Speeches by Yang.

“Given that you have the right to exit these agreements right now, as the managing agent, would you be willing to exercise that right if your residents wanted it?”

“You do have embedded management agreements?”

“To Ms Riva and Mr King, my colleague, Mr Dillon, asked if you could tell us your profit margin made on management fees, and you both said that you could not. Do you know your overall profit margins for your whole company?”

“I assumed you do. Where do you make profit other than from your management fees?”

“You do.”

“Yes.”

“Ms Riva or Mr King, would you welcome the Government’s new legislation if it did ban such embedded agreements? Yes, or no?”

“Thank you, Mr King, for coming before parliamentarians again. When we spoke about a year ago about the slowness of replies in various estates across my constituency in Reading, you mentioned that the first response time and the end resolution time has reduced by these proportions. Do you have numbers for what proportio…”

“I am not sure we are going to make progress on this point.”

“You are receiving far fewer management fees. In the last two financial years, your turnover has reduced by something like 30 times. Does that reflect the number of people who are leaving your services because they now have right to manage or because freeholders and developers have decided to quit FirstPort?”

“Many of my residents in new build estates, including freeholders and leaseholders alike, say that they have had informal residents’ association conversations about trying to leave their current property manager, but they cannot because they have embedded management arrangements in their property deeds that essentially …”

“I am Yuan Yang. I am the Labour MP for Earley and Woodley constituency.”

“Mr King, do you not have a responsibility, as the CEO of your company, for filing your accounts?”

“So many families in Reading, including my own parents, decided to accept positions in the UK and bring their children over on the promise of a stable educational future. We know how transformational education can be for children’s ability to contribute to the economy in future. Does my hon. Friend agree that we must en…”

“Yes, in terms of the regulations.”

“Do you see that central unit as a Government or an independently run unit, or more as another credit union that takes on powers to clear accounts across credit unions?”

“You have both talked about the need to reform capital requirements. What specific changes would you like to see?”

“We will come on to the capital requirements a bit later, but aside from that area, Mr Bland, is there anything else you would like to see in the action plan?”

“On capital requirements, you say the UK has requirements in excess of international comparators. In the Mutuals Landscape report, the regulators write that many societies hold capital well in excess of UK requirements. Given that the level of capital that your members hold is still well above even the UK requirements, …”

“But that is on the side of Treasury rather than the regulators’ understanding?”