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All-Party Parliamentary Group on Social Tourism

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All-Party Parliamentary Group on Social Tourism How can mutuals raise capital without destroying the mutual principle? The All-Party Parliamentary Group for Mutuals Report of Short Inquiry Published September 2014 Statement from the All-Party Parliamentary Group for Mutuals The purpose of the Group is to discuss and support all mutual forms of business. This Short Inquiry Report was authored by Peter Hunt of Mutuo, following two special hearings conducted by the All Party Group. It has been produced in the interest of furthering the general understanding of the issues raised and facilitating a contribution from Parliamentarians. Mutuo has not been paid to produce this Report; the cost of the inquiry transcripts and printing the Report is charged to the All Party Parliamentary Group. Mutuo acts as administrative secretary to the Group, for which it is paid a fee of approximately £9,000 per annum. Contact: Mutuo Administrative Secretary to the Group [email protected] 2 Contents 1. The All-Party Parliamentary Group for Mutuals Panel 4 2. Terms of Reference for the short inquiry 4 3. Introduction - Jonathan Evans MP 5 4. Summary Recommendations 7 5. Inquiry Report 9 3 1. The All-Party Parliamentary Group for Mutuals Panel The All-Party Parliamentary Group for Mutuals has Members from both Houses of Parliament. The Purpose of the Group is to discuss and support mutuals. Listed below are all the Members who participated in the hearings. Hearing 1 February 2014 Jonathan Evans MP – Chair Cardiff North Adrian Bailey MP West Bromwich West Steve Baker MP Wycombe Jim Dobbin MP (deceased) Heywood and Middleton Ian Lucas MP Wrexham Andrew Love MP Edmonton Lord Gordon of Strathblane Rt Hon Lord Hunt of Wirral Baroness Maddock Rt Hon Lord Naseby Hearing 2 April 2014 Jonathan Evans MP – Chair Cardiff North Steve Baker MP Wycombe Michael Connarty MP Linlithgow and East Falkirk Mark Durkan MP Foyle Cathy Jamieson MP Kilmarnock and Loudon Chris Leslie MP Nottingham East Andrew Love MP Edmonton Gareth Thomas MP Harrow West 2. Terms of Reference This special inquiry examined issues related to capital raising in mutuals. Members of the All Party Group wished to better understand the issues facing mutuals which are seeking to raise capital. In particular, the Group is interested in understanding how legislative and regulatory constraints work to limit the ability of mutuals to compete with plc counterparts. The sessions gave Members of the Group, who have an active interest in financial mutuals, the opportunity to hear from key figures from the mutual sector about the practical issues they face in these matters, and to put their concerns to representatives of the regulatory authorities. 4 3. Introduction There is no doubt that the UK financial services system has become more concentrated through the experience of the global financial crisis. The consequence of that is there is less choice for consumers and less competition in the high street. The market is dominated by plc firms whose primary interest is serving their shareholders. In banking, the problem is acute - it has been caused by a combination of the withdrawal from the UK of certain foreign banks, but more notably by the slow motion disaster of demutualisation. Not a single demutualised building society succeeded as a bank. All were either absorbed into larger conglomerates or simply failed, and were rescued by the taxpayer. In the insurance industry we see a market similarly dominated by listed firms, with a small recovery of market share by the remaining mutuals since the crisis. In the words of Andrew Bailey, the Deputy Governor of the Bank of England, simply put, ‘The demutualised building society model failed.’ This is more than of academic interest to this All-Party Parliamentary Group. We can draw direct lessons from this experience, but one clear message is that the mutual sector needs to be appropriately regulated, and benefit from a fit for purpose legislative regime, in order to play its part in a diverse financial services business. As Government and Regulators have acted to shore up the industry, the additional capital requirements put particular strain on mutuals, which themselves, were not the cause of the financial crisis. In accepting the general rule that capital must be maintained at prudent levels, it is imperative that mutuals are not disadvantaged by their very structures that make rapid accumulations of capital very difficult. To safeguard mutual businesses, to serve consumers and the manage risk in the economy, the challenge therefore is to amend the capital regime in mutuals to permit the injection of external capital, whilst safeguarding both the core purpose and mutual integrity of the business. We can point to existing examples where this has been achieved in other countries such as Canada, France and The Netherlands. Similar provisions should also exist in the UK but in this session we want to explore the limitations of the current regulatory regime and assess what issues are holding back mutuals from accessing additional high quality capital. This special inquiry examined a number of issues related to capital raising in mutuals. Members of the All Party Group would not only like to better understand the issues facing mutuals which are seeking to raise capital, the Group is interested in understanding how legislative and regulatory constraints work to limit the ability of mutuals to compete with plc counterparts. 