Financial Services Reform

Debate between Emma Reynolds and John Glen

Wednesday 16th July 2025 Commons Chamber

[Madam Deputy Speaker]

I call a Treasury Committee member, John Glen.

[John Glen (Salisbury) (Con)]

I warmly welcome the Leeds reforms; they build on many of the things that were done under the previous Administration and I acknowledge the consumer-facing changes on mortgages and ISAs and the aspiration to get more people investing. Those are positive things.

I will just say two things. First, on the listing review, we did one about four years ago and it is all just about implemented. I urge the Minister to look at culture and fiscal issues as much as at regulatory issues. Secondly, on the PRA and the scale of ambition on that side of the regulatory framework, in conversations with senior leaders at Mansion House last night, it was felt that the FCA’s level of ambition is high but that there must be wariness about a constant shifting of the goalposts and a lack of real change, particularly on the internal rating base and how banks can get their regulatory capital treated differently more quickly. It is taking too long and that needs to change urgently.

[Emma Reynolds]

I reassure the right hon. Gentleman that we have not announced a listing review; we have announced a listings taskforce—[Interruption.] It is different, if hon. Members will let me explain. It is a joint piece of work between the Office for Investment, His Majesty’s Treasury and other Government Departments to make sure that we attract the best and brightest companies to list here in the UK. He is correct, though: many reforms were undertaken by his Government on listings, taking forward the Jonathan Hill and Mark Austin reviews, and we welcomed and supported those.

The right hon. Gentleman will have seen that yesterday the FCA published its final prospectus rules. Of course, we have to get the regulatory side of the equation right, but he is correct that there are other factors at play, which we are looking at. On the FCA and the PRA, all I will say to reassure him is that, as he knows, I hold the relationship with both those regulators as the Economic Secretary. We will continue to push them to be ambitious in supporting our growth agenda.

Oral Answers to Questions

Debate between Emma Reynolds and John Glen

Tuesday 1st July 2025 Commons Chamber

[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.

[John Glen (Salisbury) (Con)]

Further to that answer, will the Minister confirm that one of the regulatory barriers in that area are privacy and electronic communications regulations, which prevent firms from proactively reaching out to customers to offer targeted support? As part of the review, will she ensure that that specific regulatory change is made, so that that can happen?

[Emma Reynolds]

I assure the right hon. Gentleman that we are looking at that. We will make sure that firms can take advantage of suggesting targeted support to their consumers so that they are better off, can make more of their money and get a better pension, too.

Oral Answers to Questions

Debate between Emma Reynolds and John Glen

Tuesday 4th March 2025 Commons Chamber

[Emma Reynolds]

I think that premium bonds do provide excitement, not least in my parents’ household, where they are very popular. They are already well promoted and popular, and we have seen annual investments in premium bonds increase by more than 50% since March 2019. The funds raised through them go towards supporting vital public services.

[John Glen (Salisbury) (Con)]

I warmly welcome the Government’s commitment to extend the help to save scheme, which has been running for seven years. Martin Lewis describes it as

“a very clever scheme and one that will work for many people.”

May I urge the Minister to look at what needs to be done to raise awareness of it, because the actual uptake is very low, given that the Government have been giving £1,200 over four years? It is critical that the right investment in promoting it happens, because it is such a brilliant scheme.

[Emma Reynolds]

I could not agree with one of my predecessors more. The right hon. Gentleman is absolutely correct. It is a great scheme and now that we are expanding it, we will take that opportunity to promote it better.