Emma Reynolds MP: speeches

Speeches

• 1 Jul 2025 · Topical Questions · Hansard source

  More

  We are really excited about targeted support, because it means that firms will be able to make suggestions to consumers with similarities, so that they have the confidence to invest in the long term and can get better support—not advice—on their pensions.

• 1 Jul 2025 · Topical Questions · Hansard source

  More

  As we set out at the spring statement, we are looking at the balance between investments in cash and investments in stocks and shares in ISAs. We want to get that balance right. We understand the importance of a rainy day buffer in cash, but we need to give people the confidence to invest. That is a win-win: it is a win for them and a win for British companies listed on our stock exchange.

• 1 Jul 2025 · Topical Questions · Hansard source

  More

  I have had meetings with Which? and other consumer representatives. I reassure my hon. Friend that we are reviewing FOS. We want to make sure that it is a simple, impartial dispute resolution service that quickly and effectively deals with complainants so that consumers can get a fair deal, but that financial services firms are not subject to a quasi-regulator in the way they are at the moment.

• 1 Jul 2025 · Topical Questions · Hansard source

  More

  I am aware of the situation. I reassure the hon. Lady that the Government are committed to ensuring that firms continue to deliver good customer outcomes, now and in the future, with proportionate regulation and oversight. I am happy to engage with her in more detail on the subject she mentions.

• 5 Jun 2025 · Bank Closures and Banking Hubs · Hansard source

  More

  It is a great pleasure to speak in this debate. I want to thank and to congratulate my hon. Friend the Member for Blyth and Ashington (Ian Lavery) on bringing forward this important debate, which was heavily subscribed across the House. He highlighted the needs of his constituents, particularly the elderly, the vulnerable and the disabled. My hon. Friends the Members for Weston-super-Mare (Dan Aldridge), for Bolton South and Walkden (Yasmin Qureshi) and for Leigh and Atherton (Jo Platt), and the hon. Members for Bromsgrove (Bradley Thomas), for Farnham and Bordon (Gregory Stafford) and for Chesham and Amersham (Sarah Green) all stressed the importance of in-person services, particularly for vulnerable constituents. I congratulate my hon. Friends the Members for Isle of Wight West (Mr Quigley), for Derbyshire Dales (John Whitby) and for Gillingham and Rainham (Naushabah Khan), the right hon. Member for Wetherby and Easingwold (Sir Alec Shelbrooke) and the hon. Member for Brecon, Radnor and Cwm Tawe (David Chadwick) on securing banking hubs in their constituencies— in the case of my hon. Friend the Member for Derbyshire Dales, two banking hubs are soon to open, as I understand it. Other Members spoke about their campaigns to secure banking hubs, including my hon. Friend the Member for Southampton Itchen (Darren Paffey), my hon. Friend the Member for Welwyn Hatfield (Andrew Lewin)—who is apparently expecting a call from one such bank— and the hon. Member for Broxbourne (Lewis Cocking). My hon. Friend the Member for South Norfolk (Ben Goldsborough) and the hon. Members for North Shropshire (Helen Morgan), for Dumfries and Galloway (John Cooper) and for Strangford (Jim Shannon) talked about the importance of access to cash and banking services in rural areas.

• 4 Jun 2025 · Draft Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 · Hansard source

  More

  Sorry; could the hon. Gentleman remind me of the specific question?

• 4 Jun 2025 · Draft Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 · Hansard source

  More

  I thank the shadow Minister for that question. As he will know, changes were brought into force in January 2024 under the previous Government that ensured that domestic PEPs, as they are called, were not deemed to be on the same level of risk as non-domestic PEPs. That SI was introduced under the last Government and FSMA—the Financial Services and Markets Act 2023—committed to bringing forward that legislation. It also committed the FCA to doing a review of so-called PEPs and debanking. That review concluded that banks were not necessarily taking the wrong approach, but it said that there needs to be more proportionate application of rules. Therefore, the FCA will bring forward updated guidance on this issue, and I am happy to write to the shadow Minister in more detail on the timing of that and what will be included. Question put and agreed to.

• 20 May 2025 · Topical Questions · Hansard source

  More

  I would be happy to meet my hon. Friend to discuss that issue.

• 20 May 2025 · Topical Questions · Hansard source

  More

  As we announced in the spring statement, we are looking for options for ISA reform to ensure that we get the balance right between cash and equities. I can reassure my hon. Friend that we understand that cash savings are a vital tool for people and act as a financial buffer for a rainy day.

• 20 May 2025 · Lifetime Mortgages: Support for Older People · Hansard source

  More

  I thank the hon. Gentleman for raising this important issue. I discuss mortgages with lenders and, indeed, with the Financial Conduct Authority on a weekly basis, and I will ensure that I pass on his comments.

