Financial Services Reform

Debate between Meg Hillier and Emma Reynolds

Wednesday 16th July 2025 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

I thank the Minister for the statement and look forward to the Treasury Committee talking to—or interrogating—her, and indeed the Chancellor, about the detail as it emerges. Since the election, one of the things the Government have been talking about, leading on from the previous Government, is the secondary remit letters to the regulators about encouraging growth as a secondary objective. Can she tell us when the Government will be clear about their own appetite for risk in the sector so that both firms and the regulators know how far the Government will be prepared to go? She and I know from our experience in this place that if too many consumers suffer under any changes, this place is where that will be raised, and then there is a tendency for the Government to turn around and say, “Well, you went too far.” For the sake of the sector, the regulator and our constituents, will she tell us—or will she tell us when she can—where the Government’s line on risk will fall?

[Emma Reynolds]

I thank my hon. Friend for that thoughtful question. I am happy to talk to the Committee about that in more detail. What I will say is that the Leeds reforms regulate for growth instead of seeking to eliminate risk from the system altogether. We know that in order to get greater returns, there is a need to take informed risk. The reforms will enable firms and consumers to take informed risks. But we will always support the regulators and legislate in a way that protects consumers from bad practices and bad actors.

Oral Answers to Questions

Debate between Meg Hillier and Emma Reynolds

Tuesday 1st July 2025 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

The Economic Secretary is reviewing the work of the Financial Ombudsman Service. We on the Treasury Committee recognise that there have been challenges with the service, but how will she make sure that the consumer voice is central to her review?

[Emma Reynolds]

I have had meetings with Which? and other consumer representatives. I reassure my hon. Friend that we are reviewing FOS. We want to make sure that it is a simple, impartial dispute resolution service that quickly and effectively deals with complainants so that consumers can get a fair deal, but that financial services firms are not subject to a quasi-regulator in the way they are at the moment.

Oral Answers to Questions

Debate between Meg Hillier and Emma Reynolds

Tuesday 20th May 2025 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

Yesterday, there was a lot of coverage of the Chancellor’s comments about the ISA limit. She pledged to keep it at £20,000 but did not specify how much within that would be cash and how much would be investments. Can the Minister reassure me that she is seriously considering the impact on the mortgage-lending market of changing the cash ISA limit?

[Emma Reynolds]

As we announced in the spring statement, we are looking for options for ISA reform to ensure that we get the balance right between cash and equities. I can reassure my hon. Friend that we understand that cash savings are a vital tool for people and act as a financial buffer for a rainy day.

Oral Answers to Questions

Debate between Meg Hillier and Emma Reynolds

Tuesday 4th March 2025 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

We all know how important it is to encourage savings, because so many people are a paycheque away from poverty, but there has been a lot of discussion about lazy capital in cash-only ISAs, for example, and other savings accounts. I know there is a drive by Government to see greater investment. Would the Minister like to expand on the Government’s thoughts on that? In particular, can she make any comments about the security of the cash ISA?

[Emma Reynolds]

Cash savings provide a vital source of savings for a rainy day, and we recognise that. Equally, we want to build a better investment culture in our society, so that it is not just the 8% of people who can afford financial advice who can have the opportunity of better rewards by investing in British companies and others in our economy.

Oral Answers to Questions

Debate between Meg Hillier and Emma Reynolds

Monday 7th October 2024 Commons Chamber

[Emma Reynolds]

The ombudsman took six years to look into what is a serious, significant and complex set of cases. We need time to look at that seriously, and we are doing precisely that.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

9. What steps she is taking to support vulnerable people into work.