Question to the HM Treasury:

To ask the Chancellor of the Exchequer, on what date he last made an assessment of the effectiveness of existing legislation in preventing the demutualisation of financial mutuals; and if he will make a statement.

The Government is a strong supporter of the mutuals sector. Mutuals offer a different way of running a business, with their clear focus on their members needs and serving their local communities.

The Government routinely considers the effectiveness of legislation, including that for financial mutuals, and if any amendments are necessary. The Government is open to discussions about legislative reforms to support mutuals and other proposals to develop the sector. Treasury officials recently met with the Association of Financial Mutuals, which has put together a working group dedicated to exploring the impact of legislation and regulation on mutuals and friendly societies.