument extends the temporary regime for a further year, until 2026, to allow for a smooth transition and to avoid any cliff-edge risks. It is important that the temporary regime continues to work as intended for those funds still using it, namely those funds not in scope of the Government’s equivalence decision. At the same time, we are conscious that the temporary regime should wind down in an orderly fashion. This means that funds in scope of the equivalence decision should be directed towards the overseas funds regime. If they fail to apply or become recognised under that route, they should lose their ability to market freely to UK investors.”
“The Government previously introduced a new route for overseas funds to become recognised for marketing to UK investors—the overseas funds regime, which the Committee will be familiar with. In July 2024, the first equivalence decision under that regime came into force. This means that certain retail schemes from the European economic area will be able to market to UK investors on an ongoing basis. Funds from the EEA had been able to passport freely into the UK prior to the UK’s exit from the European Union and a temporary regime was introduced to allow those funds to continue doing so. These temporary arrangements will end in December 2025. The overseas funds regime represents a more permanent solution. However, it will take time to transition the more than 8,000 funds with temporary access to the new regime.”
“UK investors and firms rely on a wide range of financial products and services to meet their needs, ranging from individuals saving for a rainy day, all the way to multinational corporations needing to settle multimillion-pound transactions. In a highly international industry, many of these products and services originate from outside the UK. Ensuring continued access for UK investors and businesses is therefore crucial to the continued functioning of our economy. This instrument deals with two such areas of global market access—the ability of collective investment schemes or funds to market to UK retail investors and the ability of overseas central counterparties to provide services to UK firms. I will speak to each of these areas in turn.”
“It is a pleasure to serve under your chairmanship, Mr Efford. The regulations we are introducing today will ensure that the regulatory framework for financial services is aligned with the UK’s needs following our exit from the European Union. They ensure that UK businesses and individuals can continue to access the products and services that they need even when these originate from outside the UK and that UK authorities have appropriate control over which firms can access our markets. They also ensure that the statute book is clear, comprehensive and relevant to our domestic market. First, let me turn to the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024.”
“I will raise this subject when I go, because I do think it is important, for the growth of financial services, as the hon. Gentleman says, and for the wider economy. I hope you found the debate informative, Mr Efford, and I hope hon. Members will join me in supporting the regulations.”
“The FCA has made the process very clear for funds, and it is working closely with the firms as well. Further exact timings can be found on the FCA’s website. I am also happy to write to the hon. Gentleman if he would like. All UK equivalence decisions are taken on their own merits, following a technical, outcomes-based assessment of the other country or territory’s regulatory and supervisory regime. So the Government will make equivalence decisions when it is in the UK’s interests to make them—I am sure he is aware of that—but any decisions regarding the granting of equivalence decisions for the UK are a matter for the European Commission. However, I did meet Commissioner McGuinness, the outgoing Commissioner, and I have plans in the diary to meet the new Commissioner.”
“I thank the Opposition spokesperson for his points. He knows this area well and I am glad he supports the work that we are doing. We will keep an eye on the timeline, as he says, but regulatory and supervisory frameworks of the UK and other jurisdictions can change over time, so it is important that the Government monitor that; we will be keeping an eye on it. We want to ensure that the changes that happen in the UK and regimes in the EU and other overseas regimes are compatible with the existing equivalence determinations with an outcomes-based approach. So he is right to say it is important for the growth of the financial services sector. I have already taken proportionate steps to monitor any changes over the timeframe pertinent to existing equivalence determinations, but I will keep an eye on the deadline and the wider growth.”
“The Chancellor, the Home Secretary, and the Secretary of State for Science, Innovation and Technology, have written to leading tech and telecom companies, calling on them to go further and faster, with clear action to reduce the level of fraudulent activity that exploits their platforms and networks. We will be monitoring that closely in the coming months. This is a significant package to support the growth of the financial services sector and invest in the wider economy. I have heard lots of murmuring from Opposition Members while I have been speaking, which I hope shows their approval for our overall package. I look forward to working across the House to deliver these important reforms from the first Labour Mansion House speech in 14 years.”
