John Glen

John Glen

Conservative — Salisbury

Speaking in the House of Commons on 16 July 2025

Debate

Financial Services Reform

Contribution

I warmly welcome the Leeds reforms; they build on many of the things that were done under the previous Administration and I acknowledge the consumer-facing changes on mortgages and ISAs and the aspiration to get more people investing. Those are positive things. I will just say two things. First, on the listing review, we did one about four years ago and it is all just about implemented. I urge the Minister to look at culture and fiscal issues as much as at regulatory issues. Secondly, on the PRA and the scale of ambition on that side of the regulatory framework, in conversations with senior leaders at Mansion House last night, it was felt that the FCA’s level of ambition is high but that there must be wariness about a constant shifting of the goalposts and a lack of real change, particularly on the internal rating base and how banks can get their regulatory capital treated differently more quickly. It is taking too long and that needs to change urgently.

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