Financial Services Reform

Samantha Niblett Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I gently say to the right hon. Member that we are not talking about going back to 2007—we have come a long way since then. Of course, after the crash, financial services regulations and a new system of financial services regulation in terms of the twin peaks of the FCA and the PRA—conduct and prudential—were introduced. We are not talking about going back to then. We are not bringing back 125% mortgages, as I have repeatedly said. We are simply saying that we need to reassess where we are and that the pendulum has swung too far the other way. We need to rebalance the system so that both consumers and firms can take informed risks to drive growth across the country. That will make people better off and give them the opportunity to secure better returns on their savings. I encourage her to look at the detail of this. We are looking to rebalance the system, not go back to where we were.

[Samantha Niblett (South Derbyshire) (Lab)]

As the co-chair of the all-party parliamentary group on financial technology and a mother to a 17-year-old daughter who turns 18 this year and is considering how she can best save for and secure her future, I welcome this news with real joy as we try to bring more wealth to more people. I suspect this joy is shared by Ayesha Ofori, the founder of Propelle, a platform that encourages women into retail investing, which can start with some very small sums indeed; Nina Mohanty, who founded Bloom Money, which supports people from ethnic minority communities to build generational wealth through group savings and budgets; and Georgia Stewart, founder of Tumelo, which has a mission to bring shareholder democracy to the digital age, giving everybody a seat at the table, whether that is an institution managing billions or everyday savers. Does the Minister agree that this Government’s approach of encouraging investing should in turn give confidence to those who are considering investing in these female-founded fintech companies, so they can scale and reach more people to help them become wealthier and more secure?

[Emma Reynolds]

I could not agree more with my hon. Friend, who is a fantastic champion of fintech. We already have a thriving fintech sector, which is the second largest in the world—second only to the US—and we are determined to ensure that those companies access the capital and the authorisations and licences that they need from the regulators. Obviously, that is a decision for the regulators, but it should be done at pace so that these companies can get off the ground and start to scale, providing the opportunities for retail investment and, critically, providing innovative products for consumers across the country.