Financial Services Reform

Josh Fenton-Glynn Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I thank the hon. Member for his thoughtful question. We are doing a number of things. First, we are working at pace with the FCA to ensure that targeted support is in place by the end of the tax year and in time for the new ISA season in April next year. We are looking at the risk warnings and at the industry-led campaign on advertising the opportunities of investing. We are doing all that we can. It is good that hon. Members on different sides of the House are supporting us.

Obviously, different people will be at different stages in their journey through life. People who are retired may not want to invest in the stock market. I can understand that, from their perspective, they need more readily available cash, but if people who are younger or middle aged—I do not know where I fall in those categories—[Interruption.] Thank you. If people can even put a small amount away, they can invest in their future. It concerned me recently when a report suggested that many people did not know that their pensions were invested in the stock market and that that is how they get better returns in their retirement. We need to run a huge campaign with the private sector to educate people about the opportunities and to give people the confidence to invest. At the end of the day, it will obviously be down to people about how they choose to invest.

[Josh Fenton-Glynn (Calder Valley) (Lab)]

I welcome the Leeds reforms today. Like many of the best things, they started in West Yorkshire—[Interruption.] I see Conservative Members are still chuntering from a sedentary position. The reforms underline the important point that financial services are not just the preserve of the City of London, but of communities around the country, including many of my Calder Valley constituents who work for Lloyds Bank. Does the Minister agree that one of the most important things we can do to grow the economy is to focus on things that this country does well, including our financial services?

[Emma Reynolds]

That is absolutely right. We were at Lloyds Banking Group yesterday in Leeds, and Lloyds employs thousands of people in Leeds and the wider region. There are some great opportunities in not only the establishment firms, but, as my hon. Friend the Member for Mid Derbyshire (Jonathan Davies) said, some of these new firms outside of London that are growing and providing innovative products. I was recently in Scotland talking to a group of fintechs about the support they are getting to work closely with some of the banks in Scotland to drive further investment into fintechs. That collaboration between the more established players and new players is positive to see.