HC Deb 07 October 2003 vol 411 cc13-4W
Mr. Bailey:

To ask the Chancellor of the Exchequer (1) what recent discussions he has had with the Financial Services Authority on their discussion paper DP20, with particular reference to mutual organisations; [R] [131989]

(2) what representations he has received on the Financial Services Authority's proposed reforms to with-profits products and access to capital for mutual insurers and friendly societies; and what impact these proposals will have on mutual organisations. [R] [131990]

Ruth Kelly:

The Treasury has received a number of representations on the proposed reforms to with-profits. Officials have discussed a number of issues relating to these proposals with both individual life insurance companies, including mutual life offices, and the FSA. Clearly any decision on taking forward these reforms is a matter for the FSA.

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