Regulatory Approval for New Products and Services

Lord Naseby Excerpts

Monday 22nd January 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I completely agree with the noble Lord’s point and I absolutely take it to heart. The point is to see regulation as a service, where we have to take the appropriate action to ensure that the investors, the companies, the consumer and the broader environment of the body politic can work in harmony. It is that balance that we seek to achieve by promoting the growth agenda. Importantly, that is not at the expense of the protection of the consumer or of our overall habitats and environments. It is essential that people realise that we are looking for positive economic growth through better regulation, rather than derogating from our responsibility to ensure that regulation is truly to ensure that the consumer market functions properly.

[Lord Naseby (Con)]

Is my noble friend aware that, at this point in time, the very successful mutual movement—in other words, building societies, friendly societies, et cetera—is facing difficulties for growth, particularly in the raising of future capital, from the existing regulatory regime? Given the offer that my noble friend made a few seconds ago, would he be prepared to meet the leaders of that movement to go through where the challenges for the movement are in order that it may grow even faster than it has been growing recently?

[Lord Johnson of Lainston (Con)]

I am grateful to my noble friend for that point. I would be delighted to meet with any stakeholders he suggests are useful. The mutual movement is an ancient and important principle in our financial services industry in this country. It provides an incredibly valuable service and of course I will do anything I can to support it.