E-Communications (Mutual Sector)

Mark Hoban Excerpts

Monday 6th December 2010 Written Statements

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

The Government are committed to fostering diversity in financial services, promoting mutuals and creating a more competitive banking industry. Much of the legislation applying to mutuals has existed for a long time and an up-to-date legislative framework is a pre-requisite to a successful mutual sector.

Mutual societies are under a number of statutory obligations to communicate with their members or the public in the conduct of their business. Today the Government published a consultation document that proposes to amend legislation that will facilitate the use of electronic communications, such as e-mail, by the mutual sector to discharge these statutory obligations and allow mutuals to reduce their administrative costs.

The deadline for responses to the consultation is Friday 28 January 2011 and electronic copies of the consultation document, which includes the draft statutory instruments, will be deposited to the Libraries of both Houses of Parliament.