Financial Services Reform

Debate between Emma Reynolds and Callum Anderson

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

It is always a great pleasure to come and give evidence to the hon. Gentleman’s Committee. I reassure him that the Government are upholding the ringfencing regime. We must strike the right balance between protecting financial stability and safeguarding depositors. Equally, we think that there are some flexibilities that should be explored within the ringfencing regime that will allow further growth and further capital to be deployed in the real economy.

[Callum Anderson (Buckingham and Bletchley) (Lab)]

I thank the Minister for her statement and commend the work that she and the Chancellor have done on the wider Leeds reforms. I want to pick up on the forthcoming campaign to promote retail investment, which has the potential to reshape public understanding of risk, reward and financial planning. The problem with many similar campaigns is that they have failed to reach the people who most need them, so can the Minister provide a bit more detail about how the Treasury intends to work with both the financial services industry and civil society to ensure that the campaign delivers measurable benefits and improvements in financial capability across the whole population?

[Emma Reynolds]

My hon. Friend is a great campaigner on this issue, and he is absolutely right: this is not an easy nut to crack. We will work closely with the industry-led campaign. We need to give people who want to invest and save for the longer term the confidence to consider whether they can secure better returns through investing, rather than just holding large amounts—if they have those large amounts—of money in cash.

Oral Answers to Questions

Debate between Emma Reynolds and Callum Anderson

Tuesday 1st July 2025 Commons Chamber

[Callum Anderson (Buckingham and Bletchley) (Lab)]

As people are living longer, they face more complex financial choices. The new, simplified advice regime announced by the Government and the Financial Conduct Authority yesterday is hugely welcome and will help more people make better informed investment decisions. Will the Minister provide more detail on the steps the Government will be taking to help firms deliver better advice at scale, especially to young people and the self-employed?

[Emma Reynolds]

We are really excited about targeted support, because it means that firms will be able to make suggestions to consumers with similarities, so that they have the confidence to invest in the long term and can get better support—not advice—on their pensions.

Oral Answers to Questions

Debate between Emma Reynolds and Callum Anderson

Tuesday 8th April 2025 Commons Chamber

[Callum Anderson (Buckingham and Bletchley) (Lab)]

12. What assessment she has made of the potential impact of her Department’s regulatory policies on trends in the level of investment.

[The Economic Secretary to the Treasury (Emma Reynolds)]

We have heard from UK businesses that our regulatory system often holds back growth and investment. We recently published a regulation action plan, and committed to cutting the administrative costs of regulation for businesses by 25% by the end of this Parliament. We are going further, faster than ever before to streamline regulation and make Britain the best place in the world to do business.

[Callum Anderson]

The Minister will know that both domestic and international investors are often influenced by decisions taken by multiple agencies, regulators, and indeed Government Departments, which is why consistency is key. Can the Minister update the House on how the Treasury is supporting a whole-of-Government and whole-of-regulator approach to delivering coherent UK regulatory frameworks that strike a balance between protecting consumers and boosting the global competitiveness of the UK economy?

[Emma Reynolds]

This is a whole-of-Government approach, and we have secured 60 commitments from key regulators to improving the business environment. The Government are streamlining regulation and stripping back its duplication, to ultimately deliver a regulatory system that encourages new investment, innovation and growth.

Oral Answers to Questions

Debate between Emma Reynolds and Callum Anderson

Tuesday 21st January 2025 Commons Chamber

[The Economic Secretary to the Treasury (Emma Reynolds)]

It is our view that it is absolutely right that the Bank of England has operational independence. That is in line with international standards and what is happening in jurisdictions around the world, including in the United States and the eurozone.

[Callum Anderson (Buckingham and Bletchley) (Lab)]

Recent developments in the UK investment trust sector have once again shone a light on the crucial role that retail investors play in our financial markets. In her Mansion House speech last November, the Chancellor rightly prioritised leveraging domestic pension capital to drive the Government’s economic growth mission. Does the Minister agree that greater retail participation in UK financial markets also supports growth and democratises wealth, and will she meet me to discuss how the Government can better support access to financial markets for individuals, including in my constituency?

[Emma Reynolds]

I am always happy to meet my hon. Friend, who is a near constituency neighbour. We absolutely agree that retail investment is crucial. I want more progress on the advice guidance boundary and targeted support. I will be working closely, in my new role, with the Financial Conduct Authority to take that forward.