Lib Dems to encourage more mutuals and co-ops
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The Liberal Democrats say they will pass a new Mutuals, Co-operatives and Social Enterprises Bill to encourage diversity of providers in the financial services industry if elected.
According to the Lib Dems’ manifesto, published today, the party will seek to bring the law regarding mutuals and co-operatives up to date and give responsibility for mutuals to a specific minister.
It would also give financial regulators a “clear objective of maintaining a diversity of providers in the financial services industry”.
On regulation, the Lib Dems say they would reduce the burden of unnecessary red tape by properly assessing the cost and effectiveness of regulations before and after they are introduced, working towards a principle of one in, one out.
It also pledges to work through the EU for stricter international regulation of financial services and banking.
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