Lord Kennedy of Southwark: My Lords, I am delighted to be able to speak on behalf of the Opposition, particularly as a Labour and Co-operative Member of your Lordships’ House, to these amendments moved by the noble Lord, Lord Deighton. This Bill was last considered by your Lordships’ House on 24 October when we had the Second Reading debate. Both the noble Lord, Lord Newby, who spoke for the Government, and I...
Lord Deighton: ...organisations from developing new or innovative products, especially if these products require material amounts of regulatory capital to be held. Growth in these areas would potentially be to the benefit of both with-profits policyholders and other members of the mutual. The Bill therefore addresses access to capital for two mutual sectors: friendly societies and mutual insurers and...