“We have launched a call for evidence on the credit union common bond, asking regulators to report on their mutuals landscape to support their growth, and welcoming the establishment of an industry-led mutual and co-operative business council. The Chancellor also published the national payments vision to set out the Government’s ambition for this vital sector, ensuring that our approach to regulation allows firms to grow and innovate, and including decisive action to progress open banking and to support our fantastic fintech businesses. Finally, we are working with tech platforms and telco networks to reduce the scale of fraud originating on their platforms.”
“Building on our work to improve the UK’s listing regimes, we are unlocking funding for our capital markets and legislating to establish, by 2025, PISCES—the private intermittent securities and capital exchange system—which is an innovative new stock market to support companies to scale and grow. We are also supporting innovation in the financial services sector by launching a pilot to deliver a digital gilt instrument using distributed ledger technology, as my written statement sets out. Insurance markets are pivotal to supporting growth and creating resilience by helping us to manage risk. The Government have launched a consultation on captive insurance, where a new approach could cement the UK’s position as a leading financial services centre. As the House will know, this Government prioritise the growth of the mutuals sector.”
“To support that aim, the Government issued new growth-focused remit letters to the financial services regulators to make clear that the Chancellor and I fully expect them to support the Government’s missions on economic growth. The Financial Ombudsman Service plays a vital role for consumers in getting redress. That will not change, but reform is needed to create a sure environment. We will work closely with the Financial Conduct Authority and the FOS to develop a new agreement between the two institutions, with clear expectations on how they co-operate, including on historic market practice and mass redress events. The Government welcome the call for input that asks for views on how to improve the rules governing how the FOS operates. The Government’s ambitions for reform are much wider than regulation.”
“Those changes have resulted in a system that sought to eliminate risk taking, and in some cases they have had unintended consequences that we as a new Government must now address. Regulation has costs as well as benefits. It has costs for firms when they are spending large sums on compliance and not using that money to innovate and to grow, and it can have costs for consumers, for example by restricting access to financial advice that could help them to plan for the future. While maintaining important consumer protections and upholding international standards of regulation, we therefore feel that now is the moment to rebalance our approach and take forward the next stage of reforms needed to drive growth, competitiveness and investment.”
“Alongside economic stability and higher levels of investment, the Chancellor’s Mansion House speech put reform at the heart of the Government’s growth agenda. The Government’s approach to regulation is a core part of that. Across our economy, we will upgrade our regulatory regime, reviewing the guidance we give to the Competition and Markets Authority and other major regulators to underline the importance of growth. That includes our financial services regulators. While it was right that successive Governments made regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy of the time, it is also important that we learn lessons from the past.”
“Friend the Member for Wycombe (Emma Reynolds), the Chancellor announced the interim report of the pensions investment review. The report sets out our plans to harness the collective size of our pension funds to create larger pools of capital for investment, supporting pension funds to invest at scale. To do that, we will deliver a significant consolidation of the defined contribution market and the Local Government Pension Scheme in England and Wales, providing better outcomes for savers while supporting investment for growth. Indeed, we could unlock around £80 billion-worth for investment in private equity and infrastructure through those actions alone, according to domestic and international comparisons.”
“From the base of long-term stability, the Chancellor also laid the foundations for getting even more investment into our country. The Government have already confirmed our plans to capitalise our flagship investment vehicle, the National Wealth Fund, to invest in the industries of the future. To support investment in our green industries, the Chancellor’s speech confirmed the Government’s next steps to deliver a world-leading sustainable finance framework. The Chancellor also set out our plans in another key area that I know has generated interest across the House: pension funds. The UK has one of the largest pension markets in the world, but pension capital is often not used enough to drive investment and growth in our economy. Thanks to the excellent work taken forward by the Under-Secretary of State for Work and Pensions, my hon.”
“The package that the Chancellor set out at Mansion House builds on those steps, beginning with a commitment to develop a comprehensive plan to grow our financial services sector. In spring next year, the Government will publish the first ever financial services growth and competitiveness strategy, giving the financial services sector the confidence it needs to invest in the long term by setting out our plans for the sector over the next 10 years. Published alongside our modern industrial strategy, it will be clear-eyed about our strengths, proposing five priority growth opportunities: fintech, sustainable finance, asset management and wholesale services, insurance and reinsurance markets, and capital markets, co-designed with voices across the financial services sector.”
