 |
answer text |
<p>The Treasury allocates resources based on the priorities of the department, and
officials within the Financial Services Group of HM Treasury provide advice to ministers
on issues related to the mutuals sector. Resourcing is kept under regular review to
ensure priorities are delivered.</p><p>The government recognises the value that mutuals
bring to the UK economy. That is why we are taking appropriate steps to ensure that
the legislative framework in which mutuals operate under is both a modern and supportive
business environment.</p><p>As part of the Financial Services and Markets Bill, the
Government is amending existing legislation so that credit unions in Great Britain
can offer a wider range of products and services. In due course the government will
also bring forward legislation to amend the Building Societies Act 1986, which will
give building societies further flexibility in raising funds and modernise corporate
governance requirements.</p><p>In addition, the government is supporting Sir Mark
Hendrick’s Private Member’s Bill which would allow co-operatives, mutual insurers,
and friendly societies further flexibility in determining for themselves the best
strategies for their business, relating to their surplus capital and restrictions
on the use of these assets.</p><p>Furthermore, the government is in active discussions
with the Law Commission on options to proceed with a review of both the Co-operative
and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992 with
a view to launching the reviews in the next financial year.</p>
|
|
