Financial Services Reform 2025-07-16

While welcoming reforms that ensure the City of London remains a global powerhouse, the Conservatives criticise the Government's record on growth and stability. They point out inflation at 3.6%, stalled growth, and over 70 new regulations burdening employers. Garnier questions the clarity around reforms to the Financial Ombudsman Service and calls for alignment between FCA and PRA objectives in driving reform.

Welcomed some reforms such as ISAs, MREL changes, and regulator objectives. Addressed questions about the Financial Ombudsman Service, ISA reform, ringfencing review, risk appetite for firms and regulators.

Asked when the Government would be clear about their appetite for risk in financial reforms to ensure stability. Emphasised the importance of informed risk-taking while protecting consumers from bad practices.

Welcomed the announcement of a scale-up unit and reform plans for financial advice and guidance, but raised concerns about liquidity and valuation challenges. Inquired about financial literacy in schools and reforms to cash ISAs.

Defended the Government's introduction of red tape aimed at greater investment into British infrastructure, citing Opposition parties' criticism against planning reforms despite voting against similar measures.

Expressed concern about rising rents in Birmingham and welcomed the Chancellor’s reforms aimed at helping first-time buyers. She questioned the Government on their efforts to increase housing supply.

Responded by detailing how the government's package, including changes from the Bank of England and FCA, aims to ensure affordable mortgage products are accessible to more people. Mentioned planning reforms in the Planning and Infrastructure Bill as measures to boost housing supply.

Welcomed the Leeds reforms but raised concerns regarding the listing review and regulatory ambition, advocating for cultural and fiscal considerations alongside regulatory issues.

Warned about loosening mortgage lending standards and pushed for reassurance amid warnings from the Bank of England on financial stability risks. Stressed cautiousness given current economic instability.

Asked for assurances regarding ringfencing regulations, stressing concerns about speculative investment activities potentially putting family savings at risk.

Praised the government's work on Leeds reforms and sought details on the forthcoming retail investment campaign aimed at reshaping public financial understanding. Asked about measures to ensure benefits reach those who need them.

Asked for assurances regarding risk warnings in future reviews, particularly emphasising the importance of maintaining clear indications of capital at risk.

Inquired about how reforms to reintroduce informed risk-taking would deliver more capital investment into regions outside London, focusing on the north-east's potential for growth.

Criticised recent regulatory measures as financially illiterate and contrary to deregulation principles necessary for growth. Blamed Labour’s Financial Services Act 2000 for creating barriers to capital raising.

Concerned about the potential negative impact of deregulation on mutuals like Nationwide and first-time buyers, urging reassurance that the co-operative and mutual sector remains essential.

Highlights concerns over poor rates of return on ordinary bank accounts despite inflationary pressures and unemployment increases, questioning the government's approach to stimulating growth through high-risk investments.

Welcomes the new concierge service within the Office for Investment but seeks clarification on the regional dimension of its benefits for places like the east midlands.

Questions the government's approach to financial services reform, arguing it risks repeating past mistakes that led to economic downturns and low living standards in Wales.

Welcomes the encouragement of retail investment through fintech platforms, highlighting opportunities for women-led businesses to scale and reach more people, thus enhancing financial inclusion.

Highlights the issue of soaring private rental costs in Harlow and questions if reforms will help first-time buyers get on the housing ladder, noting social housing investment alongside these measures.

Questions public confidence in investing despite high FTSE levels, seeking assurance that regulators and financial services industry will educate people about investment opportunities.

Welcomes the Leeds reforms to expand financial services beyond London, emphasising its importance for economic growth in regions like Calder Valley where Lloyds Bank employees work.

The hon. Member for Wyre Forest did not make a specific speech recorded in the provided text, but his position is implied to be related to the debate topic.

Responded to the question about how to convince and educate 29 million people with deposits in low-yielding current accounts to invest. Cited research from AJ Bell that showed significant benefits of investing over cash ISA for long-term savings, emphasising the need to balance risk warnings with highlighting investment benefits.