Financial Mutuals Arrangements Bill

The hon. Gentleman makes a valuable point again, no doubt rooted in his deep knowledge of the industry. It is fair to say that the expertise built up in the portfolios that building societies have is much coveted by the plc banking sector, so we could say that they are prime targets. That underlines the rationale for the Bill, as it clearly demonstrates that if we want building societies to thrive and sustain their value in the market, we must give them the legislative and regulatory framework to enable them to do so. In removing this obstacle, the Bill may seem to be a fairly arcane piece of financial regulation, but it none the less has potentially profound and significant implications for how the movement can develop and continue its historic role in a highly difficult and sophisticated financial setting.