Clause 47 — Mutual societies: power to transfer functions
European Union Documents
7:15 pm
Gareth Thomas (Harrow West, Labour)
Will the hon. Gentleman accept that one lesson regarding the regulation of building societies, friendly societies and other financial mutuals arising from the inquiry by the all-party group on building societies and financial mutuals, to which my hon. Friend Chris Leslie referred, was that regulators did not put enough time and effort into understanding the mutuals market and that this simple amendment will help to prevent a repeat of that scenario?