Financial Services Reform

Andrew Pakes Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

Well, what do I say to that? I think there is, with the exception of the hon. Member, cross-party support for the twin peaks financial services regulation that we have. Of course, we need proportionate regulation to ensure that there are protections in place for consumers. He seems to be suggesting that we get rid of the regulators altogether, which I think most Members of this House would be opposed to. I have heard of the concept of caveat emptor, and I am suitably patronised by him.

[Andrew Pakes (Peterborough) (Lab)]

One of the first visits I undertook after the election was to my local branch of Nationwide, which for generations has been providing good financial advice and advice to first-time buyers in my seat, as have many other mutuals. In one of the previous periods of financial deregulation by the Conservative party, we saw a movement that led to the demutualisation of the building society movement, creating uncertainty for thousands upon thousands of potential homeowners and people looking for financial support. Can the Minister reassure the House today that the co-operative and mutual sector will remain absolutely essential to the everyday financial services that working people need?

[Emma Reynolds]

Absolutely. This is something that the Chancellor and I—and indeed the Business Secretary and the Business Minister—are passionate about, and we are making sure that we deliver on our manifesto commitment to double the size of the sector. We have asked the financial services regulators to report by the end of the year on what more they can do to support the growth of the sector. We are supporting the industry-led Mutual and Co-operatives Business Council, which is chaired by the chair of Nationwide, Kevin Parry, and we have recently concluded a call for evidence on the credit union common bond, which is another form of mutual. We will be setting out our response on that issue in due course.