“On Thursday night at Mansion House, the Chancellor placed the sector at the heart of the Government’s growth mission and, building on the economic stability and public investment that the Budget provided earlier this year, she set out a plan for investment and reform of the sector. The plan builds on the rapid work that the Government have already done to support the growth of the sector. One week into office, the Government welcomed the biggest changes in the UK’s listings regime in more than three decades; in our first month we launched the landmark pensions review and in September we delivered the final stage of the post-crisis capital reforms for banks, working closely with the Bank of England, strengthening our banking system while also protecting lending to the wider economy.”
“I apologise on behalf of the Chancellor for the fact that she could not be here. If there are any specific questions for her, I will ensure that she knows what they are, and that she personally writes to Members. With permission, Madam Deputy Speaker, I will update the House on the Government’s work to support the growth of the UK economy. The financial services sector is the jewel in the crown of the UK economy, as I am sure everyone across the House will agree. It is one of our largest and most successful sectors, employing 1.2 million people and making up 9% of gross value added, and the UK is the second largest exporter of financial services in the G7.”
“Driving consolidation and tackling waste in the pension system ensures that schemes can achieve the necessary economies of scale and efficiencies to pursue diversified investment strategies. I reassure him that assets such as infrastructure and private equity are seen as part of the balanced portfolio, and can enhance savers’ returns. They will boost economic growth, so he does not need to worry about that, and we will benefit the communities where pension savers live. The hon. Gentleman spoke a lot about what the previous Government did. They talked a lot about pensions, but they actually never did anything. We have shown in the first few months of a new Labour Government that we mean business, and we have our action ready to go. By next spring, he will see the full details in the Bill.”
“Gentleman’s questions about the reforms taking autonomy away from local authorities, under the proposals in the consultation, each administrating authority would retain control over the most impactful decisions by setting their investment objectives and strategic asset allocation. The consultation proposes that implementation of the chosen strategy be delegated to investment experts in the asset pool, who are best placed to execute the investment objectives to meet the desired investment outcomes. I hope that reassures him that we will not take autonomy away from the authorities. The hon. Gentleman talked about the overall package of boosting UK economic growth and benefiting pension scheme members. The objectives are complementary.”
“We are committed to delivering economic growth by boosting investment and rebuilding Britain, which is exactly what our Budget did. The interim report of the pensions investment review, which the hon. Gentleman had a lot of questions about, put forward proposals to drive scale and consolidation in the defined contribution workplace market. The Local Government Pension Scheme is still consulting. The final version will come out in spring next year, but as I said, the Minister for pensions is happy to speak to him. There is international industry consensus that the scale and consolidation benefit investment and savers, and that these measures could unlock around £80 billion of productive investment. On the hon.”
“Gentleman’s questions, but if I do not get to all his pension questions, the Minister with responsibility for pensions is happy to meet him. I point out that our public services are crumbling, and that we inherited a £22 billion fiscal black hole from the previous Government. We had to make difficult choices to fix the foundations of the country and restore desperately needed economic stability in order to allow businesses to thrive. He pointed out that hospitality businesses were contacting him. More than half of employers will see either a cut to or no change in their national insurance bills. To support the hospitality industry, we are permanently cutting business rates for retail, hospitality and leisure from 2026. That comes alongside a 40% relief on business rate bills next year for thousands of premises.”
“I thank the Opposition spokesperson for his comments. I think he welcomed the news, although I am not quite sure. He spoke a lot about the ex-Chancellor, the right hon. Member for Godalming and Ash (Jeremy Hunt), who did a lot of work in this space. I remind the House that the ex-Chancellor said that there was “Much to welcome in the Chancellor’s Mansion House speech today.” The Opposition have said that these are “broadly” good reforms; I thought I would remind the Opposition spokesperson of that. I also remind him that we are not interested in sticking-plaster politics. We have a long-term vision for the economy, which is why we are looking at using the national wealth fund and the industrial strategy to ensure that we grow the economy. I will answer a few of the hon.”