5 Evidence was taken in select committee style in the Hearings. Invitations were extended to witnesses from the financial mutual sector and the Regulatory Authorities. All oral evidence was recorded verbatim. A list of witnesses is recorded in this report. This report was produced solely in the interest of contributing positively to the debate. I would like to thank all those organisations and individuals who gave evidence to our Hearing and to members of the Group. The Inquiry makes a number of recommendations and we will pursue these with the Government, The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The Group welcomes the high level and serious engagement that it received from the PRA. The same level of engagement was not apparent from the FCA during our conversations with them and we were obliged to contact them in writing. Whilst we are satisfied with the consideration given to these questions, the Group would expect a more co-operative approach from the FCA in providing equivalent senior witnesses to our sessions. We present in this report a number of recommendations that we now submit to HM Treasury, the Prudential Regulation Authority, the Financial Conduct Authority and not least, the financial mutuals themselves. Action is now required and we will remain vigilant in driving this agenda forward. Jonathan Evans MP, Chairman 6 4. Summary Recommendations 1 New Capital Instruments for mutuals are required so that members can contribute to their future growth 1.1 Building societies have led the way in developing new capital instruments 1.2 All mutuals need to develop innovative new ways of raising capital that do not conflict with their core business purpose 1.3 Regulators should engage directly with those designing such instruments, so that they understand the nature of what is being developed, and how they can be integrated into the investment options of corporate and retail options 1.4 Government should be prepared to assist by supporting moves that remove legislative barriers to new capital instruments for mutuals 1.5 The Financial Conduct Authority should abandon its existing definition of ‘sophisticated’ and ‘unsophisticated’ investors which is simplistic and ill-conceived 2 Regulators should have a legal duty to promote corporate diversity in financial services 2.1 The Group believes that Parliament should alter the legal terms of the (PRA and FCA) to introduce a legal duty to promote corporate diversity 2.2 It is damaging to any understanding of corporate diversity and confusing to consumers if the Co-operative Bank maintains its name when it is no longer owned by a co-operative 2.3 The manner in which Regulators have dealt with mutuals offering with-profits products is indicative of a poor grasp of how mutuals operate, and this approach has created uncertainty and a continued risk of shrinkage of the mutual sector 7 3 There is a real need for policy makers, regulators and legislators to better understand how customer owned mutuals operate, the nature of their business offering, the challenge of raising capital and how this impacts on their relationship with members 3.1 There is an argument that mutual business has a different risk profile and that this should be reflected in the way Regulators deal with mutuals 3.2 The UK regulatory and policy environment is less in tune with mutual business than in other EU countries 3.3 A study of how the business environment works for mutuals in other countries should inform UK policymakers and Regulators 4. There is greater collaboration amongst member owned businesses in Europe. The UK (regulators/businesses) should examine the reason for these trends and examine potential barriers stopping greater collaboration here 4.1 UK mutuals do not collaborate together sufficiently, and they should make more effort to work together to share services and build strategic alliances in order to strengthen the sector 8 5. Inquiry Report 5.1 New Capital Instruments for mutuals are required so that members can contribute to their future growth By their very nature, mutuals are limited in how they can raise capital. Like all businesses, they can retain profits and can borrow against future earnings, but they have no equity shareholders and so do not have access to this type of prime capital. However, mutuals were not designed with capital investors in mind. They exist to serve their members who will be customers, employees or defined communities.
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