Building Societies (Funding) and Mutual Societies (Transfers) Bill

I beg to move, That the Bill be now read the Third time. The consideration in Committee was not particularly long, but it was comprehensive. The Bill was altered quite substantially, not in its objectives, which remain the same, but in the legal basis of the clauses. The Bill was an extremely complex matter. It meant changing a large number of existing areas of legislation, and the way in which they interacted was complex, hence the comprehensive redrafting of the Bill since Second Reading, and also its change in name to the Building Societies (Funding) and Mutual Societies (Transfers) Bill. That was needed to bring greater clarity to what the Bill was intended to achieve. I pay tribute the work of all who were involved in the Committee stage, in particular to the groups of lawyers who worked hard together to come to a conclusion. Without the diligent efforts of the Treasury solicitors, that would not have been possible. There is one remaining area of the Bill that we were unable to cover in Committee: the position of mutual insurers. It was felt that the Bill as drafted could contravene European Union company law. The remedy that was chosen to enable the Bill to proceed quickly was to remove mutual insurers from the transfer arrangements that apply to all the other mutual societies. That is not a particularly happy situation, and—the Minister confirmed this in Committee—both sides of the House would prefer them to be included, if that is possible. I understand that the Royal London mutual instructed solicitors to consider how the situation could be remedied. It instructed Herbert Smith, which has come up with some ideas that are now being discussed with the Treasury solicitors. Between them, they may reach a conclusion that would enable mutual insurers to be included in the scope of the Bill. If the Bill is passed today, that can be achieved only by an amendment in another place, which would mean the Bill coming back here again. I would not be unhappy with that procedure, if I was sure that time would be made available to consider the amendments. I understand that there is a possibility that the Government might be prepared to assist in that matter, and no doubt the Minister will confirm or deny that information shortly. I thank everybody who has been concerned with the Bill.