“I thank my hon. Friend for that question. On pension funds, we are not looking at taking that action right now, but I will let her know when we take further action. On the remit letters, we are committed to financial inclusion and to ensuring that consumers are looked after. That is why, in their remit letters, I have asked regulators to have regard to that, and why I have made it clear that our top priority is to promote growth and international competitiveness. The laser focus, in the remit letters, is on growth, but they are not intended to encompass the entire scope of the Government’s vision for the sector. She should be in no doubt that consumer outcomes are top of our agenda. I have made that clear in every meeting I have had with the regulators.”
“I thank the hon. Lady for her comments. I will pass them on to the Financial Secretary to the Treasury, who will look into the matter. I am worried to hear what she says about SMEs; she is absolutely right that they are the heart and soul of our economy—we should be looking into that. I will ensure that he writes to her, but if she needs a further meeting, I am sure he will meet her.”
“I will bring forward legislation as quickly as possible, but I thought it was important to hear what people and the industry had to say, because we want to regulate properly. She is being patient, and I ask her to be a bit more patient; our intention is to make the sector as well regulated as possible under the FCA.”
“I thank my hon. Friend for her question. She has done an enormous amount of work in this area, and I applaud her for that. She was instrumental in the Government taking our initial steps to regulate the “buy now, pay later” sector. There is a need for “buy now, pay later” during a cost of living crisis, and people will access those companies’ products, but I have brought this under FCA control so far, and have regulated to ensure that it is safer, and that people do not store up a huge amount of debt that they cannot pay back. The consultation is open until 29 November, and I ask her to urge others to feed into it to ensure that we get this policy right; that was not done by the previous Government.”
“I know that the right hon. Member did a huge amount of work in the financial services sector while he was in office. The civil servants still talk about how amazing he was—much to my dismay sometimes! We agree that there needs to be a change in appetite in this place. Transparency is top of the list, as the Minister for Pensions just whispered in my ear. We thank the right hon. Member for his constructive approach on the review, and urge him to tell the people he knows in the sector to respond to and feed in to the consultation.”
“I know that my hon. Friend takes a keen interest in this area—she been talking about it for the 25 years that I have known her. We agree that it is important. The FCA and the PRA are required to have regard to the UK’s net zero emissions target, as set out in the Climate Change Act 2008. The Mansion House speech set out the Government’s next steps to deliver a world-leading sustainable finance framework. That will be a huge part of our financial services strategy, as part of the industrial strategy, next spring. I urge her to consult and feed in on that.”
“The consultation is ongoing, but I repeat that each administering authority will retain control over impactful decisions by setting out investment objectives and strategic asset allocation, and they will have control over their pooled assets. The Minister for Pensions will be happy to meet the hon. Lady should she wish to discuss that further. As the hon. Lady said herself, the consultation is ongoing, so she may wish to wait until after it is complete.”
“As my hon. Friend said, she stood on a ticket as a Labour and Co-operative Member of Parliament, and she has done a lot of work in that area. Last week, the Chancellor set out multiple new measures to unlock the full potential of the mutual sector, as we outlined in our manifesto. That included publishing a call for evidence and reforming the credit union common bond, and asking the PRA and the FCA to report on the current mutual landscape by the end of 2025.”
“The Government will consult on replacing the certification regime, and will seek the views of industry and all interested stakeholders in doing so. We are working closely with the PRA and the FCA on that. If the hon. Lady meant certification of the senior managers regime, we are keeping that under review at the moment, but it was not mentioned in the way that she thinks it was.”
“I am very happy to continue that conversation, but this is about considering the regulatory framework to ensure that it is for fit for purpose in doubling the mutual sector, which was a commitment in our manifesto.”
“As my hon. Friend knows, the Mansion House speech set out multiple new measures to unlock the full potential of the mutual sector. As he says, we welcome the establishment of an industry mutuals and co-operative business council, alongside our delivery of legislation to support the building societies sector last month. We want to ensure, through those measures, that the sector can grow, and to support inclusive growth across the UK. In the few months that I have held this position, the main complaint in the mutual and co-operative sector seems to be that it is difficult to operate within the current regulatory framework, as it is not set up to support mutuals and co-ops in the way it supports other businesses, so I am looking at that.”