Speeches by Siddiq.

“I beg to move, That the Committee has considered the draft Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024. It is a pleasure to serve under your chairship, Mrs Harris. These regulations are made under powers in the Financial Services and Markets Act 2023. The Committee may be aware th…”

“I thank the shadow Minister for his support so far on all the SIs we have debated; long may it continue, but I have a feeling we may disagree on some things in the future. There was cross-party support for the enabling power behind the instrument when it was debated during the passage of the Financial Services and Mark…”

“It is a pleasure to close this debate on what remains a very important and pressing issue. As Ukraine enters yet another difficult winter, I am proud of the consistent support that this Government have shown through not just our £2.26 billion ERA contribution, but the long-term commitments we have made to supporting Uk…”

“I have listened closely to what the hon. Gentleman has said, especially with regard to other countries, and I am happy to have conversations with ministerial colleagues across different countries and find out what they are doing. This is our position for now, but this is an ongoing situation and things will move. I am …”

“It is a pleasure to serve under your chairmanship, Mr Efford. The regulations we are introducing today will ensure that the regulatory framework for financial services is aligned with the UK’s needs following our exit from the European Union. They ensure that UK businesses and individuals can continue to access the pro…”

“I beg to move, That the Committee has considered the draft Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024.”

“I thank the Opposition spokesperson for his points. He knows this area well and I am glad he supports the work that we are doing. We will keep an eye on the timeline, as he says, but regulatory and supervisory frameworks of the UK and other jurisdictions can change over time, so it is important that the Government moni…”

“My hon. Friend will know that I can never resist an ice cream, so I probably will visit after all. Places such as JP Morgan, which employs 4,000 people in the financial services industry, are vital to us. One of the things that the Chancellor’s speech built on was the significant steps that the Government are already t…”

“We will build on the success of the pools that already exist. If the hon. Gentleman is not satisfied with my answer, the Minister for Pensions is happy to meet with him.”

“Consumer protection is at the heart of anything that we do in financial services. As well as being a Minister, I am a constituency MP; every time I have one of my surgeries, I hear about people who have been either a victim of fraud or taken out a buy now, pay later product without realising the consequences. We want t…”

“My hon. Friend knows this area well, having worked in the Treasury in a former life. We will absolutely make sure that we avoid the mistakes of a certain Liz Truss and work very closely with the TPR and the FCA to deliver all our reforms and ensure that we do not make any decisions that shake the stability of the econo…”

“I have already mentioned our first step with the two SIs laid on 14 October, which try to modernise the Building Societies Act, and I am happy to send my hon. Friend further information on that. The main thing we will do is carefully consider the findings of the Law Commission reviews to understand whether reform of th…”

“I reassure the hon. Gentleman that boosting return for savers is at the very heart of this agenda, which is why we are pursuing this pensions review. We want these reforms to increase security and boost people’s pension pots, and we want to unlock about £80 billion of productive investment. The Government’s reforms are…”

“We are looking at a diverse portfolio of assets, and the pension funds mentioned by the right hon. Gentleman have already pooled and are investing in the UK.”

“I know that my hon. Friend is an active member of the co-operative and mutuals movement. The Government have already taken the first step, with two statutory instruments laid on 14 October. We are committed to progressing the remaining changes to the Building Societies Act 1986 following Royal Assent of the Building So…”

“I absolutely share my hon. Friend’s enthusiasm for credit unions—I have visited those in my constituency several times and know what good work they do. We have made clear our strong support for the mutual sector. We recognise the value that credit unions bring to their members in local communities, including in her con…”

“Our regulators do a very good job, and we are lucky to have them, but we will hold them to account. When the Chancellor talked about risk taking, she was saying that the post-financial crisis regulatory changes created a system that sought to eliminate risk, but which has gone too far and led to unintended consequences…”

“As my hon. Friend knows, the Mansion House speech set out multiple new measures to unlock the full potential of the mutual sector. As he says, we welcome the establishment of an industry mutuals and co-operative business council, alongside our delivery of legislation to support the building societies sector last month.…”

“The Government will consult on replacing the certification regime, and will seek the views of industry and all interested stakeholders in doing so. We are working closely with the PRA and the FCA on that. If the hon. Lady meant certification of the senior managers regime, we are keeping that under review at the moment,…”

“As my hon. Friend said, she stood on a ticket as a Labour and Co-operative Member of Parliament, and she has done a lot of work in that area. Last week, the Chancellor set out multiple new measures to unlock the full potential of the mutual sector, as we outlined in our manifesto. That included publishing a call for ev…”