Speeches by Grady.

“While the focus at the minute is obviously on political developments with the US, there remain material concerns about China taking action against Taiwan: a blockade, an invasion or something else. Is the FPC satisfied that it has a firm grip on the risks in connection with such possibilities?”

“He won’t be here then.”

“I have a question for Ms Oakes and Mr Hall. Looking from the outside in, when it comes to private markets and NBFIs and all the rest of it, do you feel that the Bank has enough information and knowledge to correctly assess the financial stability risks arising from private markets?”

“Does the hon. Gentleman accept that one of the key purposes of a consumption room is to reduce harm to people who would, in any event, consume the substances in question? In Glasgow, we have had significant problems with needle-borne viruses, infections and illness, so it is only morally right to help these people, as …”

“It is a pleasure to serve under your chairship, Mr Vickers. I congratulate my hon. Friend the Member for Glasgow West (Patricia Ferguson) on securing this important debate, and all the members of the Scottish Affairs Committee, for producing an excellent, conscientious and very serious report. Our starting point in the…”

“I wonder whether the right hon. Gentleman might clarify one point on the Opposition’s position. In Scotland, there has never been a right for the accused to elect to have a jury trial. The prosecution decides whether a case will go to jury trial. Is the Opposition’s position that such a reform in England should be oppo…”

“Will the right hon. Gentleman give way on that point?”

“Exactly.”

“To summarise this chapter of evidence more generally, the legislation governing mutuals, things like the Industrial and Provident Societies Act, the Credit Unions Act 1979 and so on, is all antiquated and needs thorough modernisation. Until we do that, we are not going to get the progress we would all like to see. Is t…”

“I have one follow-up question for your thoughts. One of the things about local credit unions and local mutuals is they get to know their communities, and that is often their unique but really important point of social value. That inherently puts them at a disadvantage to everyone else who operates electronically and in…”

“This is tolerable harm.”

“Who in the FCA is responsible for driving this forward? Who is accountable to you for driving it forward day to day?”

“You have set up a mutual societies development unit, which is very exciting. The FCA and PRA have roles here. Can you briefly outline what you are looking to achieve with the way you see people’s remits here?”

“All very interesting, but what are the barriers to growth for financial mutuals, Mr Rathi?”

“What do you see as the benefits for the economy of the people and consumers in growing the mutual sector?”

“Moving on to building societies and mutuals, policy context is that the Government want to double the size of this sector. What are the main barriers, Mr Rathi, to growth of financial mutuals, from the FCA’s perspective?”

“Would you be prepared to share that with the Committee?”

“I should declare that I have a family member who works for a large building society. Just following up on Mr Glen’s question first of all, throughout this hearing we have heard various bits of legislation that need to be changed, and we will come across another one later, I suspect—the Credit Unions Act 1979. Does the …”

“Is it something you are looking at from the point of view of an investigation as to whether that requirement has been met in the overall marketing of this product?”

“My understanding of a consumer duty, Ms Pritchard, is that firms have to tailor their communications to the consumer characteristics. Is that something you are looking at here, and the FCA is paying wider attention to at the moment?”