• 20 May 2025 · Lifetime Mortgages: Support for Older People · Hansard source

  More

  Lifetime mortgages have been regulated by the FCA since 2004. Those rules provide robust consumer protections, including requiring lenders to engage and provide tailored support to all their customers.

• 20 May 2025 · Lifetime Mortgages: Support for Older People · Hansard source

  More

  I am really sorry to hear about the circumstances that my hon. Friend’s constituent is facing, and I would be happy to meet her to discuss the issue further. Lifetime mortgages are complex financial products, and I suggest that anyone considering equity release seeks independent financial advice to help ensure those products are suitable for their needs.

• 24 Apr 2025 · Bank Resolution (Recapitalisation) Bill [Lords] · Hansard source

  More

  I am afraid I am being urged to wrap up. I remind Members that the Bill is fundamentally about protecting the taxpayer—

• 24 Apr 2025 · Bank Resolution (Recapitalisation) Bill [Lords] · Hansard source

  More

  We have not come to that yet; my hon. Friend can intervene on Third Reading. [ Laughter. ] Taking what I was saying into account, although the Government appreciate the point raised by the sector and by the shadow Minister, we do not believe it is necessary to hardwire in legislation a requirement to update the code of practice on this matter. I understand, however, that the mutual sector feels strongly about this issue, and my officials and I will continue to engage with the sector on it. I commend to the House our position on the new clauses and amendments, which is to resist them.

• 8 Apr 2025 · Banking Services · Hansard source

  More

  I am always happy to meet colleagues and will be happy to meet the hon. Gentleman.

• 8 Apr 2025 · Banking Services · Hansard source

  More

  As I said in my previous answer, we do not have any plans to change the Link criteria; those are a matter for Link. However, there are some flexibilities in the way that it applies the criteria, depending on the local population, travel times to nearby bank branches and, indeed, the number of small businesses in an area. I would be happy to meet my hon. Friend if that is of concern to him.

• 8 Apr 2025 · Investment: Regulatory Policies · Hansard source

  More

  The Chancellor delivered the biggest ever settlement for Scotland in October 2024, and I think the answer is “thank you”.

• 4 Mar 2025 · Topical Questions · Hansard source

  More

  My hon. Friend is a fantastic campaigner for the breweries in his constituency. We want the drinks sector to go from strength to strength. We are reviewing the responses to the consultation on the threshold that my hon. Friend mentioned.

• 4 Mar 2025 · Topical Questions · Hansard source

  More

  I am happy to meet the hon. Lady and look at the case she mentions, because I need to get more detail.

• 4 Mar 2025 · Saving · Hansard source

  More

  That sounds like a criticism of the previous Government. I can reassure the hon. Gentleman that we are committed to innovation and to DIGIT.

• 4 Mar 2025 · Saving · Hansard source

  More

  I think that premium bonds do provide excitement, not least in my parents’ household, where they are very popular. They are already well promoted and popular, and we have seen annual investments in premium bonds increase by more than 50% since March 2019. The funds raised through them go towards supporting vital public services.

• 4 Mar 2025 · Saving · Hansard source

  More

  I could not agree with one of my predecessors more. The right hon. Gentleman is absolutely correct. It is a great scheme and now that we are expanding it, we will take that opportunity to promote it better.

• 11 Feb 2025 · Bank Resolution (Recapitalisation) Bill [ Lords ] (First sitting) · Hansard source

  More

  I commend the Bill to the Committee.

• 11 Feb 2025 · Bank Resolution (Recapitalisation) Bill [ Lords ] (First sitting) · Hansard source

  More

  I beg to move amendment 1, in clause 1, page 1, line 21, leave out subsection (3). This amendment would remove subsection (3), which prevents recapitalisation payments from being required where the Bank has directed a financial institution to maintain an end-state minimum requirement for own funds and eligible liabilities exceeding minimum capital requirements.

• 11 Feb 2025 · Bank Resolution (Recapitalisation) Bill [ Lords ] (First sitting) · Hansard source

  More

  Coming on to the amendment, I am a little bit confused by the shadow Minister, because he rightly says—I agree with him about this—that it would not have been possible to use a negative SI, for example, during the weekend when everything was happening with Silicon Valley Bank. The Government at the time and the Bank of England rightly moved during that weekend to reassure the markets and everything was sorted, really—well, I say everything was sorted, but there was still more to do. However, the big decisions were made over that weekend. If the Government had to lay an SI in order to give the Bank the permission to do that, it would not have been a good scenario. I think the shadow Minister is saying that he will back the other amendment, but not this one. I am a bit confused